央行，最新公布！

Core Viewpoint - The article highlights the recent financial data released by the People's Bank of China, indicating a significant increase in social financing and loans, driven by government and corporate bonds, alongside the impact of monetary policy adjustments such as interest rate cuts [1][3][4]. Group 1: Social Financing and Loan Growth - In May, the social financing increment reached 2.29 trillion yuan, a year-on-year increase of 224.7 billion yuan, with the total social financing stock growing by 8.7% year-on-year [3]. - Government bonds saw a net financing of 1.46 trillion yuan in May, with local governments issuing 443.2 billion yuan in new special bonds, marking a new high for the year [3]. - Corporate bond financing exceeded 140 billion yuan in May, with a decline in the cost of issuing corporate bonds, encouraging companies to increase their bond financing [3][4]. Group 2: Impact of Monetary Policy - The recent interest rate cuts have supported loan demand, with the balance of RMB loans growing by 7.1% year-on-year by the end of May [4]. - The average interest rate for newly issued corporate loans was approximately 3.2%, down about 50 basis points from the previous year, while personal housing loans averaged 3.1%, down about 55 basis points [4]. Group 3: Bond Financing as an Alternative - The increase in government and corporate bond financing has created a substitution effect for bank loans, with bonds and loans together accounting for nearly 90% of social financing [6][8]. - The issuance of replacement bonds has allowed local governments to repay bank loans, potentially impacting overall credit volume [6]. Group 4: Deposit and Loan Growth Discrepancies - In May, new RMB deposits increased significantly by 2.18 trillion yuan, contrasting with a slight decline in new loans [10]. - The differences in deposit and loan growth are attributed to the diversification of financial institutions' assets and changes in financing structures [11][12]. Group 5: Increase in "Active Money" - By the end of May, the narrow money supply (M1) grew by 2.3%, indicating a rise in "active money" which reflects improved market confidence and economic activity [14][15].