CITIC Securities: It is expected that the growth rate of social financing will continue to maintain a moderate recovery in the next few months – Teller Report

Securities Times Network News, CITIC Securities pointed out that with the support of credit and government bond financing, social financing grew by 10.5% in May, an increase of 0.3 percentage points from the previous month. Monetary policy continued to push financial institutions to increase credit supply. The total amount of credit improved in May, but the credit structure remained poor, with short-term corporate loans and bill financing on the high side, and medium- and long-term loans for residents and medium- and long-term corporate loans on the low side. The fiscal tax rebate has brought the M2 growth rate to the highest value in five years, but the low M1 growth rate may indicate that corporate funds are idle. It is expected that the growth rate of social financing will continue to maintain a moderate recovery trend in the next few months.