MNI BRIEF: China Oct New Loans, Aggregate Finance Slow

China's new yuan loans rose by CNY220 billion in October, declining from September's CNY1.29 trillion and marking the lowest growth in recent three months as credit demand weakened amid the government's "anti-involution" campaign and the continous property downturn, data released on Thursday by the People's Bank of China showed.

Total social financing rose by CNY810 billion, falling from CNY3.53 trillion in September and hitting the lowest level since July 2024. M2 money supply grew by 8.2% y/y, beating market forecasts of 8.1% growth but slowing from September's 8.4% gain. While M1 rose by 6.2% y/y, decelerating from September's 7.2% growth. M0 rose by 10.6% y/y, edging down from the previous 11.5%.

Shadow banking transactions decreased by CNY108.5 billion, compared to a CNY357.9 billion expansion in the previous month.