Broker: UOB Kay Hian
Date of Report: Tuesday, 14 April 2026

Excerpt from UOB Kay Hian report

Report Summary

• Key Highlight: Money supply and credit growth in China continue to moderate, with March 2026 M2 growth at 8.5% year-on-year, below consensus expectations of 8.9%. Outstanding bank loans growth dropped to a record low of 5.7% year-on-year.
• Actionable Insight: No explicit BUY or SELL call, ticker, or target price provided in this report.
• Most Important Idea: The slower pace of liquidity and credit expansion suggests continued softness in credit demand and a lack of clear signs of bottoming in the credit cycle. Corporate bonds have partly offset weakness in bank credit, with corporate bond issuance accelerating to 7.9% year-on-year.

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