M2 Growth Slows in June

China's M2 rose 1.56 percent in June, down from 1.85 percent in June 2017. The 12-month growth rate slowed to 8.0 percent. Three-month annualized M2 growth was 7.1 percent, down from 8.1 percent in June 2017.

Reserve coverage of M2 climbed to 11.64 percent, the highest since the 12.17 percent in December 2017. The increase was due solely to the depreciation in the yuan. M2 still climbed to 56.88 yuan per dollar of FX reserves as money supply growth outstripped reserve growth.