At the end of February, China's M2 increased by 8.7% year-on-year, and the stock of social financing was 385.72 trillion yuan.

　　China News Service, Beijing, March 15 (Reporter Xia Bin) The latest financial data released by the People's Bank of China on the 15th showed that at the end of February, the balance of broad money (M2) was 299.56 trillion yuan (RMB, the same below), a year-on-year increase of 8.7%.

Net cash injection in the first two months was 756.6 billion yuan.

RMB loans increased by 6.37 trillion yuan in the first two months.

　　In terms of social financing, preliminary statistics show that the stock of social financing at the end of February 2024 was 385.72 trillion yuan, a year-on-year increase of 9%.

Among them, the balance of RMB loans issued to the real economy was 241.29 trillion yuan, a year-on-year increase of 9.7%.

In the first two months of 2024, the cumulative increase in social financing scale was 8.06 trillion yuan, 1.1 trillion yuan less than the same period last year.

　　Wen Bin, chief economist of China Minsheng Bank, said that RMB loans increased by 1.45 trillion yuan in February. Due to the disruption of the Spring Festival misalignment and extended holidays, the increase was 360 billion yuan less than the same period last year, but it was still the second highest level in the same period in history.

　　He further said that this year’s Spring Festival falls in February, resulting in shorter working days, which is objectively not conducive to loan disbursement; new credit reached a high of 4.92 trillion yuan in January, which also consumed project reserves to a certain extent.

In addition, taking into account the requirement of "balanced delivery", new credit in February fell year-on-year.

Judging from the scale of cumulative credit increment from January to February, the intensity of credit extension since the beginning of 2024 has not been weak, and has also reached the highest level in the same period in history.

　　Liang Si, a researcher at the Bank of China Research Institute, believes that the government work report has made a comprehensive deployment of this year's economic work and proposed the issuance of ultra-long-term special treasury bonds and increased support for major strategies, key areas and weak links.

It is expected that the issuance of government bonds, local government bonds, etc. is expected to accelerate, coupled with the implementation of corresponding credit supporting funds, which will provide support to financial data.

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