Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - The "15th Five-Year Plan" was officially released on March 13, 2026, with 18 chapters, 16 major strategic tasks, and 109 major projects focusing on people's well - being [2] - In the first two months of this year, RMB loans increased by 5.61 trillion yuan, and the increment of social financing scale was 9.6 trillion yuan, with M2 growing 9% year - on - year and the social financing scale stock growing 8.2% year - on - year in February [2] - China has launched the release of over 10 million tons of nitrogen, phosphorus, and compound fertilizer reserves, and about 980,000 tons of fertilizers are stranded in the Persian Gulf, with a possible 30% - 50% reduction in global fertilizer raw material supply if shipping disruptions become normal [2] - The US military launched an air strike on Iran's oil export hub, but Iran's oil facilities are intact and exports are normal. Iran threatens to retaliate if its facilities are attacked [3] - The US Treasury temporarily relaxed sanctions on Russian oil on March 12, and about 124 million barrels of Russian oil are at 30 sea locations. Thailand and Sri Lanka have expressed interest in buying Russian oil [3] 3. Summary by Related Catalogs Hot News - The "15th Five - Year Plan" was approved by the Fourth Session of the 14th National People's Congress on March 12 and officially released on March 13 [2] - In the first two months, RMB loans and social financing scale increased, and M2 and social financing scale stock had year - on - year growth. Loan interest rates in February were about 3.1% [2] - China released fertilizer reserves, and there are potential risks in global fertilizer supply [2] - The US military attacked Iran's oil export hub, and Iran threatened retaliation [3] - The US relaxed sanctions on Russian oil, and some countries expressed interest in buying Russian oil [3] Plate Performance - Key focus: urea, lithium carbonate, bottle chips, crude oil, PVC [4] - Night - session performance: non - metallic building materials 2.31%, precious metals 29.44%, oilseeds 8.37%, soft commodities 2.41%, non - ferrous metals 23.24%, coal - coking - steel - minerals 8.60%, energy 7.71%, chemicals 14.40%, grains 0.97%, agricultural and sideline products 2.54% [4] Plate Position - The chart shows the changes in commodity futures plate positions in the past five days [5] Performance of Major Asset Classes | Category | Name | Daily Change (%) | Monthly Change (%) | Year - to - date Change (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 0.82 | - 1.62 | 3.19 | | | SSE 50 | - 0.50 | - 2.72 | - 2.45 | | | CSI 300 | - 0.39 | - 0.88 | 0.85 | | | CSI 500 | - 1.43 | - 4.84 | 10.37 | | | S&P 500 | - 0.61 | - 3.59 | - 3.12 | | | Hang Seng Index | - 0.98 | - 4.37 | - 0.64 | | | German DAX | - 0.60 | - 7.27 | - 4.26 | | | Nikkei 225 | - 1.16 | - 8.55 | 6.91 | | | FTSE 100 | - 0.43 | - 5.95 | 3.32 | | Fixed - income | 10 - year Treasury bond futures | - 0.07 | - 0.16 | 0.33 | | | 5 - year Treasury bond futures | 0.00 | - 0.04 | 0.19 | | | 2 - year Treasury bond futures | 0.00 | 0.01 | 0.01 | | Commodity | CRB Commodity Index | 0.21 | 16.99 | 22.43 | | | WTI Crude Oil | 3.78 | 47.78 | 72.78 | | | London Spot Gold | - 1.18 | - 4.93 | 16.21 | | | LME Copper | - 2.03 | - 4.22 | 1.91 | | | Wind Commodity Index | - 2.47 | - 7.69 | 12.10 | | Other | US Dollar Index | 0.77 | 2.93 | 2.27 | | | CBOE Volatility Index | - 0.37 | 36.91 | 81.87 | [6] Stock Market Risk Preference and Commodity Trends - The report shows the trends of major commodities such as BDI, CRB spot index, WTI crude oil, London spot gold, LME copper, etc., and also includes the relationships like gold - oil ratio, copper - gold ratio, and risk premiums of different stock indices [7]

Core Viewpoint - The financial data for February indicates a strong start to the economy, supported by high growth in monetary aggregates and proactive macroeconomic policies [1][2]. Group 1: Financial Growth - In the first two months of the year, RMB loans increased by 5.61 trillion yuan, and the social financing scale increased by 9.6 trillion yuan, which is 316.2 billion yuan more than the previous year [1][2]. - As of the end of February, M2 (broad money) grew by 9% year-on-year, while M1 (narrow money) increased by 5.9%, indicating a stable financial environment [2][3]. - The government bond issuance has reached a record high, with net financing of 2.38 trillion yuan in the first two months, significantly supporting the social financing scale [2][4]. Group 2: Credit and Loan Dynamics - February saw a stable and balanced credit growth, with nearly 1 trillion yuan in new RMB loans for the month, reflecting a smooth credit issuance process [3][4]. - The structure of credit shows that medium to long-term loans for enterprises remain the main driver of credit growth, supported by ongoing fiscal and quasi-fiscal policies [3][4]. - Demand for loans is increasing due to a combination of fiscal and monetary policies aimed at boosting domestic demand, alongside a one-time credit repair policy that aids individuals with damaged credit records [4][5]. Group 3: Financing Costs and Market Conditions - The average interest rate for new corporate loans in February was approximately 3.1%, which is 20 basis points lower than the same period last year, indicating a favorable financing environment [5]. - The government has emphasized the need to regulate credit market operations and reduce financing intermediary costs, which has led to a more transparent financing cost structure for enterprises [5]. - The "loan clarity paper" initiative by the central bank has exposed hidden costs in financing, effectively reducing the financial burden on enterprises [5].

Report Overview - The report is a daily panorama of stock index futures on February 24, 2026, providing data on futures contracts, market sentiment, and industry news [1][2] Futures Contract Data Price Changes - IF主力合约（2603）最新价格4683.4，环比上涨43.8；IF次主力合约（2602）最新价格4711.2，环比上涨60.6 [2] - IH主力合约（2603）价格3037.4，环比上涨7.2；IH次主力合约（2602）价格3042.6，环比上涨11.0 [2] - IC主力合约（2603）价格8371.6，环比上涨75.2；IC次主力合约（2602）价格8400.6，环比上涨91.4 [2] - IM主力合约（2603）价格8271.0，环比上涨57.6；IM次主力合约（2602）价格8310.6，环比上涨85.2 [2] Spread Changes - IF - IH当月合约价差1668.6，环比上涨50.6；IC - IF当月合约价差3689.4，环比上涨49.4 [2] - IM - IC当月合约价差 - 90.0，环比下降7.0；IC - IH当月合约价差5358.0，环比上涨100.0 [2] - IM - IF当月合约价差3599.4，环比上涨42.4；IM - IH当月合约价差5268.0，环比上涨93.0 [2] Seasonal Spread Changes - IF当季 - 当月为 - 70.8，环比下降15.0；IF下季 - 当月为 - 127.4，环比下降19.0 [2] - IH当季 - 当月为 - 11.6，环比下降4.6；IH下季 - 当月为 - 42.2，环比下降3.2 [2] - IC当季 - 当月为 - 128.4，环比下降10.8；IC下季 - 当月为 - 254.4，环比下降19.6 [2] - IM当季 - 当月为 - 200.0，环比下降21.6；IM下季 - 当月为 - 380.2，环比下降32.2 [2] Net Position Changes - IF前20名净持仓 - 38,036.00，环比下降114.0；IH前20名净持仓 - 20,771.00，环比上涨495.0 [2] - IC前20名净持仓 - 39,965.00，环比上涨397.0；IM前20名净持仓 - 62,005.00，环比下降1727.0 [2] Spot Price and Market Sentiment Spot Price - 沪深300指数4707.54，环比上涨47.1；IF主力合约基差 - 24.1，环比上涨9.3 [2] - 上证50指数3,041.3，环比上涨7.0；IH主力合约基差 - 3.9，环比上涨10.4 [2] - 中证500指数8,392.9，环比上涨93.3；IC主力合约基差 - 21.3，环比上涨3.5 [2] - 中证1000指数8,299.8，环比上涨94.9；IM主力合约基差 - 28.8，环比下降12.9 [2] Market Sentiment - A股成交额22,181.61亿元，环比上涨2192.19亿元；两融余额25,881.25亿元，环比下降574.77亿元 [2] - 北向成交合计2696.41亿元，环比下降200.17亿元；逆回购到期量 - 14524.0亿元，操作量 + 5260.0亿元 [2] - 主力资金 - 367.41亿元，环比上涨63.78亿元；上涨股票比例73.09%，环比上涨45.02% [2] - IO平值看涨期权收盘价66.00，环比上涨4.00；IO平值看涨期权隐含波动率14.02%，环比下降3.28% [2] - IO平值看跌期权收盘价77.40，环比下降51.80；IO平值看跌期权隐含波动率14.02%，环比下降4.04% [2] - 沪深300指数20日波动率13.68%，环比上涨0.53%；成交量PCR 65.49%，环比下降3.44% [2] - 持仓量PCR 66.91%，环比上涨2.29% [2] - Wind市场强弱分析：全部A股7.30，环比上涨3.90；技术面7.30，环比上涨4.50；资金面7.20，环比上涨3.30 [2] Industry News - In January, the increment of social financing scale was 7.22 trillion yuan, 166.2 billion yuan more than the same period last year; RMB loans increased by 4.71 trillion yuan, with the balance at the end of the month reaching 276.62 trillion yuan, a year - on - year increase of 6.1%. At the end of January, M2 increased by 9% year - on - year, and M1 increased by 4.9% year - on - year [2] - On February 24, 2026, the 1 - year LPR was 3.0%, and the 5 - year LPR was 3.5%. LPR has remained stable for 9 consecutive months [2] - A - share major indexes closed generally higher. The three major indexes first declined and then rose in the morning, and fell again in the afternoon, recording a false negative line. Small and medium - cap stocks outperformed large - cap blue - chip stocks. The Shanghai Composite Index rose 0.87%, the Shenzhen Component Index rose 1.36%, and the ChiNext Index rose 0.99%. The trading volume of the Shanghai and Shenzhen stock markets rebounded significantly. More than 4000 stocks in the whole market rose. Most industry sectors rose, with the petrochemical and building materials sectors strengthening significantly, and the media sector weakening significantly [2] - Overseas, after the Supreme Court overturned the tariffs imposed by Trump, he signed an executive order to impose new tariffs, which intensified market distrust of US dollar assets. Domestically, during the festival, the average daily sales of key retail and catering enterprises increased by 8.6% compared with the same period in 2025, with the growth rate further increasing in the first four days of the holiday, reaching 10.6% in some periods, indicating a recovery in consumer spending. In terms of capital, the January financial data showed a significant year - on - year increase in non - bank deposits and a significant decline in the year - on - year growth rate of household deposits. The difference between the growth rate of household deposits and M2 growth rate fell into negative territory, and the ratio of A - share market value to household deposits rose to 68%, indicating an accelerated transfer of household deposits [2] Viewpoint Summary - Although overseas trade disturbances continue, the US use of tariffs as a weapon weakens market confidence in US dollar assets, leading to capital outflows from the US and providing a good opportunity for A - shares. The transfer of household deposits also provides liquidity support for the stock market. The continuous high consumer spending during the Spring Festival shows the effectiveness of domestic demand expansion policies. With the approaching of the Two Sessions and the strengthening of the RMB during the Spring Festival, A - shares are expected to continue the upward trend after a good start [2] Key Data to Watch - February 25, 18:00: Eurozone January HCPI and core HCPI final values [3] - February 26, 21:30: US initial jobless claims for the week ended February 21 [3] - February 27, 21:30: US January PPI and core PPI [3]

1. Report Industry Investment Rating - The report gives a short - term "oscillating" rating for the treasury bond market [1] 2. Core View of the Report - China's social financing scale in January 2026 increased by 7.22 trillion yuan, exceeding market expectations, mainly due to the significant increase in government bond net financing. The RMB loans in the credit caliber increased by 4.71 trillion yuan, also exceeding market expectations but with a year - on - year decrease. The overall inflation level in January showed a mild recovery, and the PMI indicators indicated a moderately weak economy. The Ministry of Finance will ensure that the overall expenditure remains stable, and the central bank has room for reserve requirement ratio cuts and interest rate cuts. Treasury bond futures may oscillate in the short term [2] 3. Summary by Relevant Catalogs 3.1 Market Review - On the last trading day before the Spring Festival, the main contracts of treasury bond futures opened roughly flat. The 30 - year treasury bond futures main contract TL2603 rose 0.04%, while the 10 - year T2603 fell 0.10%, the 5 - year TF2603 fell 0.09%, and the 2 - year TS2603 fell 0.03% [1] 3.2 Important Information - **Open Market**: On February 14, the central bank conducted 38 billion yuan of 7 - day reverse repurchase operations, with a net injection of 38 billion yuan [1] - **Funds Market**: On February 14, the overnight interest rate in the inter - bank funds market rose slightly. DR001's weighted average was 1.31% (previous trading day: 1.25%), and DR007's weighted average was 1.50% (previous trading day: 1.41%) [1] - **Cash Bond Market**: On February 14, the closing yields of inter - bank treasury bonds fluctuated slightly. The 2 - year treasury bond yield decreased by 0.35 BP to 1.35%, the 5 - year decreased by 0.74 BP to 1.54%, the 10 - year decreased by 0.29 BP to 1.79%, and the 30 - year increased by 0.20 BP to 2.25% [1] - **Social Financing and Credit Data**: In January 2026, the social financing scale increased by 7.22 trillion yuan, 166.2 billion yuan more than the same period last year. The RMB loans to the real economy increased by 4.9 trillion yuan, 317.8 billion yuan less year - on - year. The RMB loans in January increased by 4.71 trillion yuan. At the end of January, M2 balance was 347.19 trillion yuan, a year - on - year increase of 9%, and M1 balance was 117.97 trillion yuan, a year - on - year increase of 4.9% [1] - **Real Estate Market**: In January, the second - hand housing prices in first - tier cities decreased by 0.5% month - on - month, with the decline narrowing by 0.4 percentage points. The second - hand housing prices in second - and third - tier cities decreased by 0.5% and 0.6% respectively, with the declines narrowing by 0.2 and 0.1 percentage points [1][2] - **International News**: On February 20, the US Supreme Court ruled that Trump's tariff policy was illegal. Trump then announced a 10% import tariff on global goods, which was later raised to 15%. The US GDP growth in Q4 2025 was 1.4%, lower than expected. The 2025 annual GDP growth was 2.2%, lower than 2024. The core PCE price index in December 2025 showed inflation pressure. The US manufacturing and service PMI in February 2026 showed a slowdown in business activity [2] 3.3 Market Logic - China's social financing scale in January 2026 exceeded market expectations, mainly due to the increase in government bond net financing. The RMB loans in the credit caliber also exceeded expectations but decreased year - on - year. The inflation level in January showed a mild recovery, and the PMI indicators indicated a moderately weak economy. The government will maintain a stable fiscal policy, and the central bank has room for monetary policy adjustment. Treasury bond futures may oscillate in the short term [2] 3.4 Trading Strategy - Traders are advised to conduct band operations [2]

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its high dividend and low valuation attributes that continue to attract long-term capital [5]. Core Insights - The banking sector is experiencing a significant contribution from government bonds to social financing growth, with a notable increase in government bond issuance in January 2026 [5]. - The report indicates that while social financing has increased year-on-year, the growth rate has decreased compared to the previous month, primarily due to weaker RMB loans and fluctuating demand from the real economy [5]. - The capital market's activity is driving a "deposit migration" process, as increased market engagement leads to higher liquidity in the banking sector [5]. Summary by Sections Banking Industry - In January 2026, new social financing reached 7.22 trillion yuan, an increase of 165.4 billion yuan year-on-year, with government bonds being the main contributor [5]. - RMB loans increased by 4.9 trillion yuan, which is a decrease of 319.4 billion yuan year-on-year, influenced by demand fluctuations and debt restructuring [5]. - The report notes that short-term loans in the real sector have increased, while medium and long-term loans remain weak, particularly in the real estate sector, which saw a 28.5% decline in sales for major developers [5]. Market Activity - The report highlights that M1 and M2 growth rates are at 4.9% and 9% respectively, indicating an increase in liquidity [5]. - Financial institutions' RMB deposits increased by 9.9% year-on-year, with a monthly increase of 8.09 trillion yuan, driven by both household and corporate deposits [5]. - The report emphasizes the role of an active capital market in attracting deposits, with a 58% increase in average daily trading volume in January [5].

Core Viewpoint - The People's Bank of China released January financial data, indicating a year-on-year growth of 9.0% in broad money (M2) to 347.19 trillion yuan, with a notable increase in social financing scale and various loan categories [1][4]. Group 1: Monetary Supply - As of the end of January, M2 balance was 347.19 trillion yuan, up 9.0% year-on-year, which is 0.5 percentage points higher than the previous month and 2.0 percentage points higher than the same period last year [1]. - Narrow money (M1) balance reached 117.97 trillion yuan, reflecting a year-on-year growth of 4.9% [4]. - Cash in circulation (M0) stood at 14.61 trillion yuan, with a year-on-year increase of 2.7% [4]. Group 2: Social Financing Scale - The total social financing scale stock was 449.11 trillion yuan at the end of January, showing an 8.2% year-on-year increase [1]. - The increment in social financing scale for January was 7.22 trillion yuan, which is 166.2 billion yuan more than the same month last year [3]. Group 3: Loan Distribution - The balance of RMB loans to the real economy was 273.3 trillion yuan, with a year-on-year growth of 6.1% [1]. - The share of RMB loans to the real economy constituted 60.9% of the total social financing scale, down 1.2 percentage points year-on-year [2]. - In January, RMB loans increased by 4.71 trillion yuan, with household loans rising by 456.5 billion yuan and corporate loans increasing by 4.45 trillion yuan [5][6]. Group 4: Deposits - The total balance of deposits in both domestic and foreign currencies was 344.46 trillion yuan, marking a year-on-year growth of 10.1% [4]. - RMB deposits increased by 8.09 trillion yuan in January, with household deposits rising by 2.13 trillion yuan [4]. Group 5: Cross-Border Transactions - The cross-border RMB settlement amount under the current account was 1.49 trillion yuan, with direct investment cross-border RMB settlement amounting to 0.78 trillion yuan [6].

Group 1 - The People's Bank of China reported that the broad money supply (M2) reached 347.19 trillion yuan at the end of January, reflecting a year-on-year growth of 9%, which is 0.5 percentage points higher than the previous month and 2 percentage points higher than the same period last year, indicating a moderately loose monetary policy [1] - The increase in M2 growth rate is attributed to a base effect, as January 2025 saw an addition of approximately 5 trillion yuan, which is considered low compared to recent years. Additionally, the positive performance of the capital market at the beginning of the year is also a contributing factor [1] - Narrow money supply (M1) stood at 117.97 trillion yuan at the end of January, with a year-on-year increase of 4.9%, while the currency in circulation (M0) amounted to 14.61 trillion yuan, reflecting a year-on-year growth of 2.7%. A net cash injection of 519.1 billion yuan was recorded in January [1] Group 2 - Several banks reported an accelerated approval pace for infrastructure loans in the first quarter of this year, with a significant year-on-year increase in loan disbursement. In January, new renminbi loans increased by 4.71 trillion yuan [2] - Household loans increased by 456.5 billion yuan in January, with short-term loans rising by 109.7 billion yuan and medium to long-term loans increasing by 346.9 billion yuan. Meanwhile, corporate loans rose by 4.45 trillion yuan, with short-term loans up by 2.05 trillion yuan and medium to long-term loans increasing by 3.18 trillion yuan, while bill financing decreased by 873.9 billion yuan [2] - Non-bank financial institution loans decreased by 188.2 billion yuan [2]

Core Insights - The People's Bank of China reported that as of the end of January 2026, the total social financing stock reached 449.11 trillion yuan, a year-on-year increase of 8.2%, while the M2 money supply was 347.19 trillion yuan, growing by 9% [1][7][8]. Group 1: Social Financing and Monetary Policy - The social financing stock increased by 8.2% year-on-year, with a January increment of 7.22 trillion yuan, which is 1.662 trillion yuan more than the same period last year [2][8]. - The monetary policy remains moderately accommodative, with a 0.25 percentage point reduction in the interest rate of structural monetary policy tools, aimed at maintaining liquidity and encouraging banks to increase credit to key sectors [2][8]. - Government bond financing in January reached 976.4 billion yuan, an increase of 283.1 billion yuan year-on-year, accounting for 13.5% of the total social financing, the highest level for the same period since 2021 [2][8]. Group 2: Direct Financing Channels - Direct financing channels, including corporate bonds and equity financing, are accelerating, driven by the rapid rise of high-tech and strategic emerging industries that require diversified funding support [3][9]. - Companies are considering a "short loan + long bond" financing model to balance funding costs and durations, particularly for long-term investments and R&D [3][9]. Group 3: Loan Growth and Economic Support - The RMB loan balance reached 276.62 trillion yuan, with a year-on-year growth of 6.1%, and an increase of 4.71 trillion yuan in January [4][10]. - Major projects are driving increased project loans, with the National Development and Reform Commission announcing a total investment of approximately 295 billion yuan for early construction projects in 2026 [4][10]. - Corporate loans are improving in quality, with 4.45 trillion yuan in new loans for enterprises in January, over 70% of which were long-term loans supporting manufacturing and emerging industries [4][10]. Group 4: Consumer Loan Dynamics - Pre-festival consumer activity is boosting personal loan growth, with diverse consumption needs being released ahead of the Spring Festival [5][11]. - Recent policy adjustments to personal consumption loan subsidies have extended support until the end of 2026, enhancing consumer willingness to borrow [6][11].

Group 1 - The People's Bank of China reported that in January 2026, RMB loans increased by 4.71 trillion yuan, maintaining reasonable growth, while the social financing scale increased by 7.22 trillion yuan, setting a historical record for the same period, which is 166.2 billion yuan more than the same period last year [1] - By the end of January, the RMB loan balance reached 276.62 trillion yuan, with a year-on-year growth of 6.1%. Household loans increased by 456.5 billion yuan, with short-term loans rising by 109.7 billion yuan and medium to long-term loans increasing by 346.9 billion yuan. Corporate loans increased by 4.45 trillion yuan, with short-term loans up by 2.05 trillion yuan and medium to long-term loans up by 3.18 trillion yuan, while bill financing decreased by 873.9 billion yuan [1] - The total social financing scale at the end of January was 449.11 trillion yuan, with a year-on-year growth of 8.2%. The RMB loan balance to the real economy was 273.3 trillion yuan, also reflecting a year-on-year growth of 6.1% [1] Group 2 - At the end of January, the broad money supply (M2) balance was 347.19 trillion yuan, showing a year-on-year increase of 9%. The narrow money supply (M1) balance was 117.97 trillion yuan, with a year-on-year growth of 4.9%. The currency in circulation (M0) balance was 14.61 trillion yuan, increasing by 2.7% year-on-year [2] - In January, a net cash injection of 519.1 billion yuan was recorded [2]

Core Insights - The central point of the report is the significant growth in China's financial statistics for January 2026, indicating a robust increase in social financing and monetary supply compared to the previous year. Group 1: Social Financing - The total social financing scale increased by 7.22 trillion yuan in January 2026, which is 166.2 billion yuan more than the same period last year [4] - The outstanding social financing scale reached 449.11 trillion yuan by the end of January, reflecting a year-on-year growth of 8.2% [2] - The balance of RMB loans to the real economy was 273.3 trillion yuan, growing by 6.1% year-on-year [2] Group 2: Monetary Supply - The broad money supply (M2) stood at 347.19 trillion yuan at the end of January, with a year-on-year increase of 9% [5] - The narrow money supply (M1) was 117.97 trillion yuan, showing a year-on-year growth of 4.9% [5] - The cash in circulation (M0) reached 14.61 trillion yuan, up by 2.7% year-on-year [5] Group 3: Deposits and Loans - RMB deposits increased by 8.09 trillion yuan in January, with the total RMB deposit balance at 336.77 trillion yuan, reflecting a 9.9% year-on-year growth [6] - The total balance of loans in both RMB and foreign currencies was 280.59 trillion yuan, with RMB loans increasing by 4.71 trillion yuan in January [8] - Foreign currency loans amounted to 570.1 billion USD, marking a year-on-year increase of 6.6% [9] Group 4: Interest Rates and Transactions - The average weighted interest rate for interbank RMB market lending was 1.4%, which is 0.04 percentage points higher than the previous month [10] - The total transaction volume in the interbank RMB market reached 211.96 trillion yuan in January, with a daily average transaction growth of 36.1% year-on-year [10] Group 5: Cross-Border Transactions - The cross-border RMB settlement amount under the current account was 1.49 trillion yuan in January, with direct investment cross-border RMB settlement at 0.78 trillion yuan [11]