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MNI BRIEF: China March Total Social Financing, New Loans, Jump

MNI (Singapore)
(MNI)Beijing

China’s aggregate financing jumped more than expected on rising new loans and government bond issuance, People's Bank of China data showed on Tuesday.

Total social financing grew by CNY5.38 trillion in March, versus expectations of CNY4.42 trillion, the second-most for nine months and expanding from last month's CNY3.16 trillion increase. New loans grew CNY3.89 trillion, up from CNY1.81 trillion in February and higher than the expected CNY3.09 trillion. The outstanding TSF rose by 10.0% in March, following 9.9% growth in February. (See MNI PBOC WATCH: More RRR Cuts Seen To Keep Liquidity Ample)

Governments raised a net CNY602.2 billion via bond issuance in March compared with CNY813.8 billion in February. Shadow banking transactions increased by CNY191.9 billion compared to a decrease of CNY8.1 billion the previous month.

M2 money supply grew by 12.7%y/y, down from 12.9% in February. M1 increased 5.1% y/y, decelerating from February's 5.8%%.

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