刚刚！央行重磅数据发布！

Core Insights - The People's Bank of China reported that the total social financing scale exceeded 30 trillion yuan in the first three quarters of this year, reaching 30.09 trillion yuan, an increase of 4.42 trillion yuan compared to the same period last year [1] - The growth rates of social financing and broad money (M2) remain high, indicating that monetary finance continues to create a favorable environment for economic recovery [1] - The net financing from government bonds reached 11.46 trillion yuan, contributing significantly to the social financing scale, while corporate bond financing also increased due to supportive policies [7] Financial Statistics - In the first three quarters, RMB loans increased by 14.75 trillion yuan, and RMB deposits rose by 22.71 trillion yuan [1] - As of the end of September, the year-on-year growth rate of social financing stock was 8.7%, and the M2 growth rate was 8.4% [1] - The narrow money (M1) growth rate rose to 7.2% by the end of September, reflecting increased economic activity and consumer demand [6][10] Credit Growth - The growth of new RMB loans in September was stable, with a monthly increase of approximately 1.29 trillion yuan [8] - The average interest rate for newly issued corporate loans was about 3.1%, which is 40 basis points lower than the same period last year [9] - The structure of loans continues to optimize, with inclusive small and micro loans growing by 12.2% year-on-year [8] Direct Financing - Direct financing, particularly through government and corporate bonds, accounted for over 43% of the new social financing, indicating a shift from traditional bank loans [7] - The proportion of RMB loans in the social financing scale decreased to 48%, highlighting the increasing role of diverse financing channels [7] Market Dynamics - The phenomenon of "deposit migration" reflects a reallocation of residents' assets in response to changing return rates, with significant increases in both resident deposits and non-bank financial institution deposits [11] - The overall economic environment remains characterized by low inflation and low interest rates, with expectations for continued monetary support for the real economy [9][11]