China Monetary Policy


China: New yuan loans moderate while M2 reaches one-year high

August 10, 2012

Credit conditions showed mixed signals in July, with new yuan loans slowing markedly and M2 growth reaching a one-year high. New yuan loans totalled CNY 540 billion (USD 85 billion) in July, well below the CNY 920 billion recorded in June. In addition, the July print undershot the CNY 690 billion expected by the market. Meanwhile, M2 - the broadest measure of money supply in China - expanded 13.9% year-on-year in July, which was above both the 13.6% rise observed in June and the 13.8% increase expected by the market. In fact, M2 grew at its fastest pace since July 2011. The People's Bank of China targets an M2 growth of 14% for this year.


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