9月金融数据点评：M1同比续降

Group 1: Social Financing Overview - In September 2024, the social financing scale increased by 37,634 billion yuan, but this was a year-on-year decrease of 3,692 billion yuan[1] - The growth rate of social financing stock continued to decline by 0.1 percentage points to 8.0%[5] - Government bond issuance significantly accelerated since August, becoming the main support for social financing, while credit remains a major drag[5] Group 2: Loan and Financing Details - New RMB loans in September amounted to 15,900 billion yuan, a year-on-year decrease of 7,200 billion yuan[7] - In the household sector, loans increased by 5,000 billion yuan, down 3,585 billion yuan year-on-year, marking eight consecutive months of decline[7] - New government bond financing reached 15,357 billion yuan, an increase of 5,437 billion yuan year-on-year[5] Group 3: Monetary Aggregates - M2 recorded a year-on-year growth of 6.8%, up 0.5 percentage points from August, while M1's year-on-year decline widened to -7.4%, hitting a historical low[10] - The "scissors gap" between M1 and M2 expanded to 14.2%[10] - Non-bank deposits increased year-on-year, likely due to a recovery in the stock market at the end of September[10]