China’s September M1 Money Supply Up 3.2% Year-on-Year, Down From 4.1%

The deceleration in M1 matters less as a headline number than as a signal about corporate liquidity preferences: M1 captures money sitting in demand deposits, so slower growth suggests firms are holding less readily spendable cash. That has read-through for risk appetite across Chinese markets, including crypto and tokenized real-world assets, which tend to track broader liquidity conditions. The open question is whether this is a one-month pause or the start of a trend, and whether it shows up in activity data beyond the money aggregates.