M2增速回升！6月金融数据释放重要信号

Core Viewpoint - The article highlights the recent financial data released by the People's Bank of China, indicating a stable growth in money supply and social financing, supported by government bond issuance and favorable monetary policies aimed at enhancing credit availability for businesses and consumers [1][5][6]. Group 1: Monetary Supply and Social Financing - As of June 2025, the broad money supply (M2) reached 330.29 trillion yuan, growing by 8.3% year-on-year, which is 0.4 percentage points higher than the previous month and 2.1 percentage points higher than the same period last year [1]. - The social financing scale stood at 430.22 trillion yuan at the end of June, with a year-on-year growth of 8.9%, reflecting a 0.2 percentage point increase from the previous month [1]. - The increment in social financing for June was 4.20 trillion yuan, which is 900.8 billion yuan more than the same month last year, while the total increment for the first half of the year was 22.83 trillion yuan, up by 4.74 trillion yuan year-on-year [1]. Group 2: Credit Demand and Lending Rates - The willingness of enterprises to draw loans has increased, with the total RMB loan balance reaching 268.56 trillion yuan, a year-on-year increase of 7.1% [3][4]. - The average interest rate for newly issued corporate loans in the first half of the year was approximately 3.3%, which is 45 basis points lower than the same period last year, while the average rate for personal housing loans was about 3.1%, down by 60 basis points year-on-year [4]. - The growth rate of medium to long-term loans in the manufacturing sector was 8.7%, surpassing the overall loan growth rate by 1.6 percentage points [3]. Group 3: Policy Impact and Future Outlook - The article emphasizes that the government's bond issuance has significantly supported the social financing scale, with the issuance pace of general bonds and new local bonds being faster than the previous year by about 10-15 percentage points [1][3]. - Experts predict that the financial total is expected to maintain reasonable growth, supported by the internal dynamics of the economy and the ongoing effects of existing policies [5][6]. - The monetary policy remains "moderately loose," with the People's Bank of China implementing various measures to ensure liquidity and support economic recovery, including interest rate cuts and targeted lending [6][7].