Compared with the same period last year, new loans and social financing increased by 18.8% and 15.7% respectively. The growth rate of M2 was significantly stronger than last year, but the growth rate of social financing stock was not as good as last year, but it still rebounded for the second consecutive month, showing that monetary policy It is growing steadily.
Updated April 11, 2023 17:25 CST
According to data released by the People’s Bank of China on Tuesday afternoon, RMB loans increased by 3.89 trillion yuan in March, and the social financing scale increased by 5.38 trillion yuan. At the end of the month, the stock of social financing scale increased by 10% year-on-year. 12.7%.
Compared with the same period last year, new loans and social financing increased by 18.8% and 15.7% respectively. The growth rate of M2 was significantly stronger than last year, but the growth rate of social financing stock was not as good as last year, but it still rebounded for the second consecutive month, showing that monetary policy It is growing steadily.
In March last year, RMB loans increased by 3.13 trillion yuan, and the social financing scale increased by 4.65 trillion yuan. The stock of social financing scale increased by 10.6% year-on-year, while M2 increased by 9.7% year-on-year.
Compared with the previous value, the increase in loans and social financing surged by 1.15 times and 70% respectively, and the growth rate of social financing stock increased slightly, but the growth rate of M2 fell back.
…
According to data released by the People’s Bank of China on Tuesday afternoon, RMB loans increased by 3.89 trillion yuan in March, and the social financing scale increased by 5.38 trillion yuan. At the end of the month, the stock of social financing scale increased by 10% year-on-year. 12.7%.
Compared with the same period last year, new loans and social financing increased by 18.8% and 15.7% respectively. The growth rate of M2 was significantly stronger than last year, but the growth rate of social financing stock was not as good as last year, but it still rebounded for the second consecutive month, showing that monetary policy It is growing steadily.
In March last year, RMB loans increased by 3.13 trillion yuan, and the social financing scale increased by 4.65 trillion yuan. The stock of social financing scale increased by 10.6% year-on-year, while M2 increased by 9.7% year-on-year.
Compared with the previous value, the increase in loans and social financing surged by 1.15 times and 70% respectively, and the growth rate of social financing stock increased slightly, but the growth rate of M2 fell back.
Previously, new loans and social financing increments in February dropped significantly from the highs in January: RMB loans increased by 1.81 trillion yuan, and social financing scales increased by 3.16 trillion yuan. At the end of the month, the stock of social financing scale increased by 9.9% year-on-year, while M2 increased by 12.9% year-on-year.
In January, RMB loans increased by 4.9 trillion yuan, exceeding 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 , 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, both credit and M2 were stronger than expected in March.
According to a survey of economists by The Wall Street Journal, China’s new bank loans in March may have increased to 3.3 trillion yuan, and M2 may have grown by 12.6% year-on-year.
The People’s Bank of China also announced that at the end of March, narrow money (M1) grew by 5.1% year-on-year, 0.7 percentage points lower than the end of last month, and 0.4 percentage points higher than the same period last year; currency in circulation (M0) increased by 11% year-on-year.
Prior to the end of February, M1 increased by 5.8% year-on-year, and M0 increased by 10.6% year-on-year.
(This article is from Dow Jones Chinese Financial News)