7月金融数据出炉，融资成本持续下降

Core Viewpoint - The financial statistics for July 2025 indicate a robust support from the financial sector to the real economy, with significant year-on-year growth in social financing, broad money (M2), and RMB loans, reflecting a stable economic development trend in China [1][4][5]. Group 1: Financial Indicators - As of the end of July 2025, the social financing scale reached 431.26 trillion yuan, growing by 9% year-on-year, which is 0.1 percentage points higher than the previous month and 0.8 percentage points higher than the same period last year [4][5]. - The broad money (M2) balance was 329.94 trillion yuan, with a year-on-year increase of 8.8%, while the narrow money (M1) balance was 111.06 trillion yuan, growing by 5.6% [4][5]. - The M1-M2 growth rate difference narrowed to 3.2 percentage points, indicating improved liquidity and efficiency in fund circulation [4][6]. Group 2: Loan Growth and Characteristics - The RMB loan balance stood at 268.51 trillion yuan, with a year-on-year growth of 6.9%, reflecting a stable support for the real economy despite seasonal fluctuations in loan demand [7][9]. - The growth in loans is influenced by structural economic transformations, increased direct financing, and the efficiency of special bonds, with estimates suggesting that debt replacement and risk management measures have significantly impacted loan growth [7][8]. - The balance of inclusive small and micro loans reached 35.05 trillion yuan, growing by 11.8%, while medium to long-term loans for the manufacturing sector increased by 8.5% [8]. Group 3: Financial Environment and Policy - The current monetary policy remains moderately accommodative, providing a suitable financial environment for the real economy, with a focus on social financing scale and M2 growth aligning with economic growth targets [5][6]. - The comprehensive financing cost has decreased, with new corporate loan rates around 3.2% and personal housing loan rates at approximately 3.1%, reflecting a more favorable lending environment [9].