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MNI BRIEF: China New Loans Rise in May, Below Expectations

MNI (Singapore)
(MNI) Beijing

China’s new loans rose in May, with lending to the household and business sectors increasing, People's Bank of China data showed Tuesday.

New loans grew CNY1.36 trillion, up from last month's CNY718.8 billion increase, but missing expectations of CNY1.5 trillion. Short-term household and business sector loans increased CNY233.8 billion, while medium and long term loans grew CNY938.2 billion.

New total social financing grew by CNY1.56 trillion in May, rising from last month's CNY1.22 trillion, but lower than the market consensus of CNY1.8 trillion. The outstanding TSF rose by 9.5% in May from the 10% growth registered in April.

Governments raised a net CNY557.1 billion via bond issuance compared to CNY454.8 billion in April. Shadow banking transactions decreased by CNY145.9 billion compared to a CNY114.5 billion decrease the previous month.

M2 money supply grew by 11.6% y/y, up from 12.4% in April, but lower than the 12% estimate. M1 increased 4.7% y/y, accelerating from April's 5.3%.

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