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MNI BRIEF: China's Oct M2 Falls to 4 Month Low; New Loans Slow

MNI (Singapore)
(MNI) Beijing

China's M2 money supply growth eased to 11.8% y/y in October from 12.1% y/y in September, hitting a four-month low and missing market forecasts for 12% growth, People's Bank of China data showed on Thursday.

M1 growth rose to 5.8% y/y, decelerating from the previous 6.4% y/y pace. New loans slumped to CNY615.2 billion from September's CNY2.47 trillion, hitting the lowest since July and underperforming a forecast for CNY800 billion.

Aggregate financing slowed to CNY907.9 billion, down from the previous CNY3.53 trillion, also hitting a three-month low and missing expectations for CNY1.6 trillion. On an annual basis, outstanding total social finance grew 10.3%, compared with 10.6% last month. Shadow banking transactions fell by CNY174.8 billion, compared to an expansion of CNY385.9 billion in September.

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