June 16, Monday

High-Level Voices: 
The People's Bank of China released data showing that at the end of May, the stock of social financing grew by 8.7% year-on-year, M2 money supply increased by 7.9%, and M1 money supply rose by 2.3%.

Overall Sentiment: 
The conflict between Israel and Iran has escalated, raising short-term geopolitical risks and suppressing investor sentiment, leading to a broad decline in global stock markets. Crude oil prices were hit hardest, with traders heavily buying call options on crude after airstrikes, betting on prices exceeding $80. Gold prices hit a recent high. 
The Chinese central bank quietly released May financial data, which was underwhelming. New household loans in May fell 40% year-on-year, and cumulative new loans for the first five months dropped 55%. The central bank's interpretation: May financial data reasonably matches the real economy, with social financing, M2, and RMB loan growth all significantly outpacing nominal GDP growth.