Chinese Credit Growth Slows in August

M2 growth slowed to 8.2 percent. THe 3-month growth rate hit 10.8 percent, below the year-ago 11.1 percent.

Reuters: China Aug new loans fall as cooling economy makes both banks, borrowers wary

Chinese banks made fewer new loans in August than expected, highlighting problems facing the central bank as it tries to boost credit to smaller companies facing weaker demand at home and shrinking export orders.

M2 growth offset depreciation in August. Reserves accounted for 11.88 percent of M2 supply, down from 11.94 percent a month earlier. The low was 11.36 percent in March 2018.