9月金融数据点评

Financial Data Overview - As of September 2024, the total social financing stock reached 402.19 trillion yuan, reflecting an 8% year-on-year growth, a slight decrease of 0.1 percentage points from the previous value[1] - The outstanding RMB loans amounted to 253.61 trillion yuan, with an annual increase of 8.1%[1] - The M2 money supply grew by 6.8% year-on-year, while M1 decreased by 7.4%[1] Loan and Financing Trends - In September, new RMB loans totaled 1.59 trillion yuan, which is 720 billion yuan less than market expectations[5] - Corporate loans increased by 1.49 trillion yuan, but this represented a year-on-year decrease of 1.93 trillion yuan[5] - The issuance of government bonds was a significant support, with an increase of 1.54 trillion yuan, up by 543.7 billion yuan year-on-year[3] Market Implications - The weak demand for new financing from the real economy has led to fluctuations in bond market interest rates, causing some enterprises to cancel bond issuances[3] - The decline in M1 for six consecutive months indicates reduced liquidity and lower activity in both corporate investment and consumer spending[6] - Recent policies aimed at stabilizing growth are expected to support social financing in the coming months[8]