Chart of the Day: Money supply eases to a 7.8% growth in April

This is undermined by a softer gain in net foreign position.

Singapore's money supply (M3), including Asian currency units, grew at a slower pace of 7.8% YoY in April, undermined by a softer gain in net foreign position.

RHB said this came as, public demand for credit picked up sharply, cushioning some of the downside.

"We expect M3 growth to stay resilient at 5.6% in 2017, albeit at a more moderate pace vs the 8.1% recorded in 2016," it noted.

Meanwhile, despite the moderation in growth, liquidity conditions remain conducive to economic growth and the strong pick-up in business services and financial services loans point to healthy economic activity.

"We expect Singapore’s economic growth to remain resilient in 2H17, after moderating from a strong 1Q17," RHB said.