今年前4个月新增人民币贷款超10万亿元

Core Insights - The People's Bank of China reported that as of the end of April 2025, the RMB loan balance reached 265.7 trillion yuan, with a year-on-year growth of 7.2%, while the broad money (M2) balance was 325.17 trillion yuan, growing by 8% [1] - The total social financing scale stood at 424.0 trillion yuan at the end of April, reflecting an 8.7% year-on-year increase, indicating strong financial support for the real economy [1] Group 1: Credit Growth - In the first four months of 2025, RMB loans increased by 1.006 trillion yuan, with April alone seeing an increase of 280 billion yuan [2] - The credit data for April was influenced by multiple short-term and medium-term factors, including a traditional low month for credit and rising uncertainties affecting market expectations and export growth [2] - After adjusting for the impact of local debt replacement, the actual loan support was estimated to be higher than reported, maintaining an RMB loan growth rate above 8% [2][3] Group 2: Government Bond Issuance - The total social financing scale increased by 1.634 trillion yuan in the first four months, with April's increase of 1.16 trillion yuan being 1.22 trillion yuan higher than the same period last year [4] - Government bond issuance accelerated significantly, with net financing exceeding 500 billion yuan in the first four months, contributing to the growth of social financing [4] - In April, the net financing from government bonds was approximately 970 billion yuan, which boosted the social financing growth rate by about 0.3 percentage points [4] Group 3: M2 Growth - The M2 growth rate increased significantly in April due to a low base effect from the previous year, rising by 1 percentage point compared to March [5] - The reduction in deposits towards wealth management products has decreased, with approximately 870 billion yuan withdrawn from deposits in April, which positively impacted M2 growth by about 1 percentage point [5] - Experts predict that as the low base effect diminishes, M2 growth will return to normal levels seen in the earlier months of the year [5] Group 4: M1 Performance - As of April, the narrow money (M1) balance was 109.14 trillion yuan, showing a year-on-year growth of 1.5%, with a slight decline of 0.1 percentage points from the previous month [6] - The M1 growth rate's slight decline was attributed to traditional tax collection periods and accelerated government bond issuance, which affected the deposit dynamics between fiscal and general deposits [6]