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MNI BRIEF: China M2 Hits 17-Month High; New Loans At  4-Yr Low

MNI (Singapore)
BEIJING (MNI)

China's April M2 money supply rises at fastest pace since November 2020.

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China's M2 money supply growth quickened to 10.5% y/y in April from 9.7% in March, outpacing the 9.9% forecast by market analysts and hitting the fastest rate since November 2020, the People's Bank of China data released Friday showed. Among other key metrics, M1 growth rose by 5.1%, also accelerating from the previous 4.7%.

However, new loans unexpectedly slumped to a more than 4-year low of CNY645.4 billion from March's CNY3.13 trillion as financing demand dropped sharply, with firms facing operational difficulties amid Covid outbreaks and rising production costs, the PBOC said in a statement.

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China's M2 money supply growth quickened to 10.5% y/y in April from 9.7% in March, outpacing the 9.9% forecast by market analysts and hitting the fastest rate since November 2020, the People's Bank of China data released Friday showed. Among other key metrics, M1 growth rose by 5.1%, also accelerating from the previous 4.7%.

However, new loans unexpectedly slumped to a more than 4-year low of CNY645.4 billion from March's CNY3.13 trillion as financing demand dropped sharply, with firms facing operational difficulties amid Covid outbreaks and rising production costs, the PBOC said in a statement.

Keep reading...Show less