China: Money Supply (June 2011)
Money and credit growth rebounded in June, suggesting that selective easing is already showing initial effect. Some temporary factors also boosted money growth. New loans were greater than last June, after January-May loans were smaller than year ago. Large deposit growth implies more lending capacity for credit conditions to ease. Meanwhile, a retreat from risk had curbed capital inflows in May-June.
* In June, M2 and M1 growth rebounded to 15.9% and 13.1%, respectively.
* New loans were RMB 634bn in June, while new deposits were RMB 1910bn.
* FX reserves expanded by $153bn in Q2 to $3.2tn. The pace of accumulation fell in May-June despite larger trade surplus.
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