2026年2月金融数据点评：2月信贷、社融数据延续平稳走势，财政支出加力对M2和M1增速有重要支撑

Loan and Financing Data - In February 2026, new RMB loans amounted to 900 billion, a year-on-year decrease of 110 billion[1] - New social financing in February was 2.38 trillion, an increase of 146.9 billion year-on-year[7] - Corporate loans increased significantly by 450 billion, driven by investment policies and high export growth[5] Monetary Supply and Growth Rates - As of the end of February, M2 growth rate was 9.0%, remaining at a high level compared to the past two years[8] - M1 growth rate rose to 5.9%, an increase of 1.0 percentage points from the previous month[9] - The increase in M2 was supported by a significant rise in fiscal spending, with fiscal deposits decreasing by approximately 1.6 trillion[8] Economic Policy and Outlook - The government work report emphasizes the continuation of a moderately loose monetary policy, with expected interest rate cuts of 0.2 to 0.3 percentage points throughout the year[2] - The central bank is expected to implement a reserve requirement ratio cut of 0.5 percentage points, alongside other liquidity injection measures[11] - Overall, inflation is projected to remain low in 2026, allowing for sufficient adjustment space in monetary policy[12]