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MNI BRIEF: China Oct New Loans See Seasonal Dip; M2 Steady

MNI (Singapore)
MNI (Beijing)

China’s new yuan loans and aggregate finance both dipped month-on-month in October due to seasonal factors, although basically in line with market expectations, the People's Bank of China data showed Monday.

New loans were the third lowest this year at CNY738.4 billion, outperforming the CNY660 billion expectation but lower than September's CNY2.31 trillion. Total social financing marked the smallest increase in recent three months to rise by CNY1.85 trillion, more than halved from CNY4.12 trillion in September and slightly missing the market consensus of CNY1.9 trillion. Outstanding TSF rose by 9.3% in October, up from the 9% September reading.

M2 money supply was unchanged from the previous 10.3% y/y, remaining at the lowest level since March 2022 (9.7%), compared to the 10.3% estimate. M1 increased 1.9% y/y, decelerating from September's 2.1%. Shadow banking transactions decreased by CNY257.2 billion compared to a CNY300.9 billion expansion in the previous month.

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