The financial statistics for the first three quarters disclosed by the People's Bank of China on October 15th showed that at the end of September, the stock of social financing scale, M2 (broad money), and RMB loan balance increased by 8.7%, 8.4%, and 6.6% year-on-year, respectively. The growth rate of key financial indicators continues to be higher than the economic growth rate, and the support of finance for the real economy is stable. At the end of September, the "scissors gap" between M1 (narrow currency) and M2 (M2 year-on-year growth rate minus M1 year-on-year growth rate) narrowed to 1.2 percentage points, hitting a new low since the adjustment of M1 statistical caliber at the beginning of this year, reflecting the increase in enterprise production and operation activity and the recovery of personal investment and consumption demand. In addition, when the central bank released financial data this time, it merged the previously released "Financial Statistical Data Report", "Social Financing Scale Stock Statistical Data Report", and "Social Financing Scale Incremental Statistical Data Report" into one "Financial Statistical Data Report" to better serve the needs of all parties for the use of financial data information. The Shanghai Securities News reporter learned from the central bank that in order to ensure the comprehensiveness of financial statistical data obtained by all parties, this adjustment will not delete the original data report content, only merge the content. The growth rate of M1 has significantly rebounded, and the growth rate of M2 and social financing scale has remained at a high level, continuing to create a suitable monetary and financial environment for the economic recovery and improvement. Data shows that in the first three quarters, the cumulative increase in social financing scale was 30.09 trillion yuan, 4.42 trillion yuan more than the same period last year. Bond issuance, especially government bond issuance, has played an important role in promoting the scale of social financing. In the first three quarters, the net financing of government bonds was 11.46 trillion yuan, an increase of 4.28 trillion yuan year-on-year. Since the beginning of this year, the issuance of government bonds has accelerated, and the channels for corporate bond issuance and equity financing have become more smooth. Direct financing has a significant driving effect on the scale of social financing. ”Analysts say. From the perspective of social financing structure, the proportion of RMB loans and government bond balances issued by the real economy in the social financing "plate" shows a trend of "one decrease and one increase". At the end of September, the balance of RMB loans issued to the real economy accounted for 61.1% of the total social financing scale during the same period, which was 1.3 percentage points lower than the same period last year; The balance of government bonds accounted for 21.2%, a year-on-year increase of 2.1 percentage points. More proactive fiscal policies and moderately loose monetary policies continue to exert force, supporting the M2 growth rate to maintain a high level. At the end of September, M2 balance increased by 8.4% year-on-year, 1.5 percentage points higher than the same period last year, maintaining a high growth rate on the basis of the same period last year. The growth rate of M1 balance continues to rebound, with a year-on-year increase of 7.2%, which is 7.1 percentage points higher than the low point of the year at the end of February. Analysts say that the growth rate of M1 has shown a clear upward trend in recent months. In addition to the impact of the low base in the same period last year, it is also related to the trend of enterprises and residents' fixed deposits becoming more in demand. Since the beginning of this year, the "scissors gap" between M1 and M2 has significantly narrowed, reflecting the increased activity of enterprise production and operation, as well as the recovery of personal investment and consumption demand. In terms of deposits, in the first three months, household deposits increased by 12.73 trillion yuan, and non bank financial institution deposits increased by 4.81 trillion yuan. In recent months, the growth rate of household deposits has declined from its previous high, while non bank deposits have maintained a relatively fast growth rate. ”Analysts say that based on the situation since the beginning of this year, non bank deposits have grown rapidly, mainly due to the regularization of non bank deposits and the significant increase in holding interbank certificates of deposit. Against the backdrop of the recovery of the capital market and the decline in interest rates, many market institutions regard the changes between household deposits and non bank deposits as a "move" of household deposits to the stock market. The credit structure continued to optimize in September, with reasonable growth in loan scale and continuous optimization of credit structure. At the end of September, the balance of various loans in RMB was 270.39 trillion yuan, a year-on-year increase of 6.6%. After restoring the impact of local special debt replacement, the growth rate is around 7.7%. ”Analysts say that factors such as the expansion of key industries in September and the implementation of consumer loan interest subsidy policies have created favorable conditions for credit growth. Corporate loans maintain a good growth trend. Among them, key industries such as equipment manufacturing and high-tech manufacturing maintain a high level of prosperity, and the financing needs of enterprises are effectively released. Resident credit demand has also rebounded. Analysts say that in September, the personal consumption loan subsidy policy and the service industry operating entity loan subsidy policy began to be implemented, and the decrease in interest costs further stimulated the demand for consumer loans. At the same time, in recent times, first tier cities such as Beijing, Shanghai, and Shenzhen have successively adjusted their housing purchase restriction policies, which has driven up the transaction volume of the real estate market and correspondingly improved the demand for personal housing loans. The key areas and weak links of economic development have received more credit support. At the end of September, the balance of inclusive small and micro loans was 36.09 trillion yuan, a year-on-year increase of 12.2%; The balance of medium and long-term loans in the manufacturing industry was 1.502 trillion yuan, a year-on-year increase of 8.2%. The growth rate of these loans was higher than that of various loans during the same period. The loan interest rate remains consistently low in terms of funding prices. In September, the weighted average interest rate for new loans (in domestic and foreign currencies) issued by enterprises was about 3.1%, which was about 40 basis points lower than the same period last year; The weighted average interest rate for newly issued personal housing loans (in domestic and foreign currencies) is about 3.1%, which is about 25 basis points lower than the same period last year. Since the beginning of this year, loan interest rates have remained consistently low, indicating an overall abundant supply of credit resources and a relatively high degree of satisfaction with the financing needs of the real economy. ”Analysts say that at the same time, with the orderly progress of the pilot work of expressing the comprehensive financing cost of enterprise loans, banks have unified and expressed various financing costs through the "loan clear paper", promoting more openness and transparency in the comprehensive financing cost of enterprise loans, and also promoting the reduction of financing costs for small and medium-sized enterprises. Analysts suggest that it is necessary to grasp the synergy between quantity and price, as well as the synergy between different market interest rates such as loans, bonds, and wealth management, effectively play the role of interest rate regulation mechanisms, better stimulate corporate investment and residents' consumption willingness, and boost effective demand in the real economy. At present, the supporting conditions and basic trend for the long-term improvement of the economy have not changed. ”Analysts predict that in the fourth quarter, a moderately loose monetary policy will continue to provide strong support for the real economy, and fiscal policy will also be actively implemented. The effects of a series of policy measures such as promoting consumption and benefiting people's livelihoods introduced earlier will continue to gradually emerge. Recently, the implementation of industrial policies has also been increasing, providing continuous support for investment and supporting the economy to maintain a positive trend of recovery. (New Society)