8月居民存款“搬家”入市！M1-M2剪刀差收窄

Core Insights - The financial data for August indicates a significant recovery in new credit growth, reflecting strong support from the financial sector for the real economy [2][3][4] Credit Growth - In August, new RMB loans amounted to 590 billion yuan, a month-on-month increase of 640 billion yuan, but a year-on-year decrease of 310 billion yuan [3][4] - The total RMB loans for the first eight months reached 13.46 trillion yuan, indicating a recovery in credit demand, particularly in corporate and personal loans [3][4] Social Financing - The social financing scale as of the end of August was 433.66 trillion yuan, with a year-on-year growth of 8.8%. However, the new social financing in August was 2.57 trillion yuan, a year-on-year decrease of 463 billion yuan [5][6] - The decline in social financing is attributed to a reduction in RMB loans to the real economy and the high base effect from last year’s government bond issuance [5][6] Monetary Supply - As of the end of August, M2 (broad money) stood at 331.98 trillion yuan, growing by 8.8% year-on-year, while M1 (narrow money) grew by 6% [6][7] - The M1 growth rate reached its highest in nearly 35 months, indicating increased liquidity and a shift of deposits from fixed to more liquid forms for consumption or investment [7][8] Future Outlook - The monetary policy is expected to remain supportive, focusing on reducing financing costs for enterprises and households, and enhancing credit accessibility [8] - There is potential for the introduction of policy financial tools to stimulate broad credit expansion and boost infrastructure investment, particularly in sectors like technology innovation and urban renewal [8]