China Monetary Policy


New yuan loans and M2 reflect looser monetary stance

New yuan loans totalled CNY 1,010 billion (USD 160 billion) in March, which was well above the CNY 711 billion recorded in February. In addition, the March print overshot the CNY 798 billion expected by the market and represented, in fact, a 14-month high. Meanwhile, M2 , the broadest measure of money supply in China , rose 13.4% year-on-year in March, which was above market expectations that had M2 remaining steady at February's 13.0%. The combined M2 and new yuan loans data reinforces the notion that authorities' efforts to ease credit conditions have started to bear some fruit. The People's Bank of China targets an M2 growth of 14% for this year

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