Group 1: Monetary Supply and Growth - As of the end of May, the broad money supply (M2) reached 325.78 trillion yuan, showing a year-on-year growth of 7.9% [1] - The narrow money supply (M1) stood at 108.91 trillion yuan, with a year-on-year increase of 2.3% [1] - The currency in circulation (M0) was 13.13 trillion yuan, reflecting a year-on-year growth of 12.1% [1] - In the first five months, a net cash injection of 306.4 billion yuan was recorded [1] Group 2: Social Financing and Loans - The total social financing scale increased by 18.63 trillion yuan in the first five months, which is 3.83 trillion yuan more than the same period last year [2] - The balance of loans to the real economy reached 262.86 trillion yuan, with a year-on-year growth of 7% [3] - In the first five months, RMB loans increased by 10.68 trillion yuan, with household loans rising by 572.4 billion yuan and corporate loans increasing by 9.8 trillion yuan [4] Group 3: Deposits and Financial Market Rates - The total RMB deposits increased by 14.73 trillion yuan in the first five months, with household deposits rising by 8.3 trillion yuan [5] - The weighted average interbank lending rate in May was 1.55%, down 0.3 percentage points from the same period last year [6] - The loan market quotation rate for one-year loans was 3.00%, and for loans over five years, it was 3.50%, both lower by 0.1 percentage points compared to the end of last year [7] Group 4: Currency Exchange Rates - As of the end of May, the CFETS RMB exchange rate index was 95.96, down 5.43% from the end of last year [8] - The RMB to USD exchange rate was 7.1848, appreciating by 0.05% compared to the end of last year, while the RMB depreciated against the Euro and Yen by 7.80% and 7.28% respectively [8]

（*数据来源：Wind-央行动态PBOC） // 债市综述 // 1. 公开市场操作 央行公告称，6月13日以固定利率、数量招标方式开展了2025亿元7天期逆回购操作，操作利率1.40%，投标量2025亿元，中标量2025亿元。Wind数据显 示，当日1350亿元逆回购到期，据此计算，单日净投放675亿元。 2. 资金面 税期即将到来之际，存款类机构隔夜质押式回购利率上行近4个bp，目前位于1.41%附近，七天质押式回购利率则下行近4个bp。 海外方面，最新美国隔夜融资担保利率为4.28%。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.67%附近，较上日变化不大。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率多数下行，短券表现略好。 | | 1Y | | 2Y | | ЗУ | | 54 | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国 ...

Core Insights - The financial data released by the People's Bank of China indicates a reasonable growth in financial totals for May, with strong support for the real economy [1] Group 1: Financial Data Overview - As of the end of May, the balance of RMB loans increased by 7.1% year-on-year, while the total social financing scale grew by 8.7% [1][2] - The broad money supply (M2) reached 325.78 trillion yuan, reflecting a year-on-year growth of 7.9%, which is significantly higher than the first quarter [3] Group 2: Social Financing and Loan Distribution - The total social financing scale stood at 426.16 trillion yuan at the end of May, with a year-on-year growth of 8.7%, and the increment for the first five months was 18.63 trillion yuan, which is 3.83 trillion yuan more than the same period last year [2] - Over 90% of new loans in the first five months were directed towards enterprises, with corporate loans increasing by 9.8 trillion yuan [3] Group 3: Interest Rates and Financing Costs - The average interest rate for new corporate loans in May was approximately 3.2%, down 50 basis points from the previous year, while the average rate for new personal housing loans was about 3.1%, down approximately 55 basis points [2] - The low interest rate environment is encouraging enterprises to increase bond financing, which helps reduce overall financing costs [2] Group 4: Monetary Policy and Economic Support - A series of financial policies have been implemented to support the real economy, including interest rate cuts and increased liquidity supply [5] - The central bank's recent measures are expected to create a favorable monetary environment for sustained economic recovery [6]

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭 联系人| 贾东旭 摘要 核心观点：随后续政策性金融工具推出，信贷表现或趋于稳定持续走强。 5 月金融数据中最突出的变化是 M1 增速回暖，主要原因或有两点：其一，去年 "资金防空转" 政策下的低基数效应；其二，房地产销售边际回暖带 动资金注入企业端。 5月M1同比回升0.8个百分点，一方面源于去年"资金防空转"治理，使企业活期存款基数快速下降；另一方面，5月商品房成交 同比降幅收窄，部分资金转化为企业活期存款。 信贷持续性偏弱主要归因于企业部门，企业中长期贷款已连续两个月同比少增超1500亿元，这与PPI同比降幅扩大、企业未来预期不确定性仍存密切 相关。 企业投资计划与价格走势紧密相连，5月PPI同比降幅扩大至-3.3%，这或许预示着企业投资计划将进一步削减。同时，5月PMI中的企业生产 经营预期指数为也处于2024年10月以来的较低水平。 新增社会融资规模同比多增幅度收窄，主要是由于政府债净融资的基数抬升，财政融资"前置"推动社融快速改善的阶段可能已趋于结束。 社融存量 同比从2024年底的8.0%上升至8.7%，主因政府债净融资"前置" 。5月政府债净 ...

Group 1: Social Financing and Credit Growth - In May, the social financing scale increased by CNY 2.2894 trillion, up CNY 227.1 billion year-on-year, maintaining a growth rate of 8.7%[4] - New RMB loans in May amounted to CNY 596 billion, a decrease of CNY 223.7 billion year-on-year, indicating insufficient effective demand[4] - The increase in credit in May was CNY 620 billion, which is CNY 330 billion less than the same month last year, reflecting weaker seasonal performance[3] Group 2: Government Bonds and Corporate Financing - Government bond financing in May reached CNY 1.4633 trillion, an increase of CNY 236.7 billion year-on-year, indicating sustained issuance strength[4] - Special refinancing bonds saw a net financing amount of CNY 4.261 billion, with issuance accelerating compared to the previous month[4] - Corporate bonds increased by CNY 121.1 billion year-on-year, as companies took advantage of lower financing costs since April[4] Group 3: Monetary Supply and Economic Indicators - M1 growth rate improved by 0.8 percentage points to 2.3% in May, while M2 growth rate slightly decreased to 7.9%[5] - Fiscal deposits increased by CNY 116.7 billion year-on-year, indicating a potential surplus in government revenue[5] - The overall credit expansion remains reliant on further fiscal support, as indicated by the current financial data[3]

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭 联系人| 贾东旭 摘要 事件：6月13日，央行公布2025年5月中国金融数据，信贷余额同比下行0.1个百分点至7.1%，社融存量同比持平于至8.7%，M2同比下行0.1个百 分点至7.9% 。 增长同经济增长、价格总水平预期目标相匹配。 常规跟踪：M1同比回暖。 5月新增信贷6200亿，同比少增3300亿，拖累仍主要源于企业中长贷。 居民部门贷款新增540亿，同比少增217亿，其中短贷减少208亿，同比多 减451亿，中长贷新增746亿，同比多增232亿。企业部门方面，票据融资新增746亿，同比少增2826亿，短期贷款新增1100亿，同比增加2300 亿。非银贷款新增589亿，同比多增226亿。 5月新增社融22871亿，同比多增2248亿，主要源于政府债券。 人民币贷款新增5960亿，同比少增2237亿。政府债券新增14633亿，同比多增 2367亿。企业债券新增1496亿，同比多增1211亿。委托贷款减少167亿，同比多减158亿，信托贷款新增173亿，同比少增51亿，未贴现汇票减少 1162亿，同比少减169亿。 5月M2同比下行0.1个百分点至7. ...

Group 1: Monetary Supply and Credit Conditions - In May, the broad money supply (M2) increased by 7.9% year-on-year, a slight decrease of 0.1 percentage points from the previous month [2][3] - The narrow money supply (M1) grew by 2.3% year-on-year, with an increase of 0.8 percentage points compared to the end of the previous month [3] - New RMB loans in May amounted to 620 billion yuan, a decrease of 330 billion yuan year-on-year, while the social financing scale increased by 22.894 billion yuan, up by 2.271 billion yuan year-on-year [2][10] Group 2: Economic Activity and Investment - The increase in M1 indicates a significant acceleration in "active money," suggesting a recovery in investment and consumption activities [3][5] - The government bond issuance has accelerated, which is the primary driver for the rapid growth of social financing scale [11] - The total social financing scale at the end of May was 426.16 trillion yuan, reflecting a year-on-year growth of 8.7% [10] Group 3: Loan Dynamics and Sector Performance - Corporate loans increased by 530 billion yuan in May, but this was a decrease of 210 billion yuan year-on-year, indicating a continued impact from local government debt replacement [7][9] - Retail loans showed signs of improvement, although overall demand remains weak, with a year-on-year decrease of 217 billion yuan in residential loans [9] - The issuance of special refinancing bonds has been significant, with over 1.6 trillion yuan issued this year to support debt replacement [7][11]

Financial Overview - In May, the total financial volume in China showed reasonable growth, with the social financing scale maintaining a high growth rate, providing strong support for the real economy [1][7] - The broad money supply (M2) reached approximately 326 trillion yuan, with a year-on-year growth of 7.9% [1] - The stock of social financing was about 426 trillion yuan, reflecting a year-on-year increase of 8.7% [1] Government Bond Issuance - The acceleration of government bond issuance is identified as the primary driver for the rapid growth of social financing [1] - In the first quarter, the net financing scale exceeded 3.8 trillion yuan, with local special bond issuance also showing signs of acceleration, reaching a monthly issuance high for the year [1] Corporate Bond Financing - Corporate bond financing increased, with net financing exceeding 140 billion yuan in May [2] - The overall cost of corporate bond issuance has been declining, encouraging companies to increase bond financing under a low-interest-rate environment [2] M1 Growth and Economic Activity - The growth rate of M1, which includes more liquid forms of money, has significantly accelerated, indicating a recovery in investment and consumption activities [2][4] - Recent financial support measures have effectively boosted market confidence, leading to signs of economic activity recovery [4] Loan Growth and Interest Rates - RMB loans maintained steady growth in May, with average interest rates at historical lows; corporate loans averaged 3.2%, down 50 basis points year-on-year, while personal housing loans averaged 3.1%, down about 55 basis points [5] - The increase in personal mortgage loans is attributed to a recovering real estate market and policies promoting durable goods consumption [5] Future Financial Outlook - Experts anticipate that financial volume growth will remain stable in the coming period, supported by more proactive fiscal policies and a resilient economic development [7] - Historical trends suggest that June typically sees increased economic activity and financing demand [7]

国内新闻： 金十数据整理：昨日今晨重要新闻汇总（6月14日） 1. 习近平将出席第二届中国—中亚峰会。 2. 李强主持召开国务院常务会议，听取构建房地产发展新模式和推进好房子建设有关情况汇报；研究优 化药品和耗材集采有关举措。 3. 央行：5月末M2同比增长7.9%，M1同比增长2.3%。 4. 中国人民银行：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%。 5. 央行将于6月16日开展4000亿元买断式逆回购操作，期限为6个月（182天）。 6. 中国驻以色列使馆提醒在以中国公民加强安全防范。 7. 市场监管总局：市场监管部门将组织实施电商平台消费品安全与召回共治承诺。 8. 《广州市提振消费专项行动实施方案（征求意见稿）》公开征求意见。 9. 腾讯没有与创始人的家族联系讨论交易，也没有考虑收购Nexon。 10. 深圳放宽市场准入24条特别措施将加快实施。 国际新闻： 1. 以色列"雄狮崛起"行动-①以色列打击伊朗境内核设施和军事目标，伊朗誓言报复。②消息人士称对 伊朗的行动可能至少持续几天或两周以上。③特朗普：以色列对伊朗的打击"非常出色"，未来还有更多 打击。④以军最 ...

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]