4月金融数据出炉：社融规模同比增长8.7% M2增速出现提升

Group 1 - The central bank reported that by the end of April, the social financing scale increased by 8.7% year-on-year, and the broad money supply (M2) grew by 8%, indicating a significant acceleration compared to the previous month [1][4] - The increase in social financing scale was primarily driven by accelerated government bond issuance, with a net financing of over 5 trillion yuan in the first four months of the year, which is approximately 3.6 trillion yuan more than the same period last year [2][3] - The issuance of special government bonds and local government special refinancing bonds has been ongoing, with a net financing of about 970 billion yuan in April alone, contributing to a 0.3 percentage point increase in the social financing growth rate [2][3] Group 2 - The M2 growth rate was influenced by a low base effect from the previous year, with the M2 balance reaching 325.17 trillion yuan by the end of April, reflecting a 1 percentage point increase from the end of March [4][5] - The reduction in deposits by approximately 870 billion yuan in April, compared to a decrease of about 3 trillion yuan year-on-year, had a positive impact on M2 growth, contributing about 1 percentage point [6][7] - The overall credit growth remains robust, with a total of 10.06 trillion yuan in new loans issued in the first four months, although April's single-month new loan issuance was lower than the same month last year [8][9] Group 3 - The ongoing local debt replacement efforts are expected to support long-term economic development, as they allow local governments to alleviate debt burdens and redirect resources towards development and consumption [8][9] - Market analysts predict that the growth of financial aggregates is likely to remain stable in the near future, despite uncertainties in foreign trade and the traditional "small month" for credit in May [9]