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MNI BRIEF: China Dec New Loans, TSF Rise Less Than Expected

MNI (Singapore)
MNI (Beijing)

China’s new yuan loans and aggregate finance both grew less than expected in November, while money supply also slowed more than foreseen, the People's Bank of China data released showed Friday.

Banks extended CNY1.17 trillion in new yuan loans in November, underperforming the CNY1.38 trillion expectation though slightly rising from November's CNY1.09 trillion. Total social financing increased by CNY1.94 trillion, decelerating from CNY2.45 trillion in November and missing the market consensus of CNY2.2 trillion. Outstanding TSF rose by 9.5% by the end of 2023, up from 9.4% by end-November.

M2 money supply decelerated for the tenth consecutive month to 9.7% y/y from November's 10.0%, remaining at the lowest level since March 2022 (9.7%), lower than the 10.1% estimate. M1 increased by 1.3% y/y, unchanged from November's reading and remaining at the lowest level this year. Shadow banking transactions decreased by CNY156.4 billion compared to a CNY1.4 billion expansion in the previous month.

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