1月末M2余额增长9% 金融有力支持经济平稳开局

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, and is also linked to positive trends in the capital market at the beginning of the year [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, growing by 2.7%, with a net cash injection of 519.1 billion yuan in January [1] Group 2 - Several banks reported that the approval pace for loans in the infrastructure sector has significantly accelerated in the first quarter of this year, with a substantial year-on-year increase in loan disbursement [2] - In January, new renminbi loans increased by 4.71 trillion yuan, with household loans rising by 456.5 billion yuan, including a short-term loan increase of 109.7 billion yuan and a medium-to-long-term loan increase of 346.9 billion yuan [2] - Corporate loans increased by 4.45 trillion yuan, with short-term loans rising 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]