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MNI BRIEF: China Nov New Loans, TSF Rebound; M2 Further Slows

MNI (Singapore)
MNI (Beijing)

China’s November new yuan loans and aggregate finance both rebounded from recent low points, though slightly missing market expectations, the People's Bank of China data showed Wednesday.

Banks extended CNY 1.09 trillion in new yuan loans in November, underperforming the CNY1.28 trillion expectation but marking a sharp rise from October's CNY738.4 billion. Total social financing increased by CNY2.45 trillion, rising from CNY1.85 trillion in October though slightly missing the market consensus of CNY2.54 trillion, while outstanding TSF rose by 9.4% in November, up from the 9.3% October reading.

M2 money supply decelerated for the ninth consecutive month to 10.0% y/y from October's 10.3%, remaining at the lowest level since March 2022 (9.7%), in line with the 10.0% estimate. M1 increased 1.3% y/y, slowing from October's 1.9%. Shadow banking transactions increased by CNY1.4 billion compared to a CNY257.2 billion contraction in the previous month.

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