MJune14,202403:18PMGMTMorganStanleyAsiaLimited+UpdateChinaFinancialsAsiaPacificRichardXu,CFA+8522848-6729+8523963-2224MayTSFreflectscontinuedEquityAnalyst+8523963-4624rationalizationofloangrowthRichard.Xu@morganstanley.comTSFgrowthrecoveredslightlyinMay,to8.4%,supportedbyBerylYanggovernmentbondissuance.Loangrowthremainedweakwithmixshifttowardsdiscountedbills.GrowthincorporatedepositsResearchAssociateandM1declinedfurther,partlyowingtoeffortstoreduceself-Beryl.Yang@morganstanley.comcirculatingloansanddepositclassificationchange.ChiyaoHuangTSFgrowthrecoveredsequentiallyinMayto8.4%,inlinewithourexpectation,supportedbygovernmentbondissuance–othercreditremainedweak:NewTSFEquityAnalystaddedRb2.07tninMay,reversingthenegativenumbersinApril.ThiswasmainlyChiyao.Huang@morganstanley.comsupportedbygovernmentbondissuanceaftermuchslowerissuanceyoyinJanuary-April2024owingtomorecarefulreviewofprojectsandeffortstopreventidleChinaFinancialsAttractivefundingaftergovernmentbondissuance.AsiaPacificNotably,governmentbondissuanceaddedRmb1.225tninMay,~60%ofnewTSFIndustryViewfromgradualapprovalofgovernmentbondsforprojectsbeingassessedsincethebeginningoftheyear.Relatedreports:ChinaFinancials:AprilTSF:ShiftingfromLoangrowthremainedweak,addingRmb816bninMay,downRmb406bnyoy,likelyquantitytoquality(12May2024)reflectingmorerationalloanextens...
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