4月末M2增长8%政府债发行助推社融增速回升

Group 1 - The People's Bank of China reported a significant increase in broad money (M2) growth rate, reaching 8% year-on-year by the end of April, which is 1 percentage point higher than the previous month, reflecting effective counter-cyclical adjustments and financial stability measures [1] - In the first four months of the year, new RMB loans increased by 1.006 trillion yuan, with approximately 280 billion yuan added in April alone. The total social financing scale increased by 1.634 trillion yuan during the same period, with April's increment being 116 billion yuan, which is 122 billion yuan more than the previous year [1][2] - The issuance of government bonds has been robust, with net financing of 485 billion yuan in the first four months, which is 358 billion yuan more than the previous year. This is expected to continue supporting social financing growth [2][3] Group 2 - The shift of deposits to wealth management products has decreased compared to last year, with some funds returning to deposit accounts. This trend is influenced by the previous year's bond yield decline and the corresponding rise in wealth management product yields [2] - By the end of April, the RMB loan balance grew by 7.2% year-on-year, with new loans of approximately 280 billion yuan. The increase in loans to enterprises has been a significant factor, with corporate loans rising from 63% to 68% of total loans since 2021, indicating a shift in credit allocation towards the real economy [3] - The recent introduction of a package of financial policies by regulatory bodies is expected to boost market confidence and maintain stable growth in financial aggregates in the near term [3][4]