前8个月新增社融超26.5万亿元，政府债券支撑作用较强

Core Insights - The People's Bank of China reported that the growth rate of social financing remains high due to ongoing fiscal policy efforts [1][2] - The total social financing scale reached 433.66 trillion yuan by the end of August 2025, with a year-on-year growth of 8.8% [2] - The increase in RMB loans to the real economy was 12.93 trillion yuan in the first eight months, which is a decrease of 4.85 trillion yuan compared to the previous year [4] Monetary Supply - As of the end of August, the broad money supply (M2) was 331.98 trillion yuan, with a year-on-year growth of 8.8% [1] - The narrow money supply (M1) was 111.23 trillion yuan, showing a year-on-year increase of 6%, up by 0.4 percentage points from the previous month [1] Loan and Deposit Trends - In the first eight months, RMB loans increased by 13.46 trillion yuan, with household loans rising by 711 billion yuan and corporate loans increasing by 12.22 trillion yuan [1] - Total RMB deposits rose by 20.5 trillion yuan, with household deposits increasing by 9.77 trillion yuan [1] Financing Structure - By the end of August, the balance of RMB loans to the real economy was 265.42 trillion yuan, growing by 6.6% year-on-year [2] - The net financing of corporate bonds was 1.56 trillion yuan, which is a decrease of 2.21 trillion yuan compared to the previous year [4] Economic Outlook - Analysts expect the central bank to maintain a supportive monetary policy stance in the second half of the year, focusing on reducing financing costs and increasing credit availability [4] - There is an anticipation of a new round of interest rate cuts and reserve requirement ratio reductions by the central bank in the fourth quarter [4]