央行披露：同比多增近4万亿元！

Core Viewpoint - The article highlights the stable growth of social financing, M2, and RMB loans in China, indicating a moderately loose monetary policy that supports high-quality economic development [2][3][5]. Group 1: Financial Statistics - As of the end of November, the total social financing stock was 440.07 trillion yuan, a year-on-year increase of 8.5%, which is 0.7 percentage points higher than the same period last year [4][8]. - In the first eleven months, the cumulative increase in social financing was 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year [4][6]. - The RMB loan balance reached 271 trillion yuan by the end of November, with a year-on-year growth of 6.4%, and a total increase of 15.36 trillion yuan in the first eleven months [10][11]. Group 2: Government Bonds and Financing - Government bonds have been a key driver of social financing growth, with the balance of government bonds reaching 94.24 trillion yuan, a year-on-year increase of 18.8% [7][8]. - The net financing amount of government bonds is expected to exceed 12 trillion yuan this year, with the contribution of government bonds to social financing significantly increasing due to a rise in the fiscal deficit rate [7][8]. - By the end of November, government bonds accounted for 21.4% of social financing, an increase of 1.8 percentage points year-on-year, with government bond financing contributing to 40% of the increase in social financing [8][9]. Group 3: Loan Quality and Structure - The average interest rate for newly issued corporate loans was approximately 3.1%, which is about 30 basis points lower than the same period last year [16]. - The growth of inclusive small and micro loans and medium to long-term loans for manufacturing continues to outpace overall loan growth, indicating a focus on supporting key sectors [16]. - The article emphasizes the need to analyze financial data from a broader perspective, considering social financing scale and money supply rather than just loan growth to assess financial support for the real economy [14][15].