10月金融数据快报

Financial Data Summary - In October 2024, new social financing (社融) amounted to 1.4 trillion yuan, a year-on-year decrease of 448.3 billion yuan, falling short of the market expectation of 1.44 trillion yuan[2] - The stock of social financing growth rate declined by 0.2 percentage points to 7.8%, marking a historical low[2] - New RMB loans in October were 298.8 billion yuan, a year-on-year decrease of 184.9 billion yuan, indicating continued low financing demand[2] - Government bonds were the main contributor to the decrease in social financing, with a year-on-year reduction of 514.2 billion yuan due to high base effects[2] Monetary Indicators - M2 growth rate rose to 7.5%, up 0.7 percentage points from September, driven by increased fiscal spending[2] - M1 showed a rebound, with a decline narrowing to -6.1%, indicating improved activity in the real economy[2] - The gap between M2 and M1 growth rates decreased from 14.2 percentage points to 13.6 percentage points, suggesting enhanced liquidity in the economy[2] Future Outlook - The implementation of a large-scale debt plan by the National People's Congress in November 2024 is expected to support economic growth through stronger fiscal policies[2] - Continued support from monetary and fiscal policies is anticipated to improve liquidity in the real economy, with potential for further recovery in financing demand[2]