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China Money November 2020

China: Credit data improves markedly in November

In November, Chinese banks distributed CNY 1.43 trillion (USD 219 billion) in new yuan loans. The reading came in above both the CNY 690 billion recorded in October and the CNY 1.40 billion that market analysts had expected. In the 12 months up to November, new yuan loans totaled CNY 19.5 trillion (12 months to October: CNY 19.5 trillion).

Total social financing (TSF)—a broader measure of credit and liquidity in the economy that includes loans, bonds and other non-traditional instruments—rose from CNY 1.42 trillion in October to CNY 2.13 trillion in November. Market analysts had expected an increase in TSF to CNY 2.01 trillion.

Annual growth in M2—the broadest measure of money supply in China—rose from October’s 10.5% to 10.7% in November. The result was above the 10.5% increase that market analysts had expected.

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