前10个月人民币贷款增加近15万亿元 金融总量合理增长 货币政策保持力度

Core Viewpoint - The People's Bank of China reported that in October, both the broad money supply (M2) and the social financing scale maintained a high year-on-year growth rate, creating a favorable monetary environment for economic recovery [1] Group 1: Social Financing - As of the end of October, the total social financing scale was 437.72 trillion yuan, with a year-on-year growth of 8.5%. The cumulative increase in the first ten months was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [2] - The issuance of government bonds, including special refinancing bonds, has accelerated, significantly supporting the growth of social financing. In the first ten months of this year, the cumulative issuance of government bonds was approximately 22 trillion yuan, nearly 4 trillion yuan more than the same period last year [2] - The M2 balance at the end of October was 335.13 trillion yuan, with a year-on-year growth of 8.2%, while the narrow money supply (M1) was 112 trillion yuan, growing by 6.2% year-on-year [2] Group 2: Loan Structure - The balance of RMB loans at the end of October was 270.61 trillion yuan, with a year-on-year growth of 6.5%. In the first ten months, RMB loans increased by 14.97 trillion yuan [3] - The structure of loans is continuously optimizing, with inclusive small and micro loans at 35.77 trillion yuan, growing by 11.6% year-on-year, and medium to long-term loans for the manufacturing sector at 14.97 trillion yuan, growing by 7.9% [3] - The average interest rate for newly issued corporate loans was 3.1%, approximately 40 basis points lower than the same period last year, while the average interest rate for new personal housing loans was also 3.1%, about 8 basis points lower year-on-year [3] Group 3: Price Recovery - The financial total in October maintained reasonable growth, providing strong financial support for the real economy. Supportive monetary policy is expected to continue promoting price recovery [4] - The growth rates of social financing scale and M2 have consistently remained above 8%, exceeding the nominal GDP growth rate by about 4 percentage points [4] - The effects of previous monetary policy adjustments are expected to continue to manifest, with the need for ongoing implementation of moderately loose monetary policy to maintain strong support for the real economy [5]