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1、Economics-DataReactions15August2017ChinaMoneySupplyData(JulyMa2017)XiaopingEconomistTheHongkongandShanghaiBankingCorporationLimitedOnbalancesheetlendingremainssteady+861059998232xiaopingma@hsbc.com.cnJulyaggregatefinancingcameinstrongerthanconsensus,thankstoareboundinco
2、rporatebondissuance,whilebankloanscameinbroadlyinlinewithViewHSBCGlobalResearchat:expectations.Steadygrowthinon-balancesheetlendingshouldhelpmitigatethehttp://www.research.hsbc.comnegativegrowthimpactfromtheongoingfinancialdeleveragingandprovidesufficientliquiditysuppor
3、tsforstablegrowthintherealeconomy.IssuerofreportTheHongkongandShanghaiBankingCorporationLimitedFactsDisclosures&DisclaimerThisreportmustbereadwiththeJunebanklendingcameinatRMB825.5bn(bbg:800bn),downfromRMB1540bninJunedisclosuresandtheanalystcertificationsintheDisclosure
4、Iny-o-yterms,stockofbanklendinggrewby13.2%,upfrom12.9%inJuneappendix,andwiththeDisclaimer,whichformspartofitInsinglemonthlyterms,householdlendingincreasedtoRMB561.6bn,downfromRMB738bninJuneInsinglemonthlyterms,corporatelendingincreasedtoRMB353.5bn,downfromRMB695bninJune
5、Insinglemonthlyterms,mid-longtermcorporatelendingwasRMB433.2bn,downfromRMB578bninJuneMonthlyTotalSocialFinancing(TSF)cameinatRMB1220bn(bbg:1000bn),downfromRMB1780bninJuneIny-o-yterms,stockofTSFgrewby13.2%y-o-y,upfrom12.8%y-o-yinJuneInsinglemonthlyterms,entrustedloansfel
6、lbyRMB16.3bn,comparedwithRMB3bninJuneInsinglemonthlyterms,trustloansrosebyRMB123.2bncomparedwithRMB247bninJuneInsinglemonthlyterms,bankacceptancefellbyRMB203bn,comparedwithafallofRMB21bninJuneInsinglemonthlyterms,corporatebondsincreasedbyRMB284bn,comparedwithafallofRMB2
7、2bninJuneM2growthfelltoa15-monthlowof9.2%y-o-y,downfrom9.4%y-o-yinJuneEconomics-DataReactionsChinaMoneySupplyData(July2017)15August2017Figure1:M2vs.outstandingloangrowthFigure2:TSFvs.outstandingloangrowthSource:CEIC,HSBCSource:CEIC,HSBCFigure3:BreakdownofnewlendingSourc
8、e:CEIC,HSBCImplicationsBaseeffectswerethemaindriversbehindthereboundinTSFandoutstandingloangrowthinJuly.Despit
