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]

Core Viewpoint - The financial data for April released by the People's Bank of China indicates a stable and supportive monetary environment for economic recovery, with an acceleration in social financing and steady credit issuance [1] Monetary Supply - As of the end of April, the broad money supply (M2) grew by 8% year-on-year, an increase of 1 percentage point from the previous month; the narrow money supply (M1) grew by 1.5%, a slight decrease of 0.1 percentage points from the previous month [1] - The central bank has increased short-term and medium-term liquidity through various operations, indicating a solid financial support for economic recovery [1] Social Financing - By the end of April, the total social financing stock was 424 trillion yuan, with a year-on-year growth of 8.7%, an increase of 0.3 percentage points from the previous month; the cumulative increase in social financing for the first four months was 16.34 trillion yuan, 3.61 trillion yuan more than the same period last year [2] - The acceleration in social financing growth is attributed to a lower base from the previous year and a significant increase in government bond issuance [2] Loan Growth - The balance of RMB loans reached 265.7 trillion yuan, with a year-on-year growth of 7.2%, a slight decrease of 0.2 percentage points from the previous month; in April, RMB loans increased by 280 billion yuan, which is 450 billion yuan less than the same month last year [3] - The decrease in loan growth is influenced by seasonal factors and changes in the financing market, with April traditionally being a "small month" for credit [3] Loan Structure - In the loan structure, corporate loans contributed the majority of the increase, while household loans showed a decline; corporate loans increased by 610 billion yuan, which is 250 billion yuan less than the previous year, while household loans decreased by 521.6 billion yuan [4] - The decline in household loans, particularly in short-term loans, indicates a need for further stimulation of consumer demand [4] Future Measures - The implementation of a series of financial policies is expected to support consumption recovery and growth; measures include the establishment of re-loans for service consumption and elderly care, aimed at reducing financing costs for financial institutions [5] - Fiscal and tax policies are also emphasized to support the development of new consumption sectors, creating new demand and enhancing consumer spending [6]

"4月末M2增速较快上扬，背后是上年同期基数大幅走低，以及当月社融增速加快，拉动存款派生。"东方金诚首 席分析师王青表示，当前M2增速明显高于名义GDP增速，显示金融对实体经济具有较强支持性。 民生银行首席经济学家温彬分析称，后续随着低基数效应的递减，未来M2同比增速会恢复到今年前几个月的正常 增长水平。 另外，狭义货币（M1）余额109.14万亿元，同比增长1.5%，较上月末小幅回落0.1个百分点。 华夏时报（www.chinatimes.net.cn）记者 刘佳 北京报道 4月作为传统的信贷"小月"，信贷投放稳定性和可持续性有所增强。 5月14日，在央行公布的金融数据中，4月新增人民币贷款2800亿元，同比少增4500亿元；4月新增社会融资规模为 11585亿元，同比多增12243亿元。 4月末，广义货币（M2）同比增长8.0%；狭义货币（M1）同比增长1.5%；流通中货币（M0）余额13.14万亿元， 同比增长12%。前四个月净投放现金3193亿元。 在多位受访人士看来，受季节性效应、关税冲击以及债务置换等多因素影响下，4月新增信贷有所回落，但政府债 发行等支撑下，社融增速呈稳步走高态势，今年以来金融对 ...

智通财经5月14日电，央行数据显示，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%。流通中货币(M0)余额13.14万亿元，同比增长12%。前四个 月净投放现金3193亿元。 中国4月货币供应量M2同比增长8% 高于市场预期 ...

Monetary Supply - The broad money supply M2 in Macau increased by 1.3% month-on-month to 810.6 billion MOP as of March 2025, with M1 and quasi-monetary liabilities contributing to this growth [1][2] - M1 decreased by 1.8% in circulation but saw a rise of 10.5% in demand deposits, resulting in a month-on-month increase of 6.8% [2] - Year-on-year comparisons show M1 and M2 rising by 11.3% and 8.8% respectively [2] Deposits - Resident deposits rose by 1.3% to 789 billion MOP, while non-resident deposits increased by 9.1% to 360.1 billion MOP [3] - Total deposits in the banking system increased by 3.1% month-on-month to 1,360.2 billion MOP, with the composition of deposits being 19.1% MOP, 47.2% HKD, 7.8% RMB, and 24.0% USD [3] Loans - Local private sector loans decreased by 0.4% to 511.3 billion MOP, with specific sectors like transportation and hospitality seeing slight increases, while wholesale, retail, and construction sectors experienced declines [4] - Total private sector loans fell by 1.9% month-on-month to 1,024.2 billion MOP, with the currency composition being 21.9% MOP, 43.4% HKD, 11.6% RMB, and 20.3% USD [4] Operating Ratios - As of March 2025, the loan-to-deposit ratio for local residents decreased to 51.1% from 51.9% in February, while the overall loan-to-deposit ratio, including non-residents, fell to 75.3% from 79.1% [5] - The ratio of liquid assets to liabilities stood at 69.5% for one month and 56.6% for three months, with a non-performing loan ratio remaining stable at 5.5% [5]

Group 1 - The total deposits of authorized institutions in Hong Kong increased by 0.8% in March 2025, with Hong Kong dollar deposits rising by 1.6% and foreign currency deposits by 0.1% [1] - In Q1 2025, total deposits and Hong Kong dollar deposits rose by 3.5% and 5.1% respectively [1] - The total amount of Renminbi deposits in Hong Kong decreased by 7.3% in March, amounting to 959.8 billion RMB, primarily reflecting corporate fund flows [1] Group 2 - The total amount of loans and advances increased by 1.1% in March, with a 0.6% rise in Q1 2025 [1] - Loans used in Hong Kong (including trade finance) and loans used outside Hong Kong rose by 1.2% and 0.8% respectively in March [1] - The loan-to-deposit ratio for Hong Kong dollars decreased from 73.5% at the end of February to 72.3% at the end of March due to an increase in Hong Kong dollar deposits and a decrease in Hong Kong dollar loans [1] Group 3 - The Hong Kong dollar money supply M2 and M3 both increased by 1.5% in March, with a year-on-year increase of 7.7% [2] - Seasonally adjusted Hong Kong dollar money supply M1 rose by 0.8% in March, reflecting a year-on-year increase of 7.0%, partly due to investment-related activities [2] - The total money supply M2 and M3 both rose by 0.7% in March, with year-on-year increases of 10.8% for both M2 and M3 [2]