M2同比增长加速至9%，剪刀差收窄反映流动性改善

Core Insights - The economic data for January 2026 indicates a moderate recovery, but structural differentiation issues remain a concern, necessitating more policy efforts to maintain year-on-year price increases [1] Economic Indicators - January CPI growth rate decreased from 0.8% to 0.2%, while core CPI increased by 0.3% month-on-month [1] - PPI year-on-year narrowed from -1.9% to -1.4% [1] - Manufacturing PMI fell from 50.1% to 49.3% [1] - New RMB loans amounted to 4.71 trillion yuan, with a year-on-year decrease of 420 billion yuan [1] Monetary Supply - M2 year-on-year growth rate rose to 9.0%, with a balance of 347.19 trillion yuan at the end of January, an increase of 0.5 percentage points from the previous period [1] - The M1 - M2 spread narrowed by 0.6 percentage points, indicating a faster recovery in M1 growth, which reflects an acceleration in the activation of demand deposits [1] Financial Sector Dynamics - Increased deposits in non-bank financial institutions and accelerated "deposit migration" contributed to the generation of deposits, supported by government bond financing converting into corporate and household deposits [1] - The positive market conditions in the capital market also supported the expansion of broad money supply [1] Policy Implications - There is a need to remain vigilant regarding inflation expectations and asset bubbles, ensuring that M2 growth aligns with nominal GDP [1] - Policy coordination is required to boost domestic demand [1]