2024年5月，中国银行新增人民币贷款9500亿元，高于4月的7300亿元，但未达到市场预期的1.3万亿元。与此同时，社会融资总额（广义衡量信贷和流动性）上升至2.070万亿元人民币。今年前五个月，央行的数据显示，新增贷款总额为11.14万亿元人民币。广义M2货币供应量同比增长7.0%，低于预测和4月份7.2%的数据。未偿人民币贷款增长9.3%，创历史新低，而4月份为9.6%。

Chinese banks extended CNY 950 billion in new yuan loans in May 2024, rising from CNY 730 billion in April but missing market estimates of CNY 1.3 trillion. Meanwhile, total social financing, a broad measure of credit and liquidity, rose to CNY 2.070 trillion. For the first five months of the year, data from the central bank showed a total of CNY 11.14 trillion in new loans. Broad M2 money supply rose by 7.0% from a year earlier, less than forecasts and April's figure of 7.2%. Growth in outstanding yuan loans came in at 9.3%, a record low and compared with 9.6% in April.

根据中国汽车工业协会的数据，2024年5月，中国汽车销量同比增长1.5%，达到242万辆，低于上月9.3%的增长。报告显示，新能源汽车销量激增33.3%。与此同时，中国乘用车协会（CPCA）的另一份报告显示，5月份新能源汽车销量占汽车总销量的46.7%，创下月度新高。今年前五个月，中国汽车工业协会的数据显示，汽车销量增长8.3%，达到近1150万辆，新能源汽车销量飙升32.5%。

China's vehicle sales increased by 1.5% from a year earlier to 2.42 million in May 2024, slowing from a 9.3% rise in the previous month, according to data from the China Association of Automobile Manufacturers (CAAM). It recorded that sales of new energy vehicles surged by 33.3%. Meanwhile, a separate report from the China Passenger Car Association (CPCA) revealed that new energy vehicle sales accounted for 46.7% of total car sales in May, a new record monthly high. For the first five months of the year, data from CAAM mentioned that vehicle sales grew 8.3% to nearly 11.5 million units, with new energy vehicles soaring 32.5%.

离岸人民币兑美元汇率跌至7.27左右，有可能进一步跌至两个月来的最低水平，因为经济疲软的迹象和中国缺乏新的刺激措施抑制了市场情绪。本周早些时候的数据显示，中国5月份消费者价格涨幅低于预期，而生产者价格仍处于通缩状态。最新数据增加了中国人民银行今年进一步放松政策的可能性，但央行必须在支持经济和保护快速走弱的货币之间取得平衡。在日本央行保持货币环境不变并维持当前债券购买步伐后，人民币也跟随日元大幅下跌。在美国，投资者继续权衡低于预期的通胀数据与美联储降息的修正路径。

The offshore yuan weakened to around 7.27 per dollar, at risk of sliding further to its lowest levels in two months as signs of economic weakness and the lack of fresh stimulus measures in China dampened market sentiment. Data earlier this week showed that consumer prices in China rose less than expected in May, while producer prices remained deflationary. The latest figures raised the odds that the People’s Bank of China could ease policy further this year, but the central bank has to balance supporting the economy with defending a rapidly weakening currency. The yuan also tracked a sharp decline in the yen after the Bank of Japan kept monetary settings unchanged and maintained the current pace of its bond purchases. In the US, investors continued to weigh cooler-than-expected inflation figures against a revised path for Federal Reserve interest rate cuts.

上海指数跌至8周低点3014.00点。过去4周，上海证券交易所综合指数下跌3.38%，最近12个月下跌7.34%。

SHANGHAI decreased to an 8-week low of 3014.00 Index Points. Over the past 4 weeks, Shanghai Stock Exchange Composite Index lost 3.38%, and in the last 12 months, it decreased 7.34%.