上半年人民币各项贷款新增12.92万亿元——货币政策支持实体经济效果明显

Core Viewpoint - The People's Bank of China (PBOC) has effectively supported the real economy through monetary policy, resulting in reasonable growth in financial volume, a decline in comprehensive financing costs, an optimized credit structure, and enhanced resilience in financial markets [1][2]. Financial Volume Reasonable Growth - Since 2020, the PBOC has implemented 12 reserve requirement ratio cuts, injecting approximately 9 trillion yuan into the market, with M2 to GDP ratio increasing by 35 percentage points compared to the end of 2019 [2] - The PBOC has lowered policy interest rates 9 times, leading to a decrease of 115 and 130 basis points in the 1-year and 5-year loan market quoted rates, respectively [2] - By the end of June, the social financing scale and M2 grew by 8.9% and 8.3% year-on-year, respectively, with growth rates higher than the previous year by 0.8 and 2.1 percentage points [2][3]. Social Financing Scale Increment Reasonable Growth - Government bond net financing reached 7.66 trillion yuan in the first half of the year, an increase of 4.32 trillion yuan year-on-year, with net financing of treasury bonds at 3.37 trillion yuan and local government bonds at 4.29 trillion yuan [3]. - Financial institutions issued 12.74 trillion yuan in loans to the real economy, an increase of 279.6 billion yuan year-on-year [3]. - M2 maintained ample liquidity, with expectations for continued reasonable growth in financial volume due to strong internal economic momentum [3]. Credit Structure Continues to Optimize - By the end of June, the balance of RMB loans was 268.56 trillion yuan, growing by 7.1% year-on-year, with new loans in the first half totaling 12.92 trillion yuan [4]. - Corporate loans accounted for 89.5% of new loans, with a year-on-year increase of 6.6 percentage points, while household loans increased by 1.17 trillion yuan [4]. - New loans were primarily directed towards manufacturing and infrastructure sectors, with manufacturing medium- and long-term loans growing by 8.7% and infrastructure loans by 7.4% year-on-year [4]. Financial Market Resilience Enhanced - The bond market saw stable operations in the first half of the year, with a total issuance of various bonds reaching 44.3 trillion yuan, a 16% year-on-year increase [7]. - Net financing from bonds was 8.8 trillion yuan, accounting for 38.6% of the increase in social financing scale, effectively supporting fiscal policy and enterprise financing [7]. - The PBOC emphasized the importance of balancing investment returns and risk for small and medium-sized banks in the bond market [7].