1月金融数据解读：如何解读M1与M2双双回升？

Group 1: Monetary Aggregates - As of the end of January, M2 growth rate was 9.0%, up 0.5 percentage points from the previous value of 8.5%[1] - M1 growth rate was 4.9%, an increase of 1.1 percentage points from the previous rate of 3.8%[1] - The M1-M2 spread was -4.1%, narrowing by 0.6 percentage points from -4.7% in the previous month[2] Group 2: Credit and Financing - In January, new RMB loans increased by 4.7 trillion yuan, a year-on-year decrease of 420 billion yuan, with a stock growth rate of 6.1%[3] - New loans to households amounted to 456.5 billion yuan, an increase of 127 billion yuan year-on-year, while medium- and long-term loans decreased by 1,466 billion yuan[3] - Corporate loans totaled 4.45 trillion yuan, down 330 billion yuan year-on-year, with short-term loans increasing by 2.05 trillion yuan[4] Group 3: Social Financing - Social financing increased by 7.2 trillion yuan in January, a year-on-year increase of 1,654 billion yuan, with a month-end growth rate of 8.2%[7] - The largest contribution to social financing came from government bonds, which added 976.4 billion yuan, a year-on-year increase of 2,831 billion yuan[7] - New RMB loans were a drag on social financing, increasing by 4.9 trillion yuan, a year-on-year decrease of 3,194 billion yuan[8]