M2 Slows in September

New loans soared last month, but M2 growth slowed to 0.36 percent mtm, the third slowed figure in 2016. Rolling 3-month growth also fell, while yoy growth increased to 11.6 percent.

Loan growth jumped, with 56.4 percent of new lending going to households, down slightly from the August share of 56.7 percent and well off the July shock number of 104 percent.

China's reserve coverage of M2 fell below 14 percent at the end of September, but the recent devaluation in the yuan has made up for the September growth in M2 and decline in reserves.

China Daily: China's new yuan loans surge in September