2023-08-11 11:39:00
According to data released by the People’s Bank of China, RMB loans increased by 345.9 billion yuan in July, and social financing increased by 528.2 billion yuan. Previously, loans increased by 3.05 trillion yuan in June, and the scale of social financing increased by 4.22 trillion yuan.
Updated August 11, 2023 19:39 CST
According to data released by the People’s Bank of China on Friday afternoon, RMB loans increased by 345.9 billion yuan in July, and the increase in social financing scale was 528.2 billion yuan. At the end of the month, the stock of social financing scale increased by 8.9% year-on-year. %.
Compared with the previous value, the four major data have dropped across the board, especially new loans and social financing, which have fallen off a cliff.
At the same time, according to WIND, new loans in July also hit a new low since November 2009 (then 294.8 billion yuan), and the increase in social financing hit a new low since July 2016 (then 479.1 billion yuan); social financing The year-on-year growth rate of scale stock hit a new low since data records were available for the second consecutive month; M2 hit a new low since April 2022 (then 10.5%).
The cliff-like decline in loans and social financing in July was related to the unexpected recovery of these two data in June, but it also further confirmed the weak economic recovery in the second and third quarters.
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According to data released by the People’s Bank of China on Friday afternoon, RMB loans increased by 345.9 billion yuan in July, and the increase in social financing scale was 528.2 billion yuan. At the end of the month, the stock of social financing scale increased by 8.9% year-on-year. %.
Compared with the previous value, the four major data have dropped across the board, especially new loans and social financing, which have fallen off a cliff.
At the same time, according to WIND, new loans in July also hit a new low since November 2009 (then 294.8 billion yuan), and the increase in social financing hit a new low since July 2016 (then 479.1 billion yuan); social financing The year-on-year growth rate of scale stock hit a new low since data records were available for the second consecutive month; M2 hit a new low since April 2022 (then 10.5%).
The cliff-like decline in loans and social financing in July was related to the unexpected recovery of these two data in June, but it also further confirmed the weak economic recovery in the second and third quarters.
Previously, in June, RMB loans increased by 3.05 trillion yuan, and the scale of social financing increased by 4.22 trillion yuan. At the end of the month, the stock of social financing scale increased by 9% year-on-year, and M2 increased by 11.3% year-on-year.
If compared with July last year, the above four indicators also fell across the board.
In July last year, RMB loans increased by 679 billion yuan, and the scale of social financing increased by 756.1 billion yuan. At the end of the month, the stock of social financing scale increased by 10.7% year-on-year, while M2 increased by 12% year-on-year.
In January this year, RMB loans increased by 4.9 trillion yuan, surpassing the historical high of 3.98 trillion yuan in January last year, a record high; the increase in social financing scale was 5.98 trillion yuan, second only to the historical high of 6.18 trillion yuan in January last year Yuan, the second highest in history; M2 increased by 12.6% year-on-year, hitting a new high since April 2016 (12.8% at the time). However, the stock of social financing scale increased by 9.4% year-on-year, slowing down for the fourth consecutive month.
The surge in relevant data in January is mainly due to the fact that after the release of epidemic prevention measures, China has passed the infection period smoothly, residents’ lives and business production have returned to normal, and the demand for funds in the real economy has increased significantly. At the same time, it is also driven by the bank’s concept of “early investment and early benefits” .
In addition, the growth rate of credit and M2 in July were both lower than expected.
According to the median forecast of 13 economists surveyed by the “Wall Street Journal”, due to seasonal factors, Chinese banks’ new RMB loans in July may be 800 billion yuan, and M2 increased by 11.0% year-on-year.
The People’s Bank of China also announced that narrow money (M1) grew by 2.3% year-on-year at the end of July, 0.8 and 4.4 percentage points lower than the end of last month and the same period last year, respectively. Currency in circulation (M0) increased by 9.9% year-on-year.
Previously, at the end of June, M1 increased by 3.1% year-on-year, and the growth rate was 1.6 and 2.7 percentage points lower than the end of last month and the same period of last year respectively; M0 increased by 9.8% year-on-year.
However, the meeting of the Political Bureau of the Central Committee held at the end of July has realized the economic difficulties. The meeting pointed out that the current economic operation is facing new difficulties and challenges. In the second half of the year, macro policy regulation should be strengthened, and efforts should be made to expand domestic demand, boost confidence and prevent risks.
Investors expect that follow-up Chinese regulation is expected to exert full force in terms of monetary, fiscal, property market and even capital market policies.
(This article is from Dow Jones Newswires)
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