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MNI BRIEF: China M2 Hits Near 2-Year High; New Loans Triples

MNI (Singapore)
BEIJING (MNI)

China's M2 money supply growth quickened to 11.1% y/y in May from 10.5% in April, outpacing the 10.2% forecast by market analysts, the fastest rate since July 2020, data released by the People's Bank of China Friday showed. Among other key metrics, M1 growth rose by 4.6%, decelerating from the previous 5.1%.

New loans rebounded more than expected to CNY1.89 trillion from April's more than 4-year low of CNY645.4 billion. Aggregate financing, also higher than the expected level, tripled to CNY2.79 trillion from the previous CNY910.2 billion. On an annual basis, outstanding total social finance grew by 10.5%, compared with 10.2% last month.

Shadow banking transactions fell by CNY181.9 billion, compared to the contraction of CNY317.4 billion in April.

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