AI Data Insight
In Q3 2026 (September), China's broad money (M2) balance reached 359,628.97 billion RMB, an increase of approximately 2.82 trillion RMB from the previous value of 356,808.36 billion RMB. Although new loans outperformed expectations thanks to policy support and end-of-quarter effects, the M2 YoY growth rate of 7.2% still fell short of the market consensus of 7.4%. Meanwhile, the widening scissors gap between M2 and M1 further indicates that the real economy continues to face challenges with ineffective fund conversion.