11月金融数据出炉
Di Yi Cai Jing Zi Xun·2025-12-12 14:37

Group 1 - The central bank's latest data shows that M2 and social financing scale growth rates remain high, creating a favorable monetary environment for economic recovery [2][8] - As of the end of November, the broad money (M2) balance reached 336.99 trillion yuan, with a year-on-year growth of 8.0%, which is 0.9 percentage points higher than the same period last year [2] - The total social financing scale stood at 440.07 trillion yuan, growing by 8.5% year-on-year, which is 0.7 percentage points higher than the previous year [2] Group 2 - Government bond financing has significantly contributed to the growth of social financing, with net financing of government bonds reaching 13.15 trillion yuan, an increase of 3.61 trillion yuan year-on-year [3] - The total new government debt for the year is projected to be 11.86 trillion yuan, which is an increase of 2.9 trillion yuan compared to last year [3][4] - Direct financing through corporate bonds and equity financing is also accelerating, with corporate bond financing amounting to 2.24 trillion yuan, an increase of 312.5 billion yuan year-on-year [3] Group 3 - The growth rate of loans has shown a downward trend, with a total increase of 15.36 trillion yuan in RMB loans in the first eleven months [5][6] - The increase in loans to the real economy was 14.93 trillion yuan, which is 1.28 trillion yuan less than the previous year [6] - The decline in loan growth is attributed to various factors, including the replacement of loans by diversified financing methods and the impact of local government debt [6][7] Group 4 - The current social financing scale and M2 growth rates are approximately double the nominal GDP growth rate, indicating a moderately loose monetary policy environment [8] - The central bank has maintained a stable funding environment and supported the smooth issuance of government bonds through comprehensive measures [9] - Coordination between monetary and fiscal policies is emphasized as crucial for supporting economic stability and structural adjustments [9]