央行重磅数据发布，权威专家火线解读

Group 1: Monetary Supply and Economic Indicators - As of the end of September, the broad money supply (M2) reached 335.38 trillion yuan, with a year-on-year growth of 8.4%, while the narrow money supply (M1) was 113.15 trillion yuan, growing by 7.2%, marking a significant increase of 7.1 percentage points from the low of 0.1% in February this year. The M1-M2 gap has narrowed to -1.2% [1] - The recent increase in M1 is attributed to both the low base effect from the previous year and the activation of corporate and household time deposits, indicating a recovery in business activity and consumer demand [1] Group 2: Social Financing and Loan Distribution - In the first three quarters of 2025, the cumulative increment of social financing reached 30.09 trillion yuan, with 14.54 trillion yuan allocated to the real economy through RMB loans. The proportion of RMB loans in the total social financing increment has dropped to 48.32%, indicating that over half of the new financing is sourced from other diverse channels, such as government and corporate bond financing, which now accounts for 43.3% [2] - Experts suggest that the financial system's support for the real economy extends beyond loans, advocating for a broader observation of social financing metrics to assess the financial support's effectiveness [2] Group 3: Monetary and Fiscal Policy Outlook - Current financial statistics show that the total social financing stock exceeds 430 trillion yuan, with M2 over 330 trillion yuan and RMB deposits surpassing 320 trillion yuan. The loan balance is over 270 trillion yuan [3] - Experts indicate that the economy is facing structural imbalances rather than mere total demand deficiencies, characterized by excessive investment and insufficient consumption. They argue that while monetary easing and increased government investment can provide short-term relief, they may exacerbate supply-demand imbalances in the medium to long term [3] - The monetary policy is expected to remain moderately accommodative in the fourth quarter, with fiscal policies shifting focus towards improving livelihoods rather than primarily driving investment [3] Group 4: Financial Data Reporting Adjustments - The central bank announced a change in the format of financial statistical data releases, merging three previous reports into one comprehensive "Financial Statistical Data Report" to enhance the accessibility of financial statistics without reducing the content [4]