In August, RMB loans increased by 125 trillion yuan, returning to trillion -dollar scale -valid demand for credit entered the recovery channel

On September 9, the financial data released by the People's Bank of China in August showed that with the support of a series of stable growth policies and continuing policies, credit expansion in August has accelerated, and effective demand for credit credit for enterprises and residents will rise. The economy continues to remain in a reasonable range.

Data show that at the end of August, the balance of broad currency (M_2) was 2.5951 trillion yuan, an increase of 12.2%year -on -year, and the growth rate was 0.2 and 4 percentage points higher than the same period last month and the same period of the previous year. The increase in social financing in August was 2.43 trillion yuan. From January to August, the cumulative increase in social financing was 24.17 trillion yuan, which was 2.31 trillion yuan more than the same period last year. In August, RMB loans increased by 125 trillion yuan, and 679 billion yuan in July from July, an increase of 571 billion yuan, and returned to a trillion -dollar scale. From January to August, the cumulative RMB loan increased by 15.61 trillion yuan, an increase of 554 billion yuan year -on -year.

Among them, M_2 continued to maintain a high growth rate at the end of August, indicating that the market liquidity was reasonable and abundant. Wen Bin, chief economist of China Minsheng Bank, analyzed that M_2 maintained a higher growth rate because on the one hand, the new credit increased significantly compared with the previous month, and the deposit pieces were effective. On the other hand, fiscal expenditure was accelerated to help market liquidity. improve.

It is worth noting that while the new credit in August increased significantly compared with the previous month, the credit structure improved, which was reflected in the "one increase, one decrease" of the data. In August, bill financing increased significantly, and medium- and long -term loans increased year -on -year. In August, bill financing increased by 159.1 billion yuan. In terms of medium- and long -term loans, residents 'medium- and long -term loans increased by 265.8 billion yuan, and enterprises' medium and long -term loans increased by 735.3 billion yuan. Wen Bin analyzed that of which, medium- and long -term loans were the second month of the year after June.

Regarding the financial data in August, Wang Yunjin, a senior researcher at the Institute of Investment Investment Research, believes that with the acceleration of a series of stable growth policies and the implementation of continuous policies, the improvement of financial data, especially the recovery of medium and long -term credit, is relatively obvious, coupled with the loan market quotation interest rate (LPR) is lowered, demand has rebounded, and the future may gradually be transmitted to investment and consumption.

In the next stage, Wen Bin believes that in order to consolidate the foundation of stabilizing economic stability, it is necessary to continue to give full play to the combined effect of stabilizing the economy and continuation measures, with investment with consumption, promote employment and entrepreneurship, support the effective demand for credit, and cultivate and grow. Market entities and new economic dynamics have enhanced the sustainability of economic restoration. On the one hand, monetary policy must actively support the expansion of effective investment, and give full play to the important role of the steady growth of policy development financial instruments in the third and fourth quarters; on the other hand, it should also increase the social service industry, platform enterprises, small and medium -sized enterprises, etc. Credit support, promote employment and entrepreneurship, boost market confidence to expand consumption.

Regarding the trend of monetary policy, Liu Guoqiang, deputy governor of the People's Bank of China, said that in the next stage, the People's Bank of China will implement a good monetary policy, consolidate the foundation of economic recovery development, and do not engage in "big water irrigation" and an overdraft future. In addition, it will further play the role of the guiding role of the loan market quotation interest rate and the market -oriented adjustment mechanism of deposit interest rates, and guide financial institutions to transmit the decline in deposit interest rates to the loan side, reducing the cost of corporate financing and personal credit.

Wen Bin believes that in this context, it is still possible to reduce the interim loan convenience (MLF) and open market operating interest rates in the future, and then guide LPR to continue to decline to reduce corporate financing and personal credit costs, and support valid demand for credit to continue to rise. At the same time, it is also expected to continue to reduce the cost of debt in financial institutions and create conditions for financial institutions to further create benefits to the real economy.

(Economic Daily reporter Chen Guojing)

(Chen Guojing)

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