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MNI BRIEF: China Nov M2, New Yuan Loans Unexpectedly Slow

MNI (Singapore)

China's M2 money supply growth eased to 8.5% y/y in November from October's 8.7%, underperforming the median forecast looking for growth to touch 8.7%, data released by the People's Bank of China on Thursday showed. Among the key metrics, M1 growth quickened to 3.0% y/y from the previous 2.8% gain.

Aggregate financing was CNY2.61 trillion, up from CNY1.59 trillion in October, but slightly lower than the median forecast of CNY2.70 trillion. On an annual basis, it grew 10.1%, compared to 10.0% last month. New loans rose to CNY1.27 trillion from the previous CNY826.2 billion, but lower than the median forecast of CNY1.56 trillion.

Shadow banking transactions fell by CNY253.8 billion, compared to the reduction of CNY212 billion in October.

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