China's May total social financing declined sharply due to tightening credits, M2 growth remains low.
Jun 13, 2018 (China Knowledge) - China's May total social financing (TSF) declines to RMB 760.8 billion (USD 118.80 billion), its slowest monthly growth since July 2016, according to data from the central bank.
The latest figure, which is used to gauge the amount of liquidity and credit in the economy, is lower than the estimated RMB 1.3 trillion and 51% lower than April's value of RMB 1.56 trillion, as a result of stricter supervision and higher credit risk in the bond market.
A major contributor to gains in social financing comes from the growth from bank loans. Banks extended new RMB 1.15 trillion loans in May, an increase of RMB 40.5 billion over the same period last year but lower than the RMB 1.20 trillion expected.
China's balance of broad M2 money supply rose 8.3 % year-on-year in May to RMB 174.31 trillion, the central bank data shows. The growth rate remains flat as compared to the end of last month.
China's central bank has said that its prudent and neutral monetary policy will...
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