中国金融系列八：11月M1改善，关注外部流动性风险

Group 1: Economic Data Overview - The total social financing scale increased by 29.4 trillion RMB from January to November 2024, which is 4.24 trillion RMB less than the same period last year[40] - As of November, M2 balance reached 311.96 trillion RMB, with a year-on-year growth of 7.1%, down from 7.5% in October[22] - M1 balance was 65.09 trillion RMB, showing a year-on-year decline of 3.7%, an improvement from the previous month's decline of 6.1%[22] Group 2: Loan and Deposit Trends - The balance of RMB loans increased by 17.1 trillion RMB in the first eleven months, with a year-on-year growth of 7.7% as of November[22] - The deposit balance grew by 19.39 trillion RMB in the same period, with a year-on-year growth of 6.9%[22] - The loan-to-deposit ratio continued to improve, with the loan growth rate decreasing by 0.3 percentage points to 7.7% in November[22] Group 3: External Liquidity Risks - The report highlights ongoing external liquidity pressures, particularly from the Federal Reserve's QT policy, which has not changed[4] - Despite some short-term improvements in economic data, there remains downward pressure on the economy due to low inflation rates in November[4] - The anticipated improvements in liquidity may still face challenges due to external factors affecting RMB assets[4]