2026年2月金融数据点评：居民存款：继续“外溢”

Group 1: Financial Performance - In February, the total social financing (社融) growth rate remained stable at 8.2%, with new social financing of 2.38 trillion yuan, an increase of 146.1 billion yuan year-on-year[8] - Government bond financing in February decreased by 290.3 billion yuan year-on-year, contributing to the drag on social financing performance[8] - New corporate loans in February amounted to 1.49 trillion yuan, a significant year-on-year increase of 450 billion yuan[13] Group 2: Household Sector - In February, household loans decreased by 650.7 billion yuan, with a year-on-year reduction of 2.5 trillion yuan[14] - The trend of "deleveraging" among households continues, indicating low willingness to increase leverage for consumption and housing[14] - Cumulatively, household deposits decreased by approximately 890 billion yuan in January-February, while non-bank deposits increased by 1.12 trillion yuan[23] Group 3: Monetary Indicators - M2 growth remained at a relatively high level of 9.0% year-on-year, while M1 rose to 5.9%[21] - Fiscal deposits decreased by 350 billion yuan in February, reflecting rapid fiscal spending and strong corporate foreign exchange settlement intentions[21] - The first quarter of 2026 is critical as approximately 77 trillion yuan of household fixed deposits are set to mature, with 45% maturing in this quarter[23]