6月信贷“总量增长、结构优化”，央行明确下阶段货币政策执行方向

Core Insights - The financial policies implemented have shown effectiveness, leading to increased economic activity and support from financial institutions, resulting in a "total growth and structural optimization" in credit for June and the first half of the year [2][3] Monetary Supply - As of the end of June, the broad money supply (M2) reached 330.29 trillion yuan, with a year-on-year growth of 8.3%. The narrow money supply (M1) was 113.95 trillion yuan, growing by 4.6% year-on-year. The cash in circulation (M0) was 13.18 trillion yuan, up 12% year-on-year [2][6] - A net cash injection of 363.3 billion yuan occurred in the first half of the year [2] Social Financing - The total social financing stock at the end of June was 430.22 trillion yuan, with a year-on-year increase of 8.9%. The cumulative increase in social financing for the first half of the year was 2.283 trillion yuan, which is 474 billion yuan more than the same period last year [2][6] Credit Growth - In June, new RMB loans amounted to 2.24 trillion yuan, significantly higher than the previous month, ending a two-month trend of substantial year-on-year decreases. The loan balance growth rate remained stable at 7.1% [3][4] - The increase in credit was attributed to several factors, including seasonal trends, effective financial policies, and improved business conditions [3] Sectoral Loan Distribution - In June, corporate medium- and long-term loans increased by 40 billion yuan year-on-year, while household medium- and long-term loans rose by 15.1 billion yuan, and short-term loans increased by 15 billion yuan [4] - The first half of the year saw a total of 12.92 trillion yuan in new RMB loans, indicating a more precise and effective support for the real economy [4] Focus Areas for Lending - New loans were primarily directed towards manufacturing, infrastructure, and key areas such as green, technology, inclusive, elderly care, and digital loans, which all saw growth rates exceeding the overall loan growth [4][5] Future Outlook - The People's Bank of China aims to enhance the effectiveness of monetary and credit policies, focusing on supporting the real economy and addressing structural issues in key industries [5][7] - There is an expectation for continued growth in social financing and M2, with a focus on maintaining liquidity and aligning financing growth with economic growth and price stability [7][8]