方正富邦基金区德成评7月金融数据出炉：债市交易结构拥挤，投资者心态整体谨慎

Core Insights - The People's Bank of China (PBOC) released financial data for July, indicating a stable monetary environment with M2 growth at 8.8% year-on-year and M1 growth at 5.6% [1] - The total social financing scale and M2 growth rates remain high, reflecting a moderately loose monetary policy aimed at supporting the real economy [1] - July saw a decline in new RMB loans by 50 billion, attributed to seasonal factors and banks' performance assessment pressures [1] Group 1 - As of the end of July, the broad money (M2) balance reached 329.94 trillion yuan, with a year-on-year increase of 8.8% [1] - The narrow money (M1) balance was 111.06 trillion yuan, showing a year-on-year growth of 5.6% [1] - The currency in circulation (M0) stood at 13.28 trillion yuan, reflecting an 11.8% year-on-year increase [1] Group 2 - The total outstanding loans in domestic and foreign currencies amounted to 272.48 trillion yuan, with a year-on-year growth of 6.7% [1] - The RMB loan balance was 268.51 trillion yuan, marking a year-on-year increase of 6.9% [1] - The first seven months of the year saw a net cash injection of 465.1 billion yuan [1] Group 3 - In July, corporate bill financing reached 871.1 billion yuan, an increase of 312.5 billion yuan year-on-year [2] - The real estate market entered a traditional off-season, with both sales volume and prices declining year-on-year [2] - The recent weak credit data may not warrant excessive concern, as policy measures are expected to stimulate future resident credit growth [2]