M2 and social financing growth rates remain at a reasonable level, and the effectiveness of monetary policy will continue to be evident.

The People's Bank of China released data on June 12th showing that, at the end of May, the broad money supply (M2) balance was 353.67 trillion yuan, an increase of 8.6% year-on-year, 0.7 percentage points higher than the same period last year; the scale of social financing was 458.81 trillion yuan, an increase of 7.7% year-on-year, matching the expectations of economic growth and overall price levels. Experts believe that the growth rates of M2 and the scale of social financing are both at reasonable levels, creating a suitable monetary and financial environment for the economy to continue to improve.