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MNI BRIEF: China Feb M2 Ease, Aggregate Finance At 7-Month Low

MNI (Singapore)
BEIJING (MNI)

China's M2 money supply growth eased to 9.2% y/y in February, decelerating from January's near one-year high of 9.8%, underperforming the 9.6% forecast by market analysts, data by the People's Bank of China released on Friday showed. Among the key metrics, M1 growth reversed the previous fall to rise 4.7% y/y.

New loans rose by CNY1.23 trillion, more than halving from January's record high of CNY3.98 trillion and short of the CNY1.45 trillion forecast. Aggregate financing, half the expected level, decelerated sharply to CNY1.19 trillion when compared to the previous CNY6.17 trillion, hitting the lowest since August 2021. On an annual basis, outstanding total social finance grew 10.2%, compared with 10.5% last month.

Shadow banking transactions fell by CNY505.3 billion, compared to an increase of CNY447.9 billion in January.

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