In November, the growth rate of new RMB loans and M2, which represents generalized liquidity, fell short of expectations, and the growth rate of the scale of social financing rebounded.
Data released by the People’s Bank of China on December 9 showed that RMB loans in November increased by 1.27 trillion yuan, a year-on-year increase of 160.5 billion yuan, which was less than the market’s expected 15,300 100 million yuan, but higher than the 826.2 billion yuan in October.
Among them, as the backlog of personal housing loans accelerated in the previous period, new medium and long-term loans for residents in November increased both year-on-year and month-on-month.
From a structural point of view, the proportion of personal housing loans is still at a high level. In November, residents’ mid- and long-term loans accounted for more than 45% of all new RMB loans, although slightly lower In October, it was significantly higher than the first nine months of this year, and the ratio was less than 30% in the first three quarters of this year.
However, long-term and medium-term corporate loans continue to be sluggish, accounting for 27% of all new RMB loans, and this proportion is close to 50% in the first three quarters .
Specifically, in terms of sectors, household loans increased by 733.7 billion yuan in October, of which short-term loans increased by 151.7 billion yuan, medium and long-term loans increased by 582.1 billion yuan; (Event) Loans to business units increased by 567.9 billion yuan, of which short-term loans increased by 41 billion yuan, medium and long-term loans increased by 341.7 billion yuan, bill financing increased by 160.5 billion yuan; loans from non-banking financial institutions decreased by 36.4 billion yuan.
Under the influence of new loans, the increase in social financing scale in November was also slightly lower than market expectations, but the growth rate rebounded.
According to the central bank’s data, preliminary statistics show that the stock of social financing at the end of November was 311.9 trillion yuan, an increase of 10.1% year-on-year, higher than the 10% in October. The increase in the scale of social financing in November was 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.
From a structural point of view, trust loans and undiscounted bank acceptances continued to decrease, entrusted loans returned to positive growth, and net government bond financing continued to support the growth of social financing in November .
Specifically, the RMB loans issued to the real economy in November increased by 1.3 trillion yuan, a year-on-year increase of 228.8 billion yuan;Currency loans equivalent to RMB decreased by 13.4 billion yuan, a year-on-year decrease of 31.3 billion yuan; entrusted loans increased by 3.5 billion yuan, an increase of 6.6 billion yuan year-on-year; trust loans decreased by 219 billion yuan, a year-on-year decrease of 80.3 billion yuan; undiscounted bank acceptances A decrease of 38.3 billion yuan, a decrease of 24.2 billion yuan year-on-year; net corporate bond financing was 410.4 billion yuan, an increase of 326.4 billion yuan year-on-year; net government bond financing was 815.8 billion yuan, an increase of 415.8 billion yuan year-on-year; domestic equity financing of non-financial enterprises was 129.4 billion yuan, This was 52.3 billion yuan more than the same period last year.
M2’s growth rate also failed to continue its growth momentum, but M1’s growth rate rebounded beyond expectations.
Data show that at the end of November, the balance of broad money (M2) was 235.6 trillion yuan, an increase of 8.5% year-on-year, and the growth rate was 0.2 points lower than the end of the previous month and the same period of the previous year. And 2.2 percentage points; the balance of narrow money (M1) was 63.75 trillion yuan, a year-on-year increase of 3%, and the growth rate was 0.2 percentage points higher than the end of the previous month and 7 percentage points lower than the same period last year; the balance of currency in circulation (M0) was 8.74 trillion yuan Yuan, an increase of 7.2% year-on-year. Net cash injection of 134.8 billion yuan that month.