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China Money September 2019

China: Credit conditions improve in September, exceeding expectations

In September, Chinese banks distributed CNY 1.69 trillion (USD 239 billion) in new yuan loans, above the CNY 1.21 trillion recorded in August and the CNY 1.40 trillion that market analysts had expected. In the 12 months up to September, new yuan loans totaled CNY 16.7 trillion (12 months to August: CNY 16.3 trillion).

Meanwhile, annual growth in M2—the broadest measure of money supply in China—rose to 8.4% in September, up from 8.2% in August. The print exceeded the 8.2% rise that market analysts had expected.

Total social financing (TSF)—a broader measure of credit and liquidity in the economy that includes loans, bonds and other non-traditional instruments—rose to CNY 2.27 trillion in September from CNY 2.02 trillion in August. Market analysts had expected a decline in TSF to CNY 1.8 trillion.

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