前7月社融增量保持同比多增 信贷结构优化

Core Viewpoint - The financial growth rate remains high, with significant increases in social financing and money supply, indicating effective monetary policy and support for the real economy [1][2]. Group 1: Financial Growth Metrics - As of the end of July, the social financing scale stock increased by 9% year-on-year, while the broad money supply (M2) grew by 8.8% [1]. - The incremental social financing for the first seven months reached 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [2]. - The M1 money supply also rose by 1 percentage point to 5.6% compared to the previous month, indicating improved liquidity and market confidence [1]. Group 2: Loan and Credit Structure - The balance of inclusive small and micro loans reached 35.05 trillion yuan, growing by 11.8% year-on-year, while medium to long-term loans in the manufacturing sector amounted to 14.79 trillion yuan, up by 8.5% [1]. - The growth rate of RMB loans as of the end of July was 6.9%, slightly down from 7.1% the previous month, influenced by seasonal factors and external pressures [2][3]. - The new corporate loan interest rate was approximately 3.2%, and the new personal housing loan rate was about 3.1%, reflecting a year-on-year decrease of around 45 and 30 basis points, respectively [3][4]. Group 3: Government Bond Financing - Government bond net financing for the first seven months increased by 4.32 trillion yuan year-on-year, serving as a major support factor for the social financing scale increment [2]. - The direct financing market, particularly through government and corporate bonds, has been growing faster than credit financing, aligning better with economic transformation [2].