M2 Slows, But Credit Growth Continues

M2 fell in April, yoy growth slowed to 10.5 percent, 3-month annualized growth was 5.3 percent. Although TSF was lower than recent months, it was up 77 percent from April 2016.

Reuters: China's April loans growth highlights debt challenge
China's banks unexpectedly extended more credit in April than in the previous month, though household loans fell in a sign authorities are walking a tight rope as they try to tamp down debt risks without throttling the economy.

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