AI Data Insight
China's M1 MoM growth in May 2026 strongly rebounded to 3.12%, far exceeding the previous value of 0.26%. Combined with market macroeconomic data, M1 YoY growth simultaneously rose to a better-than-expected 5.5%, causing the M2-M1 "scissors gap" to narrow to 3.1%. Aided by the heavy issuance of local special bonds and the optimization of credit structure, short-term liquidity has significantly warmed up, but whether real demand is genuinely recovering still needs to be observed in the medium to long term.