China's central bank data showed that the broad money supply (M2) stood at 309.71 trillion yuan at the end of October, up 7.5% year-on-year, beating expectations of 6.9% and previous month's 6.8%. The narrow money supply (M1) was 63.34 trillion yuan, down 6.1% year-on-year, beating expectations of -7.2% and previous month's -7.4%. The amount of currency in circulation (M0) was 12.24 trillion yuan, up 12.8% year-on-year.
October's M1 money growth rate has now been negative for seven consecutive months, a trend that has only been seen in August and September of 1989, as well as in January 2022, April and May 2024, and in June, July, August and September this year. However, the drop in growth rate was less severe than September's 7.4% decline.