The Chinese unrecovery is going swimmingly. Credit unrecovered late last week. Pantheon:
Credit is flowing, but where is it going?
- Chinese M2 growth rose to 11.1% y/y in May, from 10.5% in April. Consensus was 10.3%.
- Chinese M1 growth slowed to 4.6% y/y in May, from 5.1% in April. Consensus was 4.9%.
- Chinese M0 growth jumped to 13.5% y/y in May, from 11.4% in April. Consensus was 10.0%.
- Aggregate social financing rose to RMB 2,790B in May, from RMB 910B in April. Consensus was RMB 2030B