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China announcement

China Narrow Money (M1) 2026-07-15 10:00 Asia/Shanghai: data, chart, and analysis

China Narrow Money (M1) came in at 118.478 on Jul 15, 2026, compared with 114.89 previously. See the full release history, chart, People's Bank of China context, and API access for this series.

Back to Narrow Money (M1) API reference
Actual
118.478
Previous
114.89
Forecast
--
Public release ID
cny_m1_2026-07-15
Annotated CNY M1 Money Supply chart showing the latest reading, previous reading, and release context.
Annotated CNY M1 Money Supply chart showing the latest reading, previous reading, and release context.

China Narrow Money (M1) release chart

Market context, recent readings, and scenario notes for this announcement.

China Narrow Money (M1) chart through 2026-06-30
CNY Narrow Money (M1) readings through 2026-06-30. Latest: 118.478.
Indicator
M1 Money Supply
Released
July 15, 2026 02:00 UTC
Actual Value
118.5 CNY tn
Prior
114.9 CNY tn
Change
+3.59 CNY tn

China's M1 Money Supply rose to 118.5 CNY tn from 114.9 CNY tn in the release published at Jul 15, 2026 02:00 UTC. The result gives markets a fresh reading on system liquidity, deposits and monetary transmission and places the latest observation within the official series rather than treating it as an isolated headline.

For CNY markets, the significance lies in how the release changes expectations for domestic growth, inflation and financial conditions. It feeds into the relative return on renminbi assets, the policy debate at People's Bank of China (PBoC) and positioning across USD/CNH, EUR/CNY and AUD/CNY. The strongest interpretation will come from confirmation in related releases and market pricing.

Recent Readings

What M1 Money Supply Measures

M1 Money Supply measures a defined stock of money held by households, businesses and other eligible sectors, with broader aggregates including progressively less liquid instruments. The central bank consolidates qualifying currency, deposit and monetary liabilities reported by financial institutions. The release is published by PBoC and reported here in CNY tn. Its construction matters because the headline can reflect a different economic mechanism from a market price, a single company survey or an unrelated activity measure.

Faster money growth can accompany stronger credit and nominal demand, while slower growth can signal tighter financial conditions or cautious balance sheets. Traders therefore use the series as part of a wider CNY evidence set rather than as a standalone trading rule. A sequence of consistent readings carries more information than one print because policy makers and asset prices respond to persistence, breadth and the outlook. The most useful cross-checks are deposit composition, bank credit, transactions and whether liquidity is translating into spending or remaining idle.

Breaking Down the July 2026 Numbers

The latest reading was 118.5 CNY tn, compared with 114.9 CNY tn previously, a reported move of +3.59 CNY tn. The sequence began at 112.9 CNY tn on 2025-11-30, moved through 119.3 CNY tn on 2026-03-31, and stood at 114.9 CNY tn on 2026-05-31 before the latest 118.5 CNY tn on 2026-06-30. Taken together, those observations describe a rising recent trend. This historical frame separates the current level from the momentum around it and shows whether the newest observation extends or interrupts the preceding direction.

The market reading should distinguish the level, the latest change and the composition behind that change. For this release, the central question is whether the result represents a durable shift in system liquidity, deposits and monetary transmission or a temporary movement in one component. Evidence from deposit composition, bank credit, transactions and whether liquidity is translating into spending or remaining idle will determine how much weight the headline deserves in the next policy and FX reassessment.

Impact on CNY and FX Markets

Faster money growth can accompany stronger credit and nominal demand, while slower growth can signal tighter financial conditions or cautious balance sheets. When the release strengthens the domestic growth, inflation or carry case relative to other economies, demand for renminbi exposure can improve; when it weakens that case, the opposite pressure can dominate. The transmission runs through expected rate differentials, local asset returns, hedging demand and the compensation investors require for currency risk.

USD/CNH is the primary expression for many global traders, while EUR/CNY adds a regional or risk-sensitive comparison and AUD/CNY helps test whether the move is specific to China. Quotation conventions differ across pairs, so the reliable signal is consistent local-currency strength or weakness across the basket rather than the same numerical direction in every cross. A reaction confirmed by rates and more than one pair carries greater information than an isolated price spike.

Monetary Policy Implications

The PBoC combines domestic liquidity management with growth, price stability and management of the renminbi's trading environment. The new result changes that assessment through system liquidity, deposits and monetary transmission. A reading that points to stronger demand or more persistent prices leans against rapid easing; one that signals softer activity or declining pressure gives policy makers more room to consider support. Indicators with mixed growth and inflation effects require confirmation before they shift the expected path.

The release does not determine policy alone. People's Bank of China (PBoC) will judge whether the move is broad, durable and consistent with other evidence, and whether financial conditions are already delivering sufficient restraint or support. For CNY rates and FX, the most durable reaction comes when the data changes the expected policy path rather than merely changing the tone for one session. That distinction separates a lasting repricing from a short-lived headline response.

Looking Ahead

The next release must show whether the latest observation marks a continuing trend or a temporary interruption. Analysts should focus on deposit composition, bank credit, transactions and whether liquidity is translating into spending or remaining idle. Consistency across those details would make the headline more useful for forecasting system liquidity, deposits and monetary transmission; divergence would reduce confidence in extrapolating the move and return attention to the longer history.

The practical FX question is whether incoming evidence keeps moving the expected China rate and growth path relative to those abroad. The most important confirmation set is credit, property activity, industrial demand and the trade channel. Global yields and risk appetite can reinforce or offset that domestic signal, so the next move in renminbi will be most credible when the macro data, rates and several currency pairs point in the same direction.

Track This Release

Access the full M1 Money Supply time series for CNY via the FXMacroData API:

curl "https://api.fxmacrodata.com/v1/announcements/cny/m1?api_key=YOUR_API_KEY"

See the M1 Money Supply indicator page for full details, API examples, and release history, or explore the live dashboard.

Narrow Money (M1) release read

China Narrow Money (M1) came in at 118.478 on Jul 15, 2026, compared with 114.89 previously. See the full release history, chart, People's Bank of China context, and API access for this series.

The parent Narrow Money (M1) page shows the full time series for China. This release page keeps the realised value, prior value, forecast, reference period, and publication time together for the individual announcement.

For CNY event-risk work, the important read is whether this print changes the recent trend or simply extends it. Compare the actual value with the previous and forecast fields above, then use the raw JSON below for backtests keyed to the stable announcement ID.

Release data snapshot

The values below are the citation fields for this announcement.

Public release ID cny_m1_2026-07-15
API announcement ID cny_m1_2026-06-30
Release time
2026-07-15 02:00 UTC
Reference period date 2026-06-30
Actual value 118.478
Previous value 114.89
Forecast --
Surprise --
Announcement timestamp 1784080800

API data for this announcement

The API endpoint returns the full China Narrow Money (M1) history. Clients can filter by date or match this row by announcement_id.

Forecasts live in the predictions endpoint and use the same announcement identifier where available. That is the preferred join key for realised values, forecast surprises, and release-event backtests.

More China Narrow Money (M1) releases

Move through adjacent announcement records for the same series.

Newer release

2026-08-15 10:00 Asia/Shanghai · 115.46

Older release

2026-06-15 10:00 Asia/Shanghai · 114.89

Related China indicators

Continue from this release into adjacent macro series for the same country.

Broad Money (M3)

M1 + savings + term deposits. RBNZ column A+B (broadest aggregate).

M2 Money Supply

M1 + savings deposits (on-call). RBNZ derived: column A + B1.
Raw announcement payload

Field names are preserved for traceability and downstream testing.

{
  "announcement_datetime": 1784080800,
  "announcement_datetime_local": "2026-07-15T10:00:00+08:00",
  "announcement_id": "cny_m1_2026-06-30",
  "change_from_previous": 3.587999999999994,
  "collected_at_iso": "2026-08-14T04:47:07.264532Z",
  "collected_at_ns": 1786682827264532012,
  "date": "2026-06-30",
  "observation_id": "cny_m1_canonical_level_default_standard_period_2026-06-30",
  "pct_change_from_previous": 3.12,
  "pct_change_mom": 3.12,
  "pct_change_yoy": 3.97,
  "previous_announcement_datetime": 1781488800,
  "previous_date": "2026-05-31",
  "previous_value": 114.89,
  "revisions": [
    {
      "epoch": 1784080800,
      "val": 118.478
    }
  ],
  "source": "PBoC",
  "source_url": "http://www.pbc.gov.cn/en/3688006/index.html",
  "source_url_scope": "series",
  "val": 118.478
}