MNI BRIEF: China April M2 Hits Over One-year High

China's M2 money supply grew by 8.0% y/y in April, outpacing market forecasts of a 7.2% and rising from March's 7.0% to hit the highest level since March 2024, mainly due to lower comparison base same period last year, data released on Wednesday by the People's Bank of China showed.

M1 money supply grew by 1.5% y/y, slowing from March's 1.6% growth. 

Banks extended CNY280 billion in new loans in April, seasonally declining from March's CNY3.64 trillion. Total social financing rose by CNY1.16 trillion, lower than growth of CNY5.89 trillion in March. Shadow banking transactions decreased by CNY287.3 billion, compared to a CNY370.5 billion expansion in the previous month. (See MNI INTERVIEW: China Has Room For Further Monetary Easing)