2024年7月金融数据点评：宽信用要“先立后破”

Group 1: Financial Data Overview - In July, the new social financing (社融) increased by CNY 770.8 billion, a year-on-year increase of CNY 234.2 billion[2] - The total social financing stock grew by 8.2% year-on-year, up 0.1 percentage points from the end of June[2] - The M2 money supply grew by 6.3% year-on-year, with an increase of 0.1 percentage points from June[3] Group 2: Loan and Deposit Trends - New RMB loans in July amounted to CNY 260 billion, a decrease of CNY 85.9 billion year-on-year[3] - The total RMB loan balance grew by 8.7% year-on-year, down 0.1 percentage points from June[3] - RMB deposits decreased by CNY 800 billion in July, a year-on-year decrease of CNY 320 billion[3] Group 3: Sector-Specific Insights - Corporate loans increased by CNY 130 billion, but short-term loans decreased by CNY 550 billion year-on-year[5] - The significant increase in bill financing reached CNY 558.6 billion, a year-on-year increase of CNY 198.9 billion, supporting corporate loan growth[5] - The decline in long-term loans for residents indicates a shift from demand-driven to supply-driven dynamics in the housing market[4] Group 4: Economic Implications - The ongoing "de-real estate" trend is leading to a decrease in housing demand and a shift in loan characteristics[4] - The government bond net financing in July was CNY 691.1 billion, a year-on-year increase of CNY 280.2 billion, but the pace of issuance has slowed[5] - The monetary policy focus may need to shift towards broadening credit availability to stimulate economic growth[6]