1月末中国广义货币余额同比增9% 新增人民币贷款4.71万亿元

Group 1 - The People's Bank of China reported that the broad money supply (M2) reached 347.19 trillion yuan at the end of January, reflecting a year-on-year growth of 9%, which is 0.5 percentage points higher than the previous month and 2 percentage points higher than the same period last year, indicating a moderately loose monetary policy [1] - The increase in M2 growth rate is attributed to a base effect, as January 2025 saw an addition of approximately 5 trillion yuan, which is considered low compared to recent years. Additionally, the positive performance of the capital market at the beginning of the year is also a contributing factor [1] - Narrow money supply (M1) stood at 117.97 trillion yuan at the end of January, with a year-on-year increase of 4.9%, while the currency in circulation (M0) amounted to 14.61 trillion yuan, reflecting a year-on-year growth of 2.7%. A net cash injection of 519.1 billion yuan was recorded in January [1] Group 2 - Several banks reported an accelerated approval pace for infrastructure loans in the first quarter of this year, with a significant year-on-year increase in loan disbursement. In January, new renminbi loans increased by 4.71 trillion yuan [2] - Household loans increased by 456.5 billion yuan in January, with short-term loans rising by 109.7 billion yuan and medium to long-term loans increasing by 346.9 billion yuan. Meanwhile, corporate loans rose by 4.45 trillion yuan, with short-term loans up by 2.05 trillion yuan and medium to long-term loans increasing by 3.18 trillion yuan, while bill financing decreased by 873.9 billion yuan [2] - Non-bank financial institution loans decreased by 188.2 billion yuan [2]