MNI BRIEF: China Sep M2 Rises To Four-Month High
MNI (BEIJING) - China's M2 money supply growth quickened more than expected in September, as funds flowed out from asset management products to invest in the stock market after the latest policy support helped steady market sentiment, People's Bank of China data released Monday showed.
Growth in M2 was 6.8%, a four-month high, up from August's 6.3% growth and beating the 6.4% forecast. But M1 continued to contract for a sixth month in September, falling by 7.4% y/y to a record low.
Banks extended CNY1.59 trillion in new loans in September to a three-month high, up from August's CNY900 billion. Total social financing rose by CNY3.76 trillion, rising from growth of CNY3.03 trillion in August. Shadow banking transactions increased by CNY171.1 billion, compared to a CNY116.1 billion expansion the previous month.