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 Insights - 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][4] - Experts indicate that the central bank will continue to implement a moderately accommodative monetary policy to support the real economy [1][4] Monetary Supply and Social Financing - As of the end of October, the total social financing scale was 437.72 trillion yuan, reflecting an 8.5% year-on-year increase; the cumulative increase for 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 significantly supported the growth of social financing, with approximately 22 trillion yuan of government bonds issued from January to October, nearly 4 trillion yuan more than the previous year [2] - The M2 balance reached 335.13 trillion yuan, with an 8.2% year-on-year growth, while the narrow money supply (M1) was 112 trillion yuan, growing by 6.2% year-on-year [2] Loan Structure and Interest Rates - The total RMB loan balance was 270.61 trillion yuan at the end of October, with a year-on-year growth of 6.5%; the increase in loans for the first ten months was 14.97 trillion yuan [3] - The structure of loans is improving, with inclusive small and micro loans at 35.77 trillion yuan, growing by 11.6%, and medium to long-term loans for the manufacturing sector at 14.97 trillion yuan, increasing 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, indicating a continued decline in financing costs [3] Price Stability and Economic Support - The financial data for October indicates reasonable growth, providing strong support for the real economy; supportive monetary policy is expected to continue promoting price recovery [4] - The growth rates of social financing and M2 have consistently remained above 8%, outpacing the nominal GDP growth by about 4 percentage points [4] - Experts emphasize the importance of maintaining a moderately accommodative monetary policy to ensure strong support for the real economy moving forward [4]