China October M2 money supply +10.3% vs +10.3% y/y expected

• Prior +10.3%
• New yuan loans ¥738.4 billion vs ¥665.0 billion expected
• Prior ¥2.31 trillion

After a big jump in new loans at the end of Q3, there is a bit of a dip in October (likely seasonal factors) but it comes in above estimates. This is also still higher than the same period a year ago, which saw ¥615.2 billion in new loans then. Overall, it still shows that China is maintaining support for the economy as outstanding yuan loans are seen roughly 11% higher than October last year.