央行8月金融数据：社融增26.56万亿，M1增速回升

Core Insights - The People's Bank of China released financial statistics for August 2025, indicating a cumulative social financing scale increase of 26.56 trillion yuan in the first eight months, which is 4.66 trillion yuan more than the same period last year [1] - As of the end of August, the M2 balance was 331.98 trillion yuan, showing a year-on-year growth of 8.8%, while the M1 balance was 111.23 trillion yuan, with a year-on-year increase of 6% [1] - The growth rate of RMB loans was 7.1% year-on-year, and deposit balances increased by 8.6% year-on-year [1] Financial Metrics - M1 growth accelerated to 6% from 5.6%, while M2 growth remained stable at 8.8%, indicating increased liquidity in corporate funds [1] - The M2-M1 spread narrowed to 2.8%, reflecting a recovery in corporate demand for current deposits and enhanced fund turnover [1] - The growth rate of social financing stock was slightly lower at 8.8%, with government bonds comprising a higher proportion than corporate bonds, indicating weak medium to long-term financing demand from enterprises [1] Economic Outlook - Financial data showed signs of recovery in August, with M1 rising to 6% and M2 maintaining at 8.8%, suggesting enhanced consumption and investment willingness [1] - Despite weak medium to long-term loans for households, improved real estate policies and fiscal measures are expected to support a weak recovery phase in the economy [1] - Government net financing reached 10.27 trillion yuan, increasing by over 4.63 trillion yuan year-on-year, creating supply pressure in the market [1] Risks and Challenges - Financial data may experience short-term fluctuations and face risks from rapid increases in upstream prices [1]