4月M2增长明显提速

Group 1 - As of the end of April 2025, the balance of RMB loans reached 265.7 trillion yuan, with a year-on-year growth of 7.2% [1] - The broad money supply (M2) grew by 8% year-on-year, with a notable increase of 1 percentage point compared to the end of the previous month [1][2] - The total social financing stock was 424 trillion yuan, reflecting a year-on-year increase of 8.7% [1][3] Group 2 - In the first four months of 2025, the cumulative increase in social financing was 16.34 trillion yuan, which is 3.61 trillion yuan more than the same period last year [3] - The increase in RMB loans to the real economy was 9.78 trillion yuan, which is 339.7 billion yuan more than the previous year [3] - The acceleration of government bond issuance has been the primary driver of social financing growth, with net financing exceeding 5 trillion yuan in the first four months of 2025, an increase of approximately 3.6 trillion yuan year-on-year [3]