Core Viewpoint - The latest data from the People's Bank of China indicates a rise in non-financial institution deposits (payment institution reserve funds) to 24,931.1 billion yuan as of May 2025, reflecting a month-on-month increase of 357.56 billion yuan, driven by seasonal consumption trends and payment service enhancements [1][3]. Group 1: Payment Institution Reserve Funds - As of May 2025, the reserve funds for payment institutions reached 24,931.1 billion yuan, up from 24,573.54 billion yuan in April 2025, marking an increase of 357.56 billion yuan [1]. - The peak for payment institution reserve funds occurred in January 2025, surpassing 30,000 billion yuan, reaching a historical high of 30,909.63 billion yuan due to factors like the Spring Festival [2]. - After the January peak, reserve funds fell below 24,000 billion yuan in February and March 2025, but showed a recovery in April and May, stabilizing around 25,000 billion yuan [3]. Group 2: Economic and Regulatory Factors - The increase in reserve funds in May is attributed to seasonal consumption during holidays and the optimization of payment services, reflecting a positive economic outlook [3]. - Analysts suggest that the growth in reserve funds correlates with the increase in M1 money supply, indicating heightened market transaction activity since reserve funds were included in M1 statistics from January 2025 [3]. - The payment institution reserve funds exhibit clear cyclical fluctuations, influenced by seasonal consumer demand and regulatory pressures, with a trend towards normalization in growth due to stricter compliance requirements [4]. Group 3: Future Outlook - Short-term factors such as consumption promotions are expected to significantly impact reserve fund levels, while long-term projections suggest that reserve funds will stabilize around 25,000 billion yuan due to high mobile payment penetration [4]. - The potential for growth in niche areas like cross-border payments and B2B payments may provide additional increments to reserve funds in the future [4]. - Payment institutions are encouraged to enhance compliance with reserve fund management while focusing on consumer-driven policies to improve service quality [5].

韩国4月L货币供应年率 5.8%，前值由4.9%修正为4.9%。 ...

韩国4月L货币供应月率 0.5%，前值0.30%。 ...

韩国4月货币供应M2月率 0.2%，前值-0.10%。 ...

一、5月末广义货币余额同比增长7.9% 5月末，广义货币（M2）余额325.78万亿元，同比增长7.9%。狭义货币（M1）余额108.91万亿元，同比 增长2.3%。流通中货币（M0）余额13.13万亿元，同比增长12.1%。前五个月净投放现金3064亿元。 二、前五个月社会融资规模增量同比多3.83万亿元 初步统计，前五个月社会融资规模增量累计为18.63万亿元，比上年同期多3.83万亿元。从主要分项看， 对实体经济发放的人民币贷款增加10.38万亿元，同比多增1123亿元；未贴现的银行承兑汇票增加1343 亿元，同比多增1662亿元；企业债券净融资9087亿元，同比少2884亿元；政府债券净融资6.31万亿元， 同比多3.81万亿元；非金融企业境内股票融资1504亿元，同比多444亿元。 三、5月末社会融资规模存量同比增长8.7% 初步统计，5月末社会融资规模存量为426.16万亿元，同比增长8.7%。从主要分项看，对实体经济发放 的人民币贷款余额为262.86万亿元，同比增长7%；未贴现的银行承兑汇票余额为2.27万亿元，同比下降 7.4%；企业债券余额为32.91万亿元，同比增长3.4%；政府债券余额 ...

Group 1 - The core viewpoint of the articles indicates that China's financial metrics are showing reasonable growth, supporting the real economy effectively, with social financing scale increasing by 8.7% year-on-year as of the end of May [1] - The narrow money supply (M_1) grew by 2.3% year-on-year, reflecting a significant acceleration in growth, which suggests that recent financial support measures have positively impacted market confidence and economic activities [1][2] - In May, the incremental social financing scale reached 2.29 trillion yuan, which is 224.7 billion yuan more than the previous year, driven mainly by government and corporate bond issuances [2] Group 2 - The issuance of special refinancing bonds to replace hidden debts has been significant, with the net financing scale exceeding 3.8 trillion yuan in the first quarter, marking an increase of 2.5 trillion yuan compared to the same period last year [2] - The average interest rate for newly issued corporate loans in May was approximately 3.2%, which is about 50 basis points lower than the same period last year, indicating a favorable borrowing environment for businesses [2] - The growth in personal loans is also indicative of increased economic activity, with a rise in mortgage loans due to a recovering real estate market and a boost in consumer loans driven by promotional activities [3] Group 3 - The external environment has marginally influenced the credit situation, with foreign trade enterprises responding to tariff impacts by diversifying, leading to increased credit demand [3] - The financial total growth is expected to remain stable, supported by proactive fiscal policies and effective financial measures that have bolstered market confidence [4] - The social financing scale, which encompasses direct financing, is seen as a more comprehensive measure of financial support compared to traditional loan metrics, reflecting the evolving financing landscape [3]

Group 1 - The core viewpoint of the article highlights that in May, the new social financing scale in China reached 2.29 trillion yuan, an increase of 224.7 billion yuan year-on-year, indicating a reasonable growth in financial volume supported mainly by government bonds [1][2] - The net financing scale of government bonds in May was 6.31 trillion yuan, up by 3.81 trillion yuan year-on-year, driven by factors such as the accelerated issuance of special refinancing bonds and local government special bonds [2] - The average interest rate for newly issued corporate loans in May was 3.2%, which is approximately 50 basis points lower than the same period last year, reflecting a favorable borrowing environment for enterprises [5] Group 2 - The broad money supply (M2) at the end of May was 352.78 trillion yuan, growing by 7.9% year-on-year, while the narrow money supply (M1) was 108.91 trillion yuan, increasing by 2.3% year-on-year [3] - The growth of M1 indicates a significant increase in "liquid money," suggesting that recent financial support measures have effectively boosted market confidence and economic activities [3] - The total social financing scale for the first five months of the year reached 18.63 trillion yuan, which is 3.83 trillion yuan more than the same period last year, indicating a strong financing environment [6] Group 3 - The loan balance at the end of May was 266.32 trillion yuan, with a year-on-year growth of 7.1%, supported by a recent interest rate cut that has stimulated loan demand [4] - The structure of credit has shown positive trends, with inclusive small and micro loans and medium to long-term loans for the manufacturing sector growing by 11.6% and 8.8% year-on-year, respectively [5] - The replacement effect of bonds for loans has been increasingly evident, with nearly 90% of the social financing scale consisting of bonds and loans, indicating a shift in financing preferences [6][7]

中国人民银行周五发布的2025年前5月金融统计数据报告显示，财政政策靠前发力下，社会 融资规模增速继续提升。 另外，前五个月人民币存款增加14.73万亿元。其中，住户存款增加8.3万亿元，非金融企 业存款减少73亿元，财政性存款增加2.07万亿元，非银行业金融机构存款增加3.07万亿 元。 央行同日发布的2025年5月社会融资规模存量统计数据报告显示，初步统计，2025年5月末 社会融资规模存量为426.16万亿元，同比增长8.7%。其中，对实体经济发放的人民币贷款 余额为262.86万亿元，同比增长7%；企业债券余额为32.91万亿元，同比增长3.4%；政府 债券余额为87.39万亿元，同比增长20.9%；非金融企业境内股票余额为11.87万亿元，同 比增长2.9%。 数据显示，2025年前五个月社会融资规模增量累计为18.63万亿元，比上年同期多3.83万 亿元。其中，对实体经济发放的人民币贷款增加10.38万亿元，同比多增1123亿元；企业债 券净融资9087亿元，同比少2884亿元；政府债券净融资6.31万亿元，同比多3.81万亿元； 非金融企业境内股票融资1504亿元，同比多444亿元。 来源：界面 ...

中国5月M2货币供应同比 7.9%，前值 8%。 中国5月M1货币供应同比 2.3%，前值 1.5%。 中国5月M0货币供应同比 12.1%，前值 12%。 ...

中国5月M2货币供应年率 7.9%，预期8.1%，前值8%。 ...