Chinese Money Supply Falls Across the Board

Caixin: China’s Credit Growth Slows After March Surge
China's new loans and overall credit rose by less than analysts estimated last month, bolstering expectations that the central bank will have to further loosen monetary policy amid slowing economic growth and the risk that the trade dispute with the U.S. will intensify.
M2, M1 and M0 all fell. The three-month rolling M2 grow slowed to 4.1 percent, slightly higher than year-ago April's 4.0 percent.

The dip is consistent with the Politburo's stated goal of reform/quality growth over stimulus and fits the seasonal pattern.

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