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MNI BRIEF: China Mar M2 Quickens; Aggregate Finance Up Sharply

MNI (Singapore)
BEIJING (MNI)

China's M2 money supply growth quickened to 9.7% y/y in March from February's 9.2%, beating the 9.2% forecast by market analysts, People's Bank of China data released Monday showed. Among the key metrics, M1 growth rose by 4.7%, the same pace as the previous month.

New loans rose by CNY3.13 trillion, nearly tripling on February's CNY1.23 trillion and outshining the CNY2.78 trillion forecast. Aggregate financing, much more than the expected level, jumped to CNY4.65 trillion when compared to the previous CNY1.19 trillion, standing at the second-highest level this year. On an annual basis, outstanding total social finance grew by 10.6%, compared with 10.2% last month.

Shadow banking transactions rose by CNY13.5 billion, compared to a reduction of CNY505.3 billion in February.

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