中国7月新增社融1.16万亿元，人民币贷款少增500亿元，M2-M1剪刀差缩小

Core Points - In July, China's new social financing increased by 1.16 trillion yuan, with a decrease of 500 billion yuan in new RMB loans and an increase of 500 billion yuan in new RMB deposits, while household deposits decreased by 1.11 trillion yuan [1][4] - The cumulative social financing scale from January to July reached 23.99 trillion yuan, which is an increase of 5.12 trillion yuan compared to the same period last year [3][8] - The total social financing stock as of the end of July was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [11] Financing Structure - As of the end of July, the balance of RMB loans to the real economy was 264.79 trillion yuan, with a year-on-year increase of 6.8%, while foreign currency loans decreased by 23.2% [11][12] - The balance of entrusted loans was 11.16 trillion yuan, showing a slight decline of 0.4% year-on-year, while trust loans increased by 5.9% [11][12] - Government bonds accounted for 20.9% of the total financing stock, which is an increase of 2.2 percentage points year-on-year [12] Monetary Supply - The broad money supply (M2) reached 329.94 trillion yuan at the end of July, with a year-on-year growth of 8.8%, while the narrow money supply (M1) was 111.06 trillion yuan, growing by 5.6% [13] - The cash in circulation (M0) was 13.28 trillion yuan, reflecting an 11.8% year-on-year increase [13] Loan and Deposit Trends - From January to July, RMB loans increased by 12.87 trillion yuan, with household loans rising by 6.807 trillion yuan [14][15] - The total RMB deposits increased by 18.44 trillion yuan in the first seven months, with household deposits contributing 9.66 trillion yuan [15] Market Activity - In July, the average weighted interest rate for interbank RMB lending was 1.45%, which is lower than the previous month and the same period last year [16] - The cross-border RMB settlement amount for current accounts in July was 1.57 trillion yuan, with significant contributions from goods trade and services [17]