1月份贷款与垫款总额上升1.1%。其中在香港使用的贷款（包括贸易融资）及香港境外使用的贷款在1 月份分别上升0.7%及2.2%。由于港元存款的升幅较港元贷款的升幅大，港元贷存比率由12月底的 72.9%，下跌至1月底的72.3%。 1月份港元货币供应量M2及M3均上升1.1%，与去年同期比较均上升3.8%。1月份经季节因素调整的港元 货币供应量M1上升2.6%，与去年同期比较上升16.9%，部分反映投资相关活动。货币供应量总额M2及 M3于1月份均没有明显变动，与去年同期比较，M2及M3分别上升9.9%及9.8%。 智通财经APP获悉，香港金管局今日发表的统计数字显示，认可机构的存款总额在2026年1月份下跌 0.1%，其中港元存款上升1.3%，外币存款则下跌1.1%，主要反映企业资金流动。香港人民币存款在1月 份上升3.5%，于1月底为9939亿元人民币。跨境贸易结算的人民币汇款总额于1月份为10164亿元人民 币，而12月份为11774亿元人民币。 ...

Loan and Credit Analysis - In January 2026, new loans to enterprises amounted to CNY 4.45 trillion, a year-on-year decrease of CNY 330 billion[2] - Short-term loans increased by CNY 2.05 trillion, up CNY 310 billion year-on-year, indicating strong demand for operational turnover and liquidity[2] - New household loans totaled CNY 456.5 billion, a slight year-on-year increase of CNY 12.7 billion, with short-term loans up CNY 159.4 billion[2] Social Financing and Monetary Data - The total social financing (TSF) in January reached CNY 7.22 trillion, an increase of CNY 166.2 billion year-on-year, marking a historical high for the month[3] - M2 growth rate rose to 9.0%, compared to 8.5% previously, while M1 growth increased to 4.9% from 3.8%[3] - The "scissors difference" between M2 and M1 narrowed to 4.1 percentage points, down from 4.7 percentage points, indicating improved liquidity dynamics[4] Structural Insights - Government bonds contributed significantly to the increase in social financing, with net financing of CNY 976.4 billion, up CNY 283.1 billion year-on-year, accounting for 13.5% of the total social financing[3] - The structure of social financing is shifting from bank loans to direct financing, with bonds and stocks making up 47% of the total financing increase in 2025, a 5 percentage point increase from the previous year[3] - The overall credit demand remains structurally weak, with effective credit demand needing further observation for comprehensive recovery[4]

广义货币（M2）和社会融资规模增速均保持在较高水平；贷款规模保持合理增长，信贷结构持续优 化；贷款利率保持在低位水平……中国人民银行2月13日发布的1月份统计数据体现出金融对经济的强力 支撑，释放出持续为经济回升向好创造适宜货币金融环境的有力信号。 信贷总量平稳增长 1月末，人民币贷款余额276.62万亿元，同比增长6.1%，仍高于名义经济增速，还原政府债券置换因素 后，增速约6.7%。中央财经大学副教授刘春生表示，中央经济工作会议强调2026年要继续实施适度宽 松的货币政策，开年以来金融体系加大信贷投放力度，需求端也有多方面有利条件支撑信贷平稳增长。 重大项目密集落地带动项目贷款加大投放。近期，国家发展和改革委员会下达了2026年提前批"两重"建 设项目清单和中央预算内投资，总规模约2950亿元，各地积极推动重大项目早开工、早建设，尽快形成 实物工作量，为激发投资活力、促进信贷投放提供了有效的项目载体和资金对接基础。多家银行反映， 今年一季度基建领域贷款审批节奏明显加快，投放量同比实现较大幅度增长。 政策持续发力显效 企业贷款发力提质，支持实体经济成色更足。1月份企（事）业单位贷款增加4.45万亿元，其中， ...

Group 1: Monetary Statistics - As of the end of January, the broad money supply (M2) reached 347.19 trillion yuan, reflecting a year-on-year growth of 9% [5] - The narrow money supply (M1) stood at 117.97 trillion yuan, with a year-on-year increase of 4.9% [5] - The currency in circulation (M0) amounted to 14.61 trillion yuan, showing a year-on-year growth of 2.7% [5] - In January, a net cash injection of 519.1 billion yuan was recorded [5] Group 2: Social Financing Scale - By the end of January, the total social financing scale was 449.11 trillion yuan, marking a year-on-year growth of 8.2% [2] - The balance of RMB loans to the real economy was 273.3 trillion yuan, with a year-on-year increase of 6.1% [2] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.09 trillion yuan, showing a year-on-year decline of 12.1% [2] - The balance of corporate bonds reached 34.69 trillion yuan, reflecting a year-on-year growth of 6.1% [2] Group 3: Loan and Deposit Statistics - In January, RMB deposits increased by 809 billion yuan, with household deposits rising by 213 billion yuan and non-financial enterprise deposits increasing by 261 billion yuan [6] - The total balance of RMB loans was 276.62 trillion yuan, with an increase of 4.71 trillion yuan in January [7] - The balance of foreign currency loans was 570.1 billion USD, showing a year-on-year growth of 6.6% [7] Group 4: Market Activity - The average weighted interest rate for interbank RMB market lending was 1.4% in January, which is 0.04 percentage points higher than the previous month [8] - The total transaction volume in the interbank RMB market reached 211.96 trillion yuan, with a daily average transaction of 10.09 trillion yuan, reflecting a year-on-year growth of 36.1% [8] Group 5: Cross-Border RMB Settlement - In January, the cross-border RMB settlement amount under the current account was 1.49 trillion yuan, with goods trade accounting for 1.19 trillion yuan [9] - The direct investment cross-border RMB settlement amount was 0.78 trillion yuan, with foreign direct investment contributing 0.51 trillion yuan [9]

转自：新华财经 新华财经北京2月13日电（记者翟卓）中国人民银行13日发布数据显示，M2和社会融资规模增速均保持在较高水平，持续为经济回升向好创造适宜的货币 金融环境。 从社融结构看，随着金融市场快速发展、融资渠道日益畅通，债券、股票等直接融资在社会融资结构中的重要性显著上升。2025年，社融规模增量中股票 和债券融资占比已达到47%，比上年提高5个百分点，已超过贷款占比。 从货币创造渠道看，银行投放信贷、增持债券等行为都会派生存款货币，随着直接融资发展，近年来银行债券投资在全部资金运用中的占比明显上升， 2025年末为22%，过去5年、过去10年分别累计提高了4个、9个百分点。 业内人士表示，开年以来，人民银行率先出台了一批货币金融政策，积极助力经济结构转型优化，政策早出台就能早见效，带动信贷总量平稳增长、需求 端显现回暖动能，1月末社融及M2增速均明显高于名义GDP增速，充分体现了适度宽松的货币政策状态，有力支持了年初经济平稳开局。 ——M2同比增长达9% 社融规模创历史同期最高 根据中国人民银行数据，1月末，M2余额347.19万亿元，同比增长9.0%，增速较上月高0.5个百分点，比上年同期高2.0个百 ...

Group 1: Monetary Supply and Growth Rates - M1 growth rate increased to 4.9% in January 2026, up from 3.8% in December 2025[1] - M2 growth rate rose to 9.0% in January 2026, compared to 8.5% in December 2025[1] - New social financing (社融) reached 7.2 trillion yuan in January 2026, an increase of 165.4 billion yuan year-on-year, with a growth rate of 8.2%[1] Group 2: Household Deposits and Trends - Household deposit growth rate estimated at 7.18% in January 2026, down from 9.68% in December 2025[1] - The difference between household deposit growth and M2 growth turned negative for the first time in 7.5 years, at -1.82 percentage points[1] - Non-bank deposits showed a rapid increase in the rolling 12-month sum[1] Group 3: Loan and Credit Dynamics - New RMB loans totaled 4.71 trillion yuan in January 2026, a decrease of 420 billion yuan year-on-year, with a growth rate of 6.1%[1] - The decline in loans was primarily driven by a decrease in corporate loans, particularly in medium to long-term loans, which fell by 280 billion yuan[19] - Residential credit showed a slight increase of 128 billion yuan, with short-term loans up by 159.4 billion yuan, while medium to long-term loans decreased by 146.6 billion yuan[19] Group 4: Financing Sources and Trends - Government bond financing increased by 2.83 trillion yuan year-on-year, with a net financing of 9.76 trillion yuan in January 2026[26] - Corporate bond financing rose by 579 billion yuan, driven by technology innovation bonds, which net financed approximately 2.52 trillion yuan[25] - The effective social financing growth rate, excluding government financing, was 5.31%, down from 5.62%[5]

统计数据显示，2018年下半年以来，我国已18次下调存款准备金率，向市场提供的中长期流动 性持续在银行体系和金融市场发挥作用。与2018年下半年本轮降息周期以来的高点相比，政策 利率共下调了10次，累计下调了1.15个百分点，引导企业贷款利率和个人房贷利率分别下降 2.5个和2.7个百分点。粗略匡算，当前人民币贷款余额约270万亿元，按照贷款利率下降2.5个 百分点计算，相当于每年为贷款主体节约利息支出超过6万亿元。 中央经济工作会议明确，2026年要继续实施适度宽松的货币政策。今年一开年，央行就先行出 台了一批支持实体经济的货币金融政策，积极助力经济结构转型优化。政策举措既有再贷款工 具的完善与创新，也有再贷款利率的下调，加力支持民营、科技创新、绿色和消费等重点内需 领域。 业内专家告诉记者，2026年开年宏观政策更加积极有为。一方面是适度宽松的货币政策持续发 力，灵活运用多种货币政策工具保持流动性充裕，下调结构性工具利率0.25个百分点，完善结 构性工具设计和管理，按市场化方式激励引导银行增加对重点领域信贷投放。 另一方面是财政政策基调更加积极，1月政府债券融资9764万亿元，比上年同期多2831亿元， ...

Group 1 - The core viewpoint of the article highlights the implementation of a moderately loose monetary policy by the People's Bank of China, which is reflected in the significant growth of social financing and broad money supply (M2) in January 2026, supporting a stable economic start to the year [1][2] - As of the end of January, the social financing scale increased by 8.2% year-on-year, while M2 grew by 9%, indicating a monetary policy that is more accommodative than nominal GDP growth [1][2] - The central economic work conference has set a clear direction for continuing the moderately loose monetary policy through 2026, with various measures introduced to support the real economy, including adjustments to relending tools and interest rates [1][2] Group 2 - In January 2026, government bond financing reached 9.764 trillion yuan, an increase of 2.831 trillion yuan compared to the same period last year, with the proportion of government bond financing in the total social financing scale reaching 13.5%, the highest level for the same period since 2021 [3] - The structure of social financing is evolving, with direct financing through bonds and stocks becoming increasingly significant, accounting for 47% of the social financing scale increment in 2025, surpassing the proportion of loans [3][4] - The cumulative effects of monetary policy adjustments are expected to have a lasting impact on the real economy, with significant reductions in policy interest rates and their subsequent influence on loan rates for enterprises and individuals [4][5] Group 3 - The article notes that while major economies like the U.S. and the U.K. are tightening their monetary policies, China maintains a relatively loose monetary environment, which has led to a gradual decrease in comprehensive financing costs [5] - The current personal mortgage rates in China are approaching the average levels seen during the "zero interest rate" periods in developed economies, with consumer loan rates even lower than those during similar periods in the U.S. [5]

格隆汇2月13日｜金融时报发文表示，对于1月的数据，业内专家普遍表示，综合来看，适度宽松货币政 策持续发力、政府债"靠前发力"仍是重要原因。"近年来贷款作为单一渠道，越来越难以反映金融支持 实体经济的全貌，观察金融总量要更多看社会融资规模、货币供应量指标。"一位业内人士如是表示， 各种融资方式之间会相互替代，贷款作为单一渠道的解释力度逐渐下降，宜更多关注社会融资规模和货 币供应量指标，更好体现金融支持实体经济的总体力度。 ...

阿联酋通讯社2月9日消息，阿联酋中央银行数据显示，截至2025年12月底，银行业总资产达5.34万 亿迪拉姆，全年增加约7800亿迪拉姆。信贷和存款规模同步增长，外币信贷和企业存款是主要拉动因 素。货币供应量M1、M2、M3均保持扩张态势。央行表示，银行体系资本充足、流动性充裕，为经济 增长和金融稳定提供了有力支撑。 （原标题：阿联酋银行业资产规模增至5.34万亿迪拉姆） ...