The increase in M2 wasn't offset by a rise in reserves. China's FX reserves account for 12.7 percent of M2.
Total social financing hit a new rolling 12-month high of 19.1 trillion yuan.
Reuters: China's June new yuan loans rise to 1.54 trln yuan, above f'cast
Chinese banks extended 1.54 trillion yuan ($226.9 billion) in net new yuan loans in June, well above analysts' expectations.Reuters: China June total social financing rises to 1.78 trln yuan
Analysts polled by Reuters had predicted new yuan loans of 1.2 trillion yuan, up from 1.11 trillion in May.
iFeng: 中国6月末M2余额同比增9.4% 再创历史新低
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