The growth in China's broad money supply recovered in September, a sign that the launch of incremental policies has started to revive market confidence, however, financing activity remains lukewarm, official data showed on Monday.
China's broad money supply, or M2, stood at 309.48 trillion yuan ($43.71 trillion) as of the end of last month, up 6.8 percent year-on-year. The growth was up from 6.3 percent seen a month earlier, the People's Bank of China, the country's central bank, said on Monday.
Zhou Maohua, a researcher at China Everbright Bank, said that the stabilization of M2 growth indicated that economic activity has recovered, with easing financing costs having boosted corporate investment tendency. The M2 growth, however, stayed overall low, reflecting that a real estate downturn has continued to weigh on credit expansion.
The PBOC said that the aggregate social financing — the total amount of financing to the real economy — stood at 25.66 trillion yuan during the January-September period, down 3.68 trillion yuan compared with the same period of last year.
The country's outstanding aggregate social financing came in at 402.19 trillion yuan as of the end of September, up 8 percent year-on-year, compared with 8.1 percent by the end of August.
The central bank also said that yuan-denominated loans increased by 16.02 trillion yuan in the January-September period, compared with 14.43 trillion yuan during the January-August period.
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