AI Data Insight
Latest data shows that China's M0 money supply in May 2026 fell to 14,690.0 billion RMB, a slight decline from the previous reading, with a year-on-year growth rate of 11.9%. Although the growth rates of M2 and M1 both met or exceeded expectations, the pullback in M0 and the sharp decline in new mortgages reflect that private consumption and investment sentiment remains conservative. The market expects that the PBOC may need to roll out stronger stimulus measures, such as interest rate cuts or RRR cuts, to drive the real economy in the future.