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4月金融数据出炉:财政发力支撑社融增速抬升
今年财政支持力度大、发债节奏快,支持扩内需、宽信用,对社融形成有力支撑。今年财政预算赤字率提高至4%,计划新增国债、特别国债、地方专项债 等政府债券近12万亿元,规模创历史新高。发行节奏上,年初以来国债、地方专项债发行进度也明显快于往年,用于化债的2万亿元特殊再融资专项债也发 行了约70%。 近期财政部还启动了支持"两新""两重"的1.3万亿元特别国债,预计后续特别国债的发行进度仍会保持较快速度,促进拉动需求,提振社会信心,对社融形 成有力支撑。专家表示,今年以来宏观政策效果较好,财政政策力度加大、节奏前移是重要因素,与货币政策形成更强合力,推动经济实现良好开局。 5月14日,中国人民银行发布4月金融数据。数据显示,截至2025年4月末,广义货币(M2)余额325.17万亿元,同比增长8%,比上月末高1个百分点。社会 融资规模方面,2025年1月至4月,社会融资规模增量累计为16.34万亿元,比上年同期多3.61万亿元。贷款方面,1月至4月人民币各项贷款余额为265.70万亿 元,同比增长7.2%。总体来看,金融总量增长既"稳"又"实",体现了适度宽松的货币政策取向。 社会融资规模增速有所抬升,政府债券发行加 ...
中国4月社融增量1.16万亿元,新增人民币贷款2800亿元,M2-M1剪刀差扩大
Sou Hu Cai Jing· 2025-05-14 11:09
政府债券发行加快拉动4月社融增速加快,信贷结构进一步改善,M2增速较上月明显加快,M2-M1剪刀差扩大 周三,中国人民银行公布金融数据显示: 2025年前四个月社会融资规模增量累计为16.34万亿元,比上年同期多3.61万亿元。结合前值计算可得,4月社融规模增量为1.16万亿元,同比多 增1.22万亿元。 前四个月人民币贷款增加10.06万亿元,结合前值计算可得,4月新增人民币贷款2800亿元。 4月末,广义货币(M2)余额325.17万亿元,同比增长8%。狭义货币(M1)余额109.14万亿元,同比增长1.5%。M2-M1剪刀差为6.5个百分点,较3月 的5.4个百分点扩大了1.1个百分点。 对于下一步金融总量数据,据《金融时报》报道,市场普遍认为"有望保持平稳"。"当前外贸不确定性依然存在,地方债务置换工作持续推进,加上5月是传 统的信贷'小月',业内人士预计有效信贷需求仍受影响。" 但专家也普遍认为,5月人民银行、金融监管总局、证监会联合推出的一揽子金融政策措施,有效提振了市场信心,对实体经济有效需求恢复起到积极作 用。综合来看,未来一段时期,金融总量仍有望保持平稳增长。 前四个月社融增量累计16.34 ...
财政发力支撑社融增速抬升,4月金融数据有何亮点?
Di Yi Cai Jing· 2025-05-14 10:42
Core Viewpoint - The financial data for April indicates a significant rebound in M2 growth and an acceleration in the scale of social financing, reflecting a stable and effective monetary policy that supports the real economy [1][12]. Monetary Supply and Financing - As of the end of April, the broad money supply (M2) reached 325.17 trillion yuan, with a year-on-year growth of 8%, which is 1.0 percentage points higher than the previous month and 0.8 percentage points higher than the same period last year [1][8]. - The total social financing stock was 424 trillion yuan, showing a year-on-year increase of 8.7%, which is 0.3 percentage points higher than the previous month and 0.4 percentage points higher than the same period last year [1][12]. - In April, the increment of social financing was 1.16 trillion yuan, which is 1.22 trillion yuan more than the same month last year [1]. Government Bond Issuance - The acceleration of government bond issuance has significantly contributed to the increase in social financing. From January to April, net financing from government bonds exceeded 5 trillion yuan, which is approximately 3.6 trillion yuan more than the same period last year [3][4]. - In April, the issuance of special long-term government bonds and refinancing bonds for replacing hidden debts contributed to a net financing of about 970 billion yuan, which is approximately 1.1 trillion yuan more than the same month last year [3]. Credit Growth and Structure - From January to April, the total increase in RMB loans was 10.06 trillion yuan, roughly the same as the previous year [1]. - The balance of inclusive small and micro loans reached 34.31 trillion yuan, with a year-on-year growth of 11.9%, while medium and long-term loans for the manufacturing sector reached 14.71 trillion yuan, growing by 8.5% year-on-year [1][6]. Impact of Debt Replacement - The replacement of local government debt through special bonds has influenced the credit growth statistics, but it does not diminish the actual support for the real economy. The adjusted loan growth rate remains above 8% [6][7]. - The issuance of special refinancing bonds for debt replacement has been significant, with over 2 trillion yuan issued in the last quarter of the previous year and nearly 1.6 trillion yuan from January to April this year [7]. Economic Outlook - The financial data from the first four months aligns well with the performance of the real economy, indicating that the effects of moderately loose monetary policy will continue to manifest [2][12]. - The average interest rate for newly issued corporate loans in April was approximately 3.2%, which is about 4 basis points lower than the previous month and 50 basis points lower than the same period last year [13].
刚刚!央行重要金融数据公布
21世纪经济报道· 2025-05-14 10:26
Monetary Growth - As of the end of April, the broad money supply (M2) reached 325.17 trillion yuan, growing by 8% year-on-year [2] - The narrow money supply (M1) stood at 109.14 trillion yuan, with a year-on-year increase of 1.5% [2] - The currency in circulation (M0) amounted to 13.14 trillion yuan, reflecting a year-on-year growth of 12% [2] Loan and Deposit Statistics - By the end of April, the total RMB loans increased by 1.006 trillion yuan in the first four months, with the total RMB loan balance at 265.7 trillion yuan, up 7.2% year-on-year [3] - The total RMB deposits rose by 1.255 trillion yuan in the first four months, with the RMB deposit balance at 314.78 trillion yuan, also up 8% year-on-year [4] Interbank Market Activity - In April, the average weighted interest rate for interbank RMB lending was 1.73%, down 0.12 percentage points from the previous month and 0.14 percentage points from the same period last year [5] - The total transaction volume in the interbank RMB market reached 176.45 trillion yuan in April, with an average daily transaction of 8.02 trillion yuan, a year-on-year decrease of 4% [5] Cross-Border RMB Settlement - In April, the cross-border RMB settlement amount under the current account was 1.51 trillion yuan, with direct investment cross-border RMB settlement amounting to 0.72 trillion yuan [6] Social Financing Scale - As of the end of April, the total social financing scale was 424.0 trillion yuan, growing by 8.7% year-on-year [8] - The balance of RMB loans to the real economy was 262.27 trillion yuan, increasing by 7.1% year-on-year [8] Incremental Social Financing - In the first four months of 2025, the cumulative increase in social financing was 16.34 trillion yuan, which is 3.61 trillion yuan more than the same period last year [11] - The increase in RMB loans to the real economy was 9.78 trillion yuan, which is 339.7 billion yuan more than the previous year [11]
新华财经晚报:七部门发文支持加快构建科技金融体制
Xin Hua Cai Jing· 2025-05-14 09:54
Domestic News - The Ministry of Science and Technology and six other departments jointly issued policies to accelerate the construction of a technology finance system, proposing 15 measures to support technology innovation through various financial services [1] - As of the end of April, the broad money supply (M2) reached 325.17 trillion yuan, with a year-on-year growth of 8% [1] - The total social financing stock was 424.0 trillion yuan, showing a year-on-year increase of 8.7% [1] - In April, the sales revenue of enterprises nationwide increased by 4.3% year-on-year, reflecting the positive effects of previous policies [3] International News - The U.S. and China reached a consensus to significantly reduce bilateral tariffs, with the U.S. agreeing to cancel 91% of tariffs and suspend 24% of reciprocal tariffs, while China will also cancel 91% of counter-tariffs [2] - The Egyptian Suez Canal Authority announced a 15% discount on transit fees for large container ships starting May 15, aiming to encourage shipping companies to return to the canal [5] Market Overview - The Shanghai Composite Index rose by 0.86% to 3403.95, while the Shenzhen Component Index increased by 0.64% to 10354.22 [6] - The onshore RMB was quoted at 7.2083, down by 27 points, while the offshore RMB was at 7.1978, up by 1 point [6] - WTI crude oil prices decreased by 0.98% to $62.63, and Brent crude oil prices fell by 0.93% to $66.01 [6]
【新华解读】4月社融规模新增近1.2万亿元 还原置换影响信贷增速或仍超8%
Xin Hua Cai Jing· 2025-05-14 09:54
Core Viewpoint - The People's Bank of China reported a significant increase in social financing and M2 growth in April, indicating a stable and moderately loose monetary policy environment, with expectations for continued steady growth in financial totals despite short-term uncertainties in effective credit demand [1][2][3]. Group 1: Social Financing and Monetary Supply - In April, the new social financing scale increased by 1.16 trillion yuan, with the total social financing stock reaching 424 trillion yuan, a year-on-year growth of 8.7%, which is 0.4 percentage points higher than the same period last year [2][3]. - The M2 money supply grew by 8% year-on-year, which is 1 percentage point higher than the end of the previous month and 0.8 percentage points higher than the same period last year [5][6]. Group 2: Government Debt and Credit Support - The acceleration of government bond issuance has been a major driver of social financing, with net financing from government bonds exceeding 500 billion yuan in the first four months of the year, significantly higher than the previous year [3][4]. - The issuance of corporate bonds has also increased, with the total corporate bond balance reaching 32.8 trillion yuan, a year-on-year increase of 3.2% [3][4]. Group 3: Loan Growth and Structure - In April, the increase in RMB loans was approximately 280 billion yuan, with the total RMB loan balance reaching 265.70 trillion yuan, a year-on-year growth of 7.2%, which remains significantly above nominal economic growth [3][4]. - The growth rate of inclusive small and micro loans and medium to long-term loans for the manufacturing sector was 11.9% and 8.5% respectively, both exceeding the overall loan growth rate [4]. Group 4: Interest Rates and Future Outlook - The average interest rate for newly issued corporate loans was 3.2%, down about 4 basis points from the previous month and 50 basis points from the same period last year [4]. - Market analysts expect that despite short-term uncertainties in effective credit demand, the implementation of a series of financial policies will positively impact the recovery of effective demand in the real economy, leading to stable growth in financial totals in the near future [4][6].
大增8%!刚刚,央行重磅发布
证券时报· 2025-05-14 09:38
低基数下4月M2大幅增长。 中国人民银行(简称"央行")5月14日发布的金融数据显示,今年前4个月金融总量数据持续向好,4月末M2(广义货币)余额增速同比大幅增长8%,比上月 末高1个百分点,既与去年低基数因素相关,也反映出央行逆周期调节和金融稳经济效果持续显现。 今年前4个月,人民币贷款增加10.06万亿元,其中,4月新增人民币贷款约2800亿元;前4个月社会融资规模增量累计为16.34万亿元,其中,4月社融规模增 量为1.16万亿元,同比多增1.22万亿元。 从前4个月金融总量数据看,社会融资规模存量、广义货币M2、人民币贷款增速分别为8.7%、8%、7.2%,持续高于名义GDP增速,金融对实体经济支持的力 度仍然较大。反映资金活化程度的M1(狭义货币)余额同比增长1.5%,比上月末低0.1个百分点,增速保持平稳。 随着一揽子金融政策出台,金融总量有望保持平稳增长。随着外部环境出现有利转变,适度宽松货币政策有望更快见效。业内人士表示,货币政策适度宽松 的效果将持续体现。有市场信任的基础,政策的实际效果还会进一步放大。 低基数因素下M2大幅增长 今年4月,货币信贷整体保持平稳较好增长势头,在上年低基数效应作 ...
低基数下4月M2大幅增长8% 政府债发行持续支持社融
人民银行5月14日发布的金融数据显示,今年前4个月金融总量数据持续向好,4月末M2(广义货币)余额 增速同比大幅增长8%,比上月末高1个百分点,既与去年低基数因素相关,也反映出央行逆周期调节和 金融稳经济效果持续显现。 去年4月以来,央行通过规范手工补息、优化金融业增加值核算等,主动为金融业"挤水分",去年4月末 M2增速因此回落。随着低基数效应的递减,未来M2增速将恢复到正常增长水平。 业内专家认为,在去年较大力度的金融数据"挤水分"后,过去相当一部分虚增的、不规范的存贷款被压 缩,金融总量数据增长更稳更实。 同时,相较去年同期,今年前4个月存款向理财分流的情况也明显减少,部分资金还从理财回流到存款 账户。债券收益率变动对货币总量有较大影响。去年1—4月债券收益率快速下行,对应的理财产品收益 率随之上行,居民购买理财的热情升温,出现大量存款"搬家"到理财产品的情况,影响当时M2增速。 短期来看,M2增速会受市场运行、经济主体行为等因素影响,出现暂时性波动。业内专家指出,M2增 速宜作为货币政策的观测性指标。随着金融深化和经济结构转型,市场研究表明货币总量与经济增长的 相关性在减弱。 今年前4个月,人民币贷款 ...
中国央行:物价回升速度明显低于金融总量增速
news flash· 2025-05-09 10:15
Core Viewpoint - The People's Bank of China (PBOC) released the monetary policy execution report for the first quarter of 2025, indicating stable and rapid growth in financial aggregate indicators in recent years [1] Group 1: Financial Growth Indicators - By the end of 2024, the year-on-year growth rates of social financing scale, broad money M2, and RMB loans are expected to remain between 7% and 8% [1] - The growth rate of these financial aggregates exceeds the nominal economic growth rate, which is at a historically high level [1] Group 2: Price Trends - The speed of price recovery is significantly lower than the growth rate of financial aggregates [1]
宁夏金融总量合理增长融资成本稳中有降
Sou Hu Cai Jing· 2025-05-04 06:04
总体来看,一季度全区社会融资规模稳步扩大,存贷款总量合理增长,信贷结构持续优化,融资成本稳 中有降。分部门看,住户贷款余额3867.63亿元,同比增长7.5%;企事业单位贷款余额6323.73亿元,一 季度新增90.52亿元。从期限看,全区中长期贷款余额6874.74亿元,一季度新增109.77亿元,占各项贷 款增量的48.0%,有力支持了我区重大项目建设和个人合理住房需求;短期贷款余额2490.00亿元,同比 增长5.8%,一季度新增151.06亿元,占各项贷款增量的66.1%,有效满足了企业的合理流动性融资需 求。 在信贷总量、政府债券以及银行承兑汇票持续增长的带动下,全区社会融资规模增势较好。一季度,全 区社会融资规模增量为486.91亿元,同比多增191.20亿元,金融支持实体经济力度不断加大。其中,对 实体经济发放的人民币贷款、地方政府债券融资、未贴现的银行承兑汇票增量分别占社会融资规模增量 的47.2%、28.3%和19.9%。据了解,截至3月末,全区个人非住房类消费贷款余额同比增长9.1%,明显 高于各项贷款增速,有效满足了消费领域的融资需求。工业及基础设施贷款投放力度较大,一季度,全 区工业贷 ...