5月金融数据点评：社融的“变”与“不变”

Group 1: Social Financing and Credit Data - In May, the new social financing scale increased by 2.07 trillion yuan, which is 513.2 billion yuan more year-on-year, slightly below market expectations[11] - New RMB loans in May amounted to 950 billion yuan, which is 410 billion yuan less year-on-year and lower than market expectations[15] - M2 growth year-on-year was 7.0%, down from 7.2% in the previous month, and also below market expectations[48] Group 2: Government and Corporate Financing - Government bonds contributed significantly to the increase in social financing, with an addition of 1.23 trillion yuan in May, which is 668.2 billion yuan more year-on-year[35] - Corporate bonds saw an increase of 313 billion yuan in May, which is 2.457 billion yuan more year-on-year, primarily due to a low base last year[35] - Short-term loans for enterprises decreased by 120 billion yuan, while medium to long-term loans increased by 500 billion yuan, both showing a year-on-year decline[28] Group 3: Monetary Indicators - M1 decreased by 4.2% year-on-year, a drop of 2.8 percentage points from the previous value, indicating a sluggish economic recovery[48] - The decline in M1 is attributed to weak demand in the real estate sector and a shift of deposits towards financial products[48] - In May, household deposits increased by 420 billion yuan, which is a decrease of 116.4 billion yuan year-on-year[48]