前三季度新增社融超30万亿元

Core Insights - The People's Bank of China released financial statistics for the first three quarters of 2025, indicating a robust growth in loans and deposits, with total social financing exceeding 30.09 trillion yuan [1][8] - The report reflects a stable credit environment and an ongoing adjustment in monetary policy, suggesting that there is ample room for moderate easing without immediate concerns about high inflation [1][3] Loan and Deposit Growth - As of the end of September, the balance of RMB loans reached 270.39 trillion yuan, with a year-on-year growth of 6.6% [2] - In the first three quarters, RMB loans increased by 14.75 trillion yuan, with household loans rising by 1.1 trillion yuan and corporate loans increasing by 13.44 trillion yuan [2][3] - The total RMB deposits increased by 22.71 trillion yuan, with household deposits contributing 12.73 trillion yuan [6] Monetary Supply and Policy - The M2 money supply stood at 335.38 trillion yuan, growing by 8.4% year-on-year, while M1 grew by 7.2% [5][7] - The "scissors gap" between M1 and M2 has narrowed to 1.2 percentage points, the lowest since 2021, indicating increased activity in the economy [7] - The current monetary policy remains moderately accommodative, supporting economic recovery and growth [9] Social Financing and Economic Support - The total social financing scale reached 437.08 trillion yuan, with a year-on-year growth of 8.7% [1][8] - In September, the new social financing amounted to 35.34 billion yuan, reflecting a slight decrease compared to the previous year [8] - The structure of social financing shows a shift towards more diversified financing channels, with loans accounting for about 48% of the new social financing, while government and corporate bonds accounted for approximately 43% [9]