央行9月重要金融数据一览：M1-M2剪刀差继续收窄，M2同比增长8.4%

Core Insights - The central point of the article is the release of the People's Bank of China's financial data report for September 2025, indicating various trends in monetary supply and social financing that reflect the economic activity and consumer demand in the country [1]. Monetary Supply - As of the end of September, the M2 balance reached 335.38 trillion yuan, showing a year-on-year growth of 8.4%, which is a decrease of 0.4 percentage points from the previous month [1]. - The M1 balance stood at 113.15 trillion yuan, with a year-on-year increase of 7.2%, marking an increase of 1.2 percentage points compared to the last month [1]. - M0 experienced a year-on-year growth of 11.5% [1]. Social Financing and Loans - In the first three quarters of 2025, the cumulative increase in social financing amounted to 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [1]. - The increase in RMB loans for the first three quarters was 14.75 trillion yuan, while RMB deposits rose by 22.71 trillion yuan [1]. M1-M2 Differential - The narrowing of the M1-M2 differential continued, now at -1.2%, driven by the rising growth rate of M1 [1]. - The recent recovery in M1 growth is attributed to both the low base effect from the previous year and the activation of corporate and household time deposits [1]. - Analysts view the convergence of the M1-M2 differential as a positive signal, indicating increased business activity and a rebound in personal investment and consumption demand [1].