社融增量超30万亿，M1-M2“剪刀差”刷新年内低值，个人投资消费需求回暖
Bei Jing Shang Bao·2025-10-15 15:28

Core Viewpoint - The People's Bank of China (PBOC) released financial statistics for the first three quarters of 2025, indicating a stable growth in loans and deposits, with a focus on the effectiveness of monetary policy in supporting the economy [1][9]. Financial Data Summary - As of the end of September, the total RMB loans increased by 14.75 trillion yuan, while RMB deposits rose by 22.71 trillion yuan, and the cumulative increase in social financing exceeded 30.09 trillion yuan [1][9]. - The balance of RMB loans reached 270.39 trillion yuan, with a year-on-year growth of 6.6% [3][10]. - The broad money supply (M2) stood at 335.38 trillion yuan, reflecting a year-on-year growth of 8.4% [6][10]. Loan and Deposit Analysis - In the first three quarters, household loans increased by 1.1 trillion yuan, while corporate loans rose by 13.44 trillion yuan [3][4]. - In September alone, RMB loans increased by 1.29 trillion yuan, with a seasonal increase of 700 billion yuan compared to the previous month [3][4]. - The average interest rate for newly issued corporate loans was approximately 3.1%, down 40 basis points year-on-year [4][5]. Social Financing Insights - The total social financing scale reached 437.08 trillion yuan by the end of September, with a year-on-year growth of 8.7% [10][11]. - The increase in social financing for the first three quarters was 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [9][11]. - The proportion of loans in the total social financing decreased to about 48%, while government and corporate bond financing increased to approximately 43% [11][12]. Monetary Policy Outlook - The current monetary policy remains moderately accommodative, with expectations for potential interest rate cuts and reserve requirement ratio reductions by the end of the year [11][12]. - The financial data indicates that monetary policy is effectively supporting economic recovery, with a focus on maintaining a balance between loan growth and economic stability [12].