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上半年金融数据出炉:M2同比增8.3%,信贷结构亮点纷呈
Di Yi Cai Jing· 2025-07-14 10:38
目前货币政策的状态是"适度宽松"的,金融总量指标增速明显快于经济增速。 7月14日,央行公布2025年上半年金融数据。总体来看,金融总量保持合理增长,主要指标增速略有回 升,支持实体经济力度稳固。 数据显示,今年上半年,广义货币(M2)增速明显加快,社会融资规模增速保持较高水平。6月末, M2余额330.29万亿元,同比增长8.3%,比上月高0.4个百分点,比上年同期高2.1个百分点;狭义货币 (M1)余额113.95万亿元,同比增长4.6%,比上月高2.3个百分点。 社会融资规模方面,存量430.22万亿元,同比增长8.9%,比上月高0.2个百分点,比上年同期高0.8个百 分点;6月份,社会融资规模增量为4.20万亿元,同比多增9008亿元;上半年,社会融资规模增量为 22.83万亿元,同比多增4.74万亿元。 政府债券净融资是主力 从上半年数据来看,社会融资规模增长加快,适度宽松的货币政策效果正在显现。 数据显示,6月份,社会融资规模增量为4.20万亿元,同比多增9008亿元。上半年,社会融资规模增量 为22.83万亿元,同比多增4.74万亿元,其中,对实体经济发放的人民币贷款增加12.74万亿元,同比多 ...
央行:适度宽松货币政策效果显现!
Sou Hu Cai Jing· 2025-07-14 10:23
7月14日,中国人民银行发布的2025年上半年金融数据显示,6月末社会融资规模增量累计为22.83万亿 元,比上年同期多4.74万亿元;新增人民币贷款为12.92万亿元。6月份,社会融资规模增量近4.2万亿 元,新增人民币贷款近2.24万亿元。 6月末,社会融资规模存量同比增长8.9%,广义货币供应量(M2)同比增长8.3%,人民币贷款余额同 比增长7.1%。若还原地方政府专项债券置换地方融资平台贷款的影响,人民币贷款同比增速按可比口 径将更高。总体来看,金融总量保持合理增长,主要指标增速略有回升,支持实体经济力度稳固。 中国人民银行副行长邹澜在当天的国新办新闻发布会上表示,从上半年的金融数据看,货币政策支持实 体经济的效果是比较明显的。央行将发挥好货币政策工具的总量和结构双重功能,结构性货币政策工具 将继续坚持"聚焦重点、合理适度、有进有退"的原则,在支持金融"五篇大文章"基础上,突出支持科技 创新、提振消费等主线,进一步提升对促进经济结构调整、转型升级、新旧动能转换的效能。 低基数效应助M2增速回升 6月末,广义货币(M2)同比增长8.3%,比上月上升0.4个百分点;反映资金活化程度的狭义货币 (M1)同 ...
M2增速回升!6月金融数据释放重要信号
财联社· 2025-07-14 10:21
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].
上半年社融同比多增4.74万亿:政府债、季节性消费助信贷回暖
21世纪经济报道记者余纪昕 上海报道 7月14日,中国人民银行发布6月金融数据。数据显示,2025年6月末社会融资规模存量为430.22万亿 元,同比增长8.9%。总体来看,金融总量保持合理增长,主要指标增速略有回升,支持实体经济力度 稳固。 其中,对实体经济发放的人民币贷款余额为265.22万亿元,同比增长7%;对实体经济发放的外币贷款 折合人民币余额为1.22万亿元,同比下降26.6%;委托贷款余额为11.18万亿元,同比持平;信托贷款余 额为4.45万亿元,同比增长5.5%;未贴现的银行承兑汇票余额为2.08万亿元,同比下降7.4%;企业债券 余额为33.13万亿元,同比增长3.5%;政府债券余额为88.74万亿元,同比增长21.3%;非金融企业境内 股票余额为11.89万亿元,同比增长2.9%。 中信证券首席经济学家明明告诉记者,6月份的信贷总量与结构均呈现出边际改善之势。6月新增信贷 2.24万亿元,同比多增约1100亿元,一方面源于政策刺激下实体融资需求边际改善,另一方面也和2024 年6月低基数有关。拆分来看,企业中长贷结束了同比少增的情况,是本月金融数据的一大亮点;票据 融资上,本次冲量特征并 ...
央行重磅发布!上半年人民币贷款增加12.92万亿元
21世纪经济报道· 2025-07-14 09:06
Core Viewpoint - The People's Bank of China (PBOC) has released financial statistics for the first half of 2025, indicating a moderate monetary policy aimed at maintaining liquidity and supporting the real economy. Group 1: Monetary Supply - Broad money (M2) increased by 8.3% year-on-year, reaching 330.29 trillion yuan by the end of June [2] - Narrow money (M1) grew by 4.6% year-on-year, totaling 113.95 trillion yuan [2] - Cash in circulation (M0) rose by 12% year-on-year, amounting to 13.18 trillion yuan, with a net cash injection of 363.3 billion yuan in the first half [2] Group 2: Loans and Deposits - Total RMB loans increased by 12.92 trillion yuan in the first half, with a year-on-year growth of 7.1% [3] - Household loans rose by 1.17 trillion yuan, while corporate loans increased by 11.57 trillion yuan [3] - Total RMB deposits grew by 17.94 trillion yuan in the first half, with a year-on-year growth of 8.3% [5] Group 3: Foreign Currency Loans and Deposits - Foreign currency loans decreased by 10.6% year-on-year, with a total balance of 560.9 billion USD [4] - Foreign currency deposits increased by 21.7% year-on-year, reaching 1.02 trillion USD [6] Group 4: Interbank Market and Interest Rates - The average weighted interest rate for interbank RMB lending was 1.46%, lower than the previous month and the same period last year [8] - The total transaction volume in the interbank RMB market was 974.04 trillion yuan, with a daily average transaction of 8.12 trillion yuan, reflecting a year-on-year decline of 4.4% [7] Group 5: Foreign Exchange Reserves and Cross-Border Settlements - The national foreign exchange reserves stood at 3.32 trillion USD by the end of June [9] - Cross-border RMB settlement for current accounts reached 8.3 trillion yuan, with direct investment settlements totaling 4.11 trillion yuan [10] Group 6: Monetary Policy Outlook - The PBOC aims to implement a moderately loose monetary policy, ensuring ample liquidity and aligning monetary supply growth with economic growth and price expectations [11] - The focus will be on enhancing financial services for the real economy, particularly in technology innovation, consumption expansion, and support for small and micro enterprises [11]
重要数据公布,央行发声
新华网财经· 2025-07-14 08:22
Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy to support economic growth and stabilize market expectations, while closely monitoring the effectiveness of previously implemented policies [1][2]. Data Overview - In the first half of 2025, RMB loans increased by 12.92 trillion yuan - As of the end of June, the broad money supply (M2) stood at 330.29 trillion yuan, reflecting a year-on-year growth of 8.3% - The cumulative increase in social financing scale for the first half of 2025 was 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year - The social financing scale stock as of the end of June was 430.22 trillion yuan, with a year-on-year growth of 8.9% [2]. Policy Implementation - The PBOC aims to enhance the effectiveness of monetary and credit policies, responding to external shocks and promoting economic recovery - The focus will be on maintaining ample liquidity, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations - The PBOC will emphasize financial services for the real economy, particularly in areas such as technological innovation, consumption expansion, and support for small and micro enterprises [2][3]. Structural Focus - The PBOC will utilize various structural monetary policy tools to support key sectors and address weaknesses in the economy - There will be a focus on policy coordination to enhance the effectiveness of financial services directed at the real economy [2][3]. Transmission Mechanism - The PBOC will strengthen the execution and supervision of interest rate policies to improve market competition and fund utilization efficiency - Efforts will be made to balance financial support for the real economy with the health of the financial system [3]. Monetary Policy Framework - The PBOC plans to improve the market-based interest rate adjustment mechanism and optimize the monetary policy tool system - A credible and institutionalized policy communication mechanism will be established to better serve high-quality development [3].
刚刚发布,22.83万亿元
中国基金报· 2025-07-14 07:31
Key Points - The central bank reported that in the first half of the year, RMB loans increased by 12.92 trillion yuan, and the cumulative social financing scale increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [2][13] Monetary Growth - As of the end of June, the broad money (M2) balance was 330.29 trillion yuan, with a year-on-year growth of 8.3%. The narrow money (M1) balance was 113.95 trillion yuan, growing by 4.6% year-on-year. The currency in circulation (M0) was 13.18 trillion yuan, with a year-on-year increase of 12% [2] RMB Loans - By the end of June, the balance of RMB loans was 268.56 trillion yuan, reflecting a year-on-year growth of 7.1%. In the first half of the year, RMB loans increased by 12.92 trillion yuan, with household loans increasing by 1.17 trillion yuan and corporate loans increasing by 11.57 trillion yuan [3] RMB Deposits - The balance of RMB deposits reached 320.17 trillion yuan by the end of June, with a year-on-year growth of 8.3%. In the first half of the year, RMB deposits increased by 17.94 trillion yuan, with household deposits increasing by 10.77 trillion yuan [5] Foreign Currency Loans and Deposits - The balance of foreign currency loans was 560.9 billion USD, showing a year-on-year decrease of 10.6%. In the first half of the year, foreign currency loans increased by 18.8 billion USD. The balance of foreign currency deposits was 1.02 trillion USD, with a year-on-year growth of 21.7% [4][6] Interbank Market Rates - In June, the weighted average interest rate for interbank RMB market lending was 1.46%, lower than the previous month and the same period last year. The weighted average interest rate for pledged bond repurchase was 1.5%, also lower than the previous month and the same period last year [6] Foreign Exchange Reserves - By the end of June, the national foreign exchange reserves stood at 3.32 trillion USD, with the RMB exchange rate at 1 USD to 7.1586 RMB [7] Cross-Border RMB Settlement - In the first half of the year, the cross-border RMB settlement amount under current accounts was 8.3 trillion yuan, with direct investment cross-border RMB settlement amounting to 4.11 trillion yuan [8]
宏观量化经济指数周报20250706:政府债融资多增或推升6月社融增速-20250706
Soochow Securities· 2025-07-06 12:47
Economic Indicators - The weekly ECI supply index is at 50.10%, down 0.02 percentage points from last week, while the demand index is at 49.93%, down 0.01 percentage points[6] - The monthly ECI supply index decreased by 0.06 percentage points compared to June, while the demand index remained stable[7] - The ECI investment index is at 49.98%, up 0.01 percentage points from last week, and the consumption index is at 49.71%, down 0.03 percentage points[6] Loan and Financing Trends - The ELI index is at -0.90%, up 0.15 percentage points from last week, indicating a seasonal recovery in loan demand[11] - New RMB loans are expected to be between CNY 1.80 trillion and CNY 2.0 trillion in June, slightly lower than the same period last year by CNY 0.28 trillion to CNY 0.13 trillion[14] - Government net financing reached CNY 1.41 trillion in June, an increase of CNY 0.7 trillion year-on-year, contributing to a projected social financing scale increase of CNY 3.6 trillion to CNY 3.8 trillion[14] Consumption and Production Insights - Passenger car retail sales in June increased by 15% year-on-year, improving from 13% in May[7] - The average daily sales of passenger cars for the week ending June 30 were 95,374 units, slightly down from the previous year[21] - The electricity load of coastal power plants averaged 82.71%, up 8 percentage points year-on-year, indicating strong industrial production[16] Export and Price Trends - The SCFI and CCFI indices for export container prices fell by 98.02 points and 26.35 points, respectively, indicating a decline in export momentum[31] - The average wholesale price of pork is CNY 20.38 per kg, showing a slight increase, while the price of key monitored vegetables is CNY 4.35 per kg, down slightly[37] Risk Factors - Uncertainties remain regarding U.S. tariff policies and the potential for policy measures to fall short of market expectations[46] - The sustainability of improvements in the real estate sector is still under observation[46]
★5月社融增2.29万亿元 "活钱"增速明显加快
Zheng Quan Shi Bao· 2025-07-03 01:56
Group 1 - In May, the social financing scale increased by 2.29 trillion yuan, with a year-on-year increase of 224.7 billion yuan, and new RMB loans amounted to 620 billion yuan [1] - The broad money supply (M2) grew by 7.9% year-on-year, which is 0.9 percentage points higher than the same period last year, indicating a strong financial growth relative to nominal economic growth [1] - The narrow money supply (M1) increased by 2.3% year-on-year, reflecting a significant acceleration in the growth of "liquid money," which is expected to boost market confidence and economic activities [1] Group 2 - The net financing of government bonds accelerated in May, reaching 1.46 trillion yuan, while local governments issued 443.2 billion yuan in new special bonds, marking a new high for the year [2] - The net financing of corporate bonds exceeded 140 billion yuan in May, with a decline in the average yield of AAA-rated corporate bonds, encouraging companies to increase bond financing [2] - Despite a lower scale of new RMB loans compared to the same period last year, the RMB loan balance grew by 7.1% year-on-year, indicating stable loan growth [2] Group 3 - In May, nearly 530 billion yuan in new RMB loans were issued to the corporate sector, supported by a recent interest rate cut that boosted loan demand [3] - The residential sector saw an increase of nearly 54 billion yuan in new RMB loans, reflecting a recovery in the local real estate market [3] - The increased financing through government and corporate bonds is expected to substitute for bank loans, as local governments prefer using special bonds for project funding [3]
东融助贷:5月社会融资规模曝光
Cai Fu Zai Xian· 2025-06-19 07:35
Group 1 - The People's Bank of China reported that as of the end of May 2025, the broad money supply (M2) reached 325.78 trillion yuan, with a year-on-year growth of 7.9% [1] - The narrow money supply (M1) stood at 108.91 trillion yuan, showing a year-on-year increase of 2.3%, indicating a recovery in short-term trading activities among enterprises [1] - The total social financing stock was 426.16 trillion yuan, with a year-on-year growth of 8.7%, and the incremental social financing for the first five months was 18.63 trillion yuan, exceeding the previous year by 3.83 trillion yuan [1] Group 2 - In May, the balance of RMB loans increased by 7.1% year-on-year, with new loans amounting to 620 billion yuan, although the growth rate decreased by 0.1 percentage points compared to the previous month [1] - Analysts suggest that the current economy is at a critical stage of transitioning between old and new growth drivers, requiring a shift in monetary and fiscal policies from "quantity" to "mechanism" integration [2] - It is anticipated that in the third quarter, the implementation of loan interest subsidies for equipment upgrades will marginally improve manufacturing investment, facilitating financial support for the real economy [2]