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MNI BRIEF: China M2 Nears 6-Yr High; Aggregate Finance Doubles

MNI (Singapore)

China's M2 money supply growth quickened to 11.4% y/y in June from 11.1% in May, outpacing the 11.0% forecast by market analysts It was the fastest rate of growth since November 2016, data released by the People's Bank of China on Monday showed. Among other key metrics, M1 growth rose by 5.8%, accelerating from the previous 4.6%.

New loans rebounded more than expected to CNY2.81 trillion, up from May's CNY1.89 billion, hitting a three-month high. Aggregate financing, also higher than the expected level, almost doubled to CNY5.17 trillion from the previous CNY2.79 trillion, hitting a five-month high. On an annual basis, outstanding total social finance grew by 10.8%, compared with 10.5% last month.

Shadow banking transactions fell by CNY14.2 billion, compared to the contraction of CNY181.9 billion in May.

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