MNI China Daily Summary: Thursday, August 1

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MNI DATA BRIEF: China Oct M2 At 8-Month High; New Loans Halved

MNI (Singapore)

China's M2 money supply growth rebounded to 8.7% y/y in October from September's 8.3%, rising to the highest since March, data released by the People's Bank of China on Wednesday showed, outpacing the median forecast of 8.3%. Among the key metrics, M1 growth slowed to 2.8% y/y from the previous 3.7% gain.

Aggregate financing was CNY1.59 trillion, about halved from CNY2.9 trillion in September, in line with the median forecast of CNY1.585 trillion. On an annual basis, it grew 10.0%, the same as the growth rate last month. New loans almost halved to CNY826.2 billion from the previous CNY1.66 trillion, but higher than the median forecast of CNY800.0 billion.

Shadow banking transactions fell by CNY212 billion, compared to the reduction of CNY213.7 billion in September.

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