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PBOC Not Tightening; M2 Skewed by Last Year's Outbreak: Daily

CHINA PRESS
MNI (Singapore)

The PBOC will maintain the continuity and stability of monetary policy to support the uneven recovery and manage external risks, said the Economic Daily in a commentary on Friday in an attempt to ease concerns of monetary tightening. The deceleration of April M2 was mainly due to the high comparison base same period last year when the central bank offered easier credit to Covid-hit producers and retailers, the newspaper said. If looking at the two-year average growth in 2020 and 2021, M2 and total social financing grew 9.6% and 11.9% respectively, which basically matched the nominal economic growth and maintained a reasonable level, the newspaper said.

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