上半年金融数据出炉！社融规模增量近23万亿元，M2增速8.3％

Core Viewpoint - The People's Bank of China (PBOC) reported that in June 2025, new loans and social financing both exceeded market expectations, indicating a positive trend in credit growth and monetary policy effectiveness [1][2]. Group 1: Credit Growth - In June 2025, new RMB loans amounted to 2.24 trillion yuan, an increase of 1.1 billion yuan year-on-year [1]. - The total social financing scale in June reached 4.1993 trillion yuan, up by 900.8 billion yuan year-on-year [1]. - The balance of RMB loans at the end of June was 268.56 trillion yuan, reflecting a year-on-year growth of 7.1% [2]. Group 2: Monetary Policy and Economic Support - The PBOC has implemented a moderately loose monetary policy, utilizing various tools to support high-quality development of the real economy [2]. - The increase in credit is attributed to the PBOC's actions, including interest rate cuts and liquidity injections, which have improved financing conditions for businesses and households [3][4]. - The government bond issuance peak has also contributed to the rise in social financing data [1]. Group 3: Loan Structure and Sector Focus - The first half of 2025 saw a total loan increase of 12.92 trillion yuan, with significant allocations to manufacturing and infrastructure sectors [4]. - Corporate medium- and long-term loans increased by 400 billion yuan in June, ending a four-month decline [5]. - The demand for medium- and long-term loans is supported by various factors, including financial support measures and ongoing infrastructure investments [5]. Group 4: Social Financing and Government Bonds - The total social financing increment for the first half of 2025 was 22.83 trillion yuan, an increase of 4.74 trillion yuan year-on-year [6][7]. - Government bond financing was a major contributor to the increase, with a year-on-year rise of 4.32 trillion yuan [7]. - In June, new social financing reached 4.20 trillion yuan, reflecting a seasonal increase and a year-on-year growth of 9008 billion yuan [7]. Group 5: Future Outlook - Experts anticipate that the PBOC may continue to implement interest rate cuts and reserve requirement ratio reductions in the second half of 2025 [9][10]. - The growth of M2 money supply is expected to support the financing needs of enterprises and households, with a year-on-year increase of 8.3% [9]. - The ongoing adjustments in monetary policy are aimed at enhancing domestic demand and mitigating external economic pressures [10].