Core Viewpoint - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 226.2 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 119.7 billion yuan into the market after accounting for 106.5 billion yuan of reverse repos maturing on the same day [1]. Group 1: Market Rates - The Shanghai Interbank Offered Rate (Shibor) showed a slight increase, with overnight Shibor rising by 8.20 basis points to 1.4150%, 7-day Shibor up by 4.00 basis points to 1.5150%, and 14-day Shibor increasing by 2.10 basis points to 1.5350% [2][3]. - In the interbank pledged repo market, overnight rates rose slightly above 1.4%, with DR001 and R001 weighted average rates increasing by 8.1 basis points and 8.0 basis points, respectively, to 1.424% and 1.4837% [4]. Group 2: Funding Conditions - The funding environment on July 14 was characterized as balanced but slightly tight, with increased borrowing demand from banking institutions compared to the previous week. Overnight rates for collateralized deposits were around 1.50%, while 7-day rates were near 1.53% [10]. - By the end of the day, the overnight collateralized deposit rates stabilized around 1.55%, with 7-day rates climbing to between 1.55% and 1.58% [10]. Group 3: Interbank Certificates of Deposit - On July 14, there were 96 interbank certificates of deposit issued, with a total issuance amount of 177.94 billion yuan. The trading sentiment was less active than expected due to tax periods and market expectations [11]. - The secondary market for certificates of deposit maintained an upward trend, with the 1-year large bank deposit rate stabilizing around 1.6375% by the end of the day [11]. Group 4: Monetary Supply and Financing - 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 narrow money supply (M1) was 113.95 trillion yuan, up 4.6% year-on-year [13]. - The total social financing scale for the first half of 2025 reached 22.83 trillion yuan, an increase of 4.74 trillion yuan compared to the same period last year [13].

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].

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]

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].

Group 1: Monetary Supply - As of the end of June, the broad money supply (M2) reached 330.29 trillion yuan, with a year-on-year growth of 8.3% [5] - The narrow money supply (M1) stood at 113.95 trillion yuan, growing by 4.6% year-on-year [5] - The currency in circulation (M0) was 13.18 trillion yuan, reflecting a year-on-year increase of 12% [5] - A net cash injection of 363.3 billion yuan occurred in the first half of the year [5] Group 2: Loan Growth - In the first half of the year, RMB loans increased by 12.92 trillion yuan [6] - Household loans rose by 1.17 trillion yuan, with short-term loans decreasing by 300 million yuan and medium to long-term loans increasing by 1.17 trillion yuan [6] - Corporate loans increased by 11.57 trillion yuan, with short-term loans up by 4.3 trillion yuan and medium to long-term loans up by 7.17 trillion yuan [6] - Non-bank financial institutions saw an increase in loans of 33.1 billion yuan [6] Group 3: Deposit Growth - RMB deposits increased by 17.94 trillion yuan in the first half of the year [8] - By the end of June, the total balance of RMB deposits was 320.17 trillion yuan, with a year-on-year growth of 8.3% [8] - Household deposits rose by 10.77 trillion yuan, while non-financial corporate deposits increased by 1.77 trillion yuan [8] Group 4: Interbank Market Rates - The weighted average interest rate for interbank RMB lending in June was 1.46%, down 0.09 percentage points from the previous month and 0.41 percentage points from the same period last year [10] - The average interest rate for pledged bond repurchase agreements was 1.5%, also lower than the previous month and year [10] Group 5: Social Financing - 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 [3] - By the end of June, the total social financing scale was 430.22 trillion yuan, reflecting a year-on-year growth of 8.9% [3] Group 6: Foreign Exchange Reserves - The foreign exchange reserves stood at 3.32 trillion USD by the end of June [11] - The exchange rate for RMB against USD was 7.1586 yuan per dollar at the end of June [11] Group 7: Cross-Border RMB Settlement - The amount of cross-border RMB settlement under the current account reached 8.3 trillion yuan in the first half of the year [12] - Direct investment cross-border RMB settlement amounted to 4.11 trillion yuan, with outbound direct investment at 1.46 trillion yuan and foreign direct investment at 2.65 trillion yuan [12]

央行：6月末，广义货币(M2)余额330.29万亿元，同比增长8.3%。狭义货币(M1)余额113.95万亿元，同 比增长4.6%。流通中货币(M0)余额13.18万亿元，同比增长12%。上半年净投放现金3633亿元。 ...

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]

Domestic Market Overview - The domestic market experienced a decline, with the Shanghai Composite Index closing at 3377 points, down 0.75%, and the Shenzhen Component Index at 10122.11 points, down 1.1% [1][4] - The total trading volume of the A-share market reached 15040 billion, showing an increase compared to the previous day [1][4] - Among the 30 sectors, only 4 sectors saw gains, with notable increases in oil and petrochemicals, national defense and military, and electric power and utilities, while comprehensive finance, media, and textile and apparel sectors faced significant declines [1][4] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 1.79%, the S&P 500 down 1.13%, and the Nasdaq down 1.3% [2][4] - Major technology stocks also fell, with Nvidia dropping over 2% and Facebook down more than 1% [2][4] Financial Data - The People's Bank of China reported that the social financing scale increased by 18.63 trillion yuan in the first five months, which is 3.83 trillion more than the same period last year [9][16] - As of the end of May, the broad money (M2) balance was 325.78 trillion yuan, reflecting a year-on-year growth of 7.9% [9][16] Key News - The State Council held a meeting to deploy pilot measures for the China (Shanghai) Free Trade Zone, aiming to replicate and promote these measures to enhance high-level opening-up and deep reforms [14] - The fourth China-Africa Economic and Trade Expo concluded with 176 signed projects amounting to 11.39 billion USD, marking a 45.8% increase in project numbers and a 10.6% increase in project value compared to the previous expo [18]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The report indicates that the iron ore market has repeated expectations and is in a range - bound oscillation [1]. Group 3: Summary of Related Catalogs 1. Fundamental Tracking - **Futures Data**: The closing price of iron ore futures was 703.0 yuan/ton, down 1.0 yuan/ton or - 0.14%. The position was 695,640 hands, with a decrease of 21,059 hands [1]. - **Spot Price**: Imported ores such as Carajás fines (65%) dropped 1.0 yuan/ton to 816.0 yuan/ton, PB fines (61.5%) dropped 3.0 yuan/ton to 719.0 yuan/ton, etc. Some domestic ores remained unchanged [1]. - **Spread**: The basis and inter - contract spreads changed. For example, the basis (12505 vs. Super Special) decreased by 6.3 yuan/ton to 164.1 yuan/ton, and the 12509 - 12601 spread decreased by 2.5 yuan/ton to 30.5 yuan/ton [1]. 2. Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral trend. The range of trend intensity is [-2, 2], where - 2 is the most bearish and 2 is the most bullish [2]. 3. Macro and Industry News - As of the end of May, the balance of broad - money (M2) was 325.78 trillion yuan, up 7.9% year - on - year; narrow - money (M1) balance was 108.91 trillion yuan, up 2.3% year - on - year; and the balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% year - on - year. A net cash injection of 306.4 billion yuan was made in the first five months [3]. - Guangzhou released a draft plan to boost consumption, including optimizing real - estate policies such as canceling purchase, resale, and price restrictions, and reducing down - payment ratios and loan interest rates [3].

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]