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MNI BRIEF: China New Loans Surge in June; M2 Slows

MNI (Singapore)
MNI (Beijing)

China’s new loans and aggregate finance surged more than expected in June, while M2 decelerated on higher base comparisons in the same period last year, People's Bank of China data released Tuesday showed.

New loans grew CNY3.05 trillion, up from last month's CNY1.36 trillion increase, outperforming expectations of CNY2.32 trillion growth. New total social financing grew by CNY4.22 trillion in June, surging from last month's CNY1.56 trillion, also beating the market consensus of CNY3.1 trillion. The outstanding TSF rose by 9% in June from the 9.5% growth registered in May.

M2 money supply grew by 11.3% y/y, down from 11.6% in May, but higher than the 11.2% estimate. M1 increased 3.1% y/y, decelerating from May's 4.7%. Shadow banking transactions decreased by CNY89.6 billion compared to a CNY145.9 billion contraction the previous month.

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