一图看懂 | 12月金融数据:企业贷款拖累信贷偏弱,债券融资支撑社融改善

Credit Analysis - Total new RMB loans in December amounted to 990 billion CNY, a year-on-year decrease of 180 billion CNY[2] - Medium- and long-term loans for enterprises saw a significant decrease, contributing to a total credit growth rate of 7.6% in December[1] - Resident short-term loans slightly decreased, while medium- and long-term loans for residents continued to increase due to improved real estate sales[2] Social Financing Insights - Social financing scale reached 2.8575 trillion CNY in December, an increase of 924.9 billion CNY year-on-year[3] - Government and corporate bond financing showed significant growth, with government bonds notably increasing due to the issuance of refinancing special bonds[3] - The year-on-year decrease in non-bank deposits was influenced by reduced interbank deposit interest rates following new initiatives[3] Deposit Trends - Total deposits decreased by 1.4 trillion CNY year-on-year, primarily due to significant reductions in fiscal and non-bank deposits[8] - Both corporate and resident deposits increased year-on-year, with M1's decline narrowing to -1.4% and M2's growth rate rebounding to 7.3%[8] Future Outlook - The central bank plans to enhance counter-cyclical regulation and increase monetary and credit supply, aiming to lower social financing costs[4] - The mismatch of the Spring Festival holiday this year compared to last year may disrupt future financial data recovery[4] - Continuous monitoring of M1 trends is necessary due to adjustments in statistical criteria[4]