10月M1-M2剪刀差较去年低点收窄8.1个百分点，资金活化程度提高

Core Insights - The People's Bank of China reported that as of the end of October, the broad money supply (M2) reached 335.13 trillion yuan, reflecting a year-on-year growth of 8.2% [1] - The narrow money supply (M1) stood at 112 trillion yuan, with a year-on-year increase of 6.2%, showing a significant recovery from a low of -3.3% in September of the previous year, marking a rebound of 9.5 percentage points [1] - The M1-M2 spread was -2% at the end of October, slightly fluctuating from -1.2% in the previous month, but narrowing by 8.1 percentage points compared to September of last year, indicating a shift towards more funds being converted into demand deposits [1] Monetary Supply Analysis - M2 balance at the end of October was 335.13 trillion yuan, up 8.2% year-on-year [1] - M1 balance at the end of October was 112 trillion yuan, up 6.2% year-on-year, recovering from a low of -3.3% in September of the previous year [1] - The M1-M2 spread was -2%, indicating a positive trend in the conversion of funds to demand deposits [1] Economic Activity Indicators - The increase in M1 suggests heightened business activity and a recovery in personal investment and consumption demand [1] - The narrowing of the M1-M2 spread reflects a more active economic environment, with businesses and consumers showing signs of increased financial engagement [1]