AI Data Insight
According to the latest data, China's Q3 2026 (July) M1 money supply YoY growth rate reached 4.0%, flat compared to the previous reading (Q2), and slightly beating the market consensus of 3.9%. Although overall credit shows a pattern of "strong supply and weak demand", the scissors difference between M1 and M2 continues to narrow, reflecting that real enterprise operations are slowly stabilizing, and the financing structure is also showing a long-term trend leaning towards direct financing.