China September M2 money supply +10.3% vs +10.7% y/y expected

• Prior +10.6%
• New yuan loans ¥2.31 trillion vs ¥2.50 trillion expected
• Prior ¥1.36 trillion

That’s a notable jump in new loans, even if it comes in lower than estimated. Broad money growth continues to ease further and will be something that Beijing has to be mindful about as the economy slows going into next year.