November's China aggregate financing hit 15.36 trillion yuan, slightly undershooting the forecast of 15.42 trillion but marking a recovery from October's 14.97 trillion. New yuan loans climbed to 33.39 trillion, beating expectations of 33.1 trillion and substantially up from the prior month's 30.9 trillion—signaling strengthened credit expansion.

What caught market attention: M2 money supply growth decelerated to 8.0% year-over-year, missing the 8.2% forecast and matching October's print. Meanwhile, M1 momentum weakened further to 4.9%, falling short of the 5.7% estimate and down from 6.2% previously. M0 currency in circulation accelerated to 10.6% versus the prior reading.

These mixed signals suggest tightening liquidity conditions despite robust loan growth—a dynamic that typically pressures risk assets and influences capital flow between traditional and digital markets.