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China Money May 2024

China: Money supply growth slows in May

In May, Chinese banks distributed CNY 950 billion in new yuan loans, up from April’s 730 billion figure but below market expectations. Money supply grew 7.0% year on year in May (April: +7.2% yoy). May’s figure marked the worst reading on record.

Meanwhile, the stock of total social financing (TSF)—a broader measure of credit and liquidity in the economy that includes loans, bonds and other non-traditional instruments—increased 8.4% in the month (April: 8.3% yoy), supported by the accelerated pace of government bond issuance.

Soft private-sector sentiment and the weak property sector will likely keep a lid on credit in the coming months, notwithstanding strong government bond issuance.

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