AI Data Insight
The latest data shows that China's M1 MoM growth rate for Q3 2026 sharply declined to -2.545%, far below the previous value of 3.1234% in Q2 2026. Although the M1 YoY growth rate remained flat at 4% during the same period and slightly beat market consensus, the negative monthly data still highlights the short-term ebb of real economy liquidity. It is expected that the PBOC will continue to step up counter-cyclical adjustments to stabilize corporate confidence.