On August 11, the Central Bank of China released credit data for July. Financial data declined somewhat, and the increase in social finance and new RMB loans in June fell short of expectations. The M2-M1 scissor gap narrowed to 3.8% in July and 4.6% in June.

Central bank data shows that at the end of July, the balance of broad currency (M2) was 212.55 trillion yuan, an increase of 10.7% over the previous year. The growth rate was 0.4 percentage points lower than the end of the previous month and 2.6 percentage points higher than the same period last year;

The balance of the narrow currency (M1) was 59.12 trillion yuan, an increase of 6.9% over the previous year. The growth rates were 0.4 and 3.8 percentage points higher than the end of the previous month and the same period of the previous year, respectively;

The balance of currency in circulation (M0) was 7.99 trillion yuan, an increase of 9.9% over the previous year.

Net cash investment for the month was 40.8 billion yuan.

China added 992.7 billion yuan in loans in July, with an estimated 120 billion yuan, with a previous value of 1810 billion yuan.

The scale of social financing in China increased by 1690 billion yuan in July, with an estimated 1850 billion yuan, with a previous value of 343 billion yuan.