央行发布重要数据

Core Viewpoint - The financial data for May indicates a reasonable match with the real economy, with significant growth in social financing scale, M2, and RMB loan growth outpacing nominal GDP growth, suggesting continued support for the real economy [1][2]. Financial Data Overview - As of the end of May, the broad money supply (M2) stood at 325.78 trillion yuan, reflecting a year-on-year growth of 7.9% [2]. - The narrow money supply (M1) reached 108.91 trillion yuan, with a year-on-year increase of 2.3% [2]. - The total social financing stock was 426.16 trillion yuan, showing a year-on-year growth of 8.7% [2]. - In the first five months, the increment in social financing was 1.863 trillion yuan, which is 383 billion yuan more than the same period last year [2]. - RMB loans increased by 1.068 trillion yuan in the first five months [2]. Social Financing Growth - In May, the increment in social financing was 229 billion yuan, which is 224.7 billion yuan more than the previous year, primarily driven by government bonds and corporate bonds [3]. - Government bonds were identified as the main factor for the rapid growth in social financing, with special refinancing bonds and local special bonds contributing significantly [3]. - Corporate bond financing also saw an increase, with the average yield on 5-year AAA corporate bonds dropping to 1.97% in May, encouraging companies to issue bonds [3]. M1 Growth and Economic Activity - M1 growth accelerated, with a year-on-year increase of 2.3%, up 0.8 percentage points from the previous month [3]. - The increase in "active money" reflects the effectiveness of recent financial support measures, indicating a recovery in investment and consumption activities [4]. Loan Growth and Structure - RMB loans increased by 1.068 trillion yuan in the first five months, with a total loan balance of 266.32 trillion yuan, showing a year-on-year growth of 7.1% [6]. - The structure of loans shows positive trends, with inclusive small and micro loans growing by 11.6% and medium to long-term loans for manufacturing increasing by 8.8% [7]. - The recent interest rate cuts have supported loan demand, with banks reporting increased willingness to borrow due to lower rates [8]. Financial Stability Outlook - Financial growth is expected to remain stable, supported by resilient economic development and effective fiscal policies [11]. - The central bank's recent financial support measures, including rate cuts and liquidity provisions, are anticipated to enhance market confidence and support economic recovery [11].