China News Agency, Beijing, December 9th (Reporter Xia Bin) The People's Bank of China released data on the 9th, showing that in November, RMB loans increased by 1.27 trillion yuan (RMB, the same below), a year-on-year increase of 160.5 billion yuan; at the end of November, broadly speaking The currency (M2) balance was 235.6 trillion yuan, a year-on-year increase of 8.5%, and the growth rate was 0.2 and 2.2 percentage points lower than the end of the previous month and the same period last year, respectively.

　　The data released on the same day also showed that in November, the scale of social financing increased by 2.61 trillion yuan, 478.6 billion yuan more than the same period last year, and 620.4 billion yuan more than the same period in 2019; at the end of November, the stock of social financing was 311.9 trillion yuan. Yuan, an increase of 10.1% year-on-year.

　　According to the research team of the Bank of China Research Institute, from the data point of view, although corporate bonds and government bonds have increased significantly year-on-year, under the drag of the small increase in RMB loans, the social financial stock growth rate in November was only 10.1% year-on-year, and the growth rate was still relatively high. Low.

In addition, the growth rate of M2 remained at 8.5%, mainly due to the acceleration of fiscal expenditures.

In November, fiscal deposits decreased by 728.1 billion yuan.

　　The team believes that, from a follow-up perspective, considering the weakening of local government bond financing for social financing in December, it is difficult for the demand for RMB loans to pick up significantly, and the probability of a rebound in social financing growth is unlikely.

However, as the end of the year approaches, the acceleration of fiscal expenditure will support M2, which is expected to continue to maintain a growth rate of over 8%.

　　Wen Bin, chief researcher of China Minsheng Bank, pointed out that the overall credit of the residential sector was stable, with 733.7 billion yuan in new loans this month, a year-on-year decrease of 19.7 billion yuan.

Among them, short-term loans increased by 151.7 billion yuan, a year-on-year increase of 96.9 billion yuan, while medium- and long-term loans increased by 582.1 billion yuan, a new high since April this year, mainly due to the maintenance of the stable development of the real estate market and the gradual increase of reasonable mortgage loan demand. satisfy.

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