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MNI BRIEF: China's Nov M2 Rebounds; New Loans Double

MNI (Singapore)
(MNI) Beijing

China's M2 money supply growth rebounded to 6 1/2-year high of 12.4% y/y in November, up from 11.8% y/y in October and beating expectations for 11.7% growth thanks to a significant increase in yuan deposits, People's Bank of China data showed on Monday.

M1 growth increased 4.6% y/y, decelerating from October's 5.8% y/y pace and posting the lowest reading in six months. New loans doubled to CNY1.21 trillion from October's CNY615.2 billion, slightly lower than the forecast for CNY1.38 trillion, as demand picked up.

Aggregate financing grew to CNY1.99 trillion from October's CNY907.9 billion, almost matching expectations for CNY2.1 trillion. Shadow banking transactions fell by CNY26.3 billion compared to a contraction of CNY174.8 billion in October.


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