刚刚，央行发布金融数据！

Core Insights - The People's Bank of China reported that as of the end of August, the broad money supply (M2) was 331.98 trillion yuan, growing by 8.8% year-on-year, while the narrow money supply (M1) was 111.23 trillion yuan, increasing by 6% [1] - The total social financing scale increased by 26.56 trillion yuan in the first eight months, which is 4.66 trillion yuan more than the same period last year [1] - The net financing scale of government bonds reached 10.27 trillion yuan in the first eight months, an increase of 4.63 trillion yuan year-on-year, supporting the growth of social financing [2] Monetary Supply and Financing - As of the end of August, the M2 balance remained stable compared to the previous month, supported by increased fiscal policies and reasonable growth in social financing and loans [1] - The total amount of RMB loans increased by 13.46 trillion yuan in the first eight months, indicating strong support for the real economy [1] Credit Support for the Real Economy - Credit growth in August was bolstered by factors such as industry recovery, resilient exports, summer consumption peaks, and supportive real estate policies [3] - Manufacturing loans saw a significant increase, with new manufacturing loans accounting for 53% of new corporate loans, reflecting a 33 percentage point increase compared to the previous year [3] Real Estate Policies - Major cities like Beijing, Shanghai, and Shenzhen introduced a series of real estate policies to better meet housing demand, leading to a notable increase in housing transactions [4] - Following the implementation of new policies in Shanghai, the real estate transaction volume significantly increased, indicating a recovery in housing demand [4] Future Monetary Policy Focus - The focus of future monetary policy should be on optimizing the structure of credit, as the economy transitions to medium-high growth and faces challenges such as high household leverage and pressure on bank asset quality [5] - Structural monetary policy tools have shown positive growth in key areas, with inclusive small and micro loans growing by 11.8% and medium to long-term loans for manufacturing increasing by 8.6% [5] Structural Policy Tools - Structural monetary policy tools are expected to continue playing a guiding role, enhancing financial institutions' ability to support key sectors [6] - Collaboration between monetary credit policies and fiscal measures is essential to improve the effectiveness of financial support in critical areas [6]