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MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

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China's M2 money supply slowed more than expected to 6.2% y/y, hitting a new low for the data first recorded in 2009 for a third consecutive month, data released by the People's Bank of China showed Friday.

M2 was lower than the 6.8% estimate, and the previous 7.0%. M1 dropped by 5.0% y/y, after May's 4.2% decline. Banks extended CNY2.13 trillion in new yuan loans in June to hit a three-month high, jumping from May's CNY950 billion. Total social financing rose by CNY3.3 trillion in June, accelerating from CNY2.07 trillion in May and hitting the highest since March. Outstanding TSF rose by 8.1% by the end of June, compared with the previous 8.4%.

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China's M2 money supply slowed more than expected to 6.2% y/y, hitting a new low for the data first recorded in 2009 for a third consecutive month, data released by the People's Bank of China showed Friday.

M2 was lower than the 6.8% estimate, and the previous 7.0%. M1 dropped by 5.0% y/y, after May's 4.2% decline. Banks extended CNY2.13 trillion in new yuan loans in June to hit a three-month high, jumping from May's CNY950 billion. Total social financing rose by CNY3.3 trillion in June, accelerating from CNY2.07 trillion in May and hitting the highest since March. Outstanding TSF rose by 8.1% by the end of June, compared with the previous 8.4%.

Keep reading...Show less