2024-08-14
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Xinhua News Agency, Beijing, August 13 Title: Financial policies continue to work hard to keep loan interest rates low - a look at July financial data
Xinhua News Agency reporters Wu Yu and Zhang Qianqian
The People's Bank of China released financial statistics for July on the 13th. Against the backdrop of the overall "slowing down and improving quality" of financial aggregate growth, what are the highlights of the financial data for that month? To which sectors did credit funds mainly flow? How much room is there for interest rate adjustments?
Loan growth was stable and bond financing increased significantly in the month
Financial statistics released by the People's Bank of China on the same day showed that at the end of July, the balance of RMB loans in my country was 251.11 trillion yuan, an increase of 8.7% year-on-year; the stock of social financing scale was 395.72 trillion yuan, an increase of 8.2% year-on-year; the balance of broad money (M2) was 303.31 trillion yuan, an increase of 6.3% year-on-year.
Data shows that new loans in July were about 260 billion yuan, down from the same period last year. Wen Bin, chief economist of China Minsheng Bank, believes that July has always been a "short month" for loan issuance, and coupled with the obvious end-of-quarter credit rush by banks in June, loan growth in July was basically stable.
The reporter found that bill financing grew significantly in July. Dong Ximiao, chief researcher of China UnionPay, said that on-balance sheet bills are a component of loans and an important financing channel for the real economy, especially small and medium-sized enterprises, with characteristics such as short term, high convenience and good liquidity. As the bill interest rate declines, the cost of bill financing for small and medium-sized enterprises is reduced accordingly, stimulating the demand for bill financing.