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At the end of July, the scale of social financing was 395.72 trillion yuan, and the financial sector continued to serve the real economy.

2024-08-14

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Financial data released by the People's Bank of China on August 13 showed that at the end of July, the balance of broad money (M_2) was 303.31 trillion yuan, a year-on-year increase of 6.3%, 0.1 percentage point higher than the end of the previous month. The stock of social financing scale was 395.72 trillion yuan, a year-on-year increase of 8.2%, 0.1 percentage point higher than the previous month.

In July, the growth of total financial volume was basically stable, with the growth rate at the end of the month basically the same as that of the previous month. The growth rate of social financing scale was higher than the growth rate of nominal GDP in the first half of the year, maintaining a reasonable growth, reflecting that finance continued to support the real economy.

Regarding the slowdown in M_2 growth this year, Pang Ming, chief economist of JLL Greater China, said that on the one hand, last year was the first year of the stable transition of the epidemic, and the M_2 growth rate rebounded significantly, resulting in a high base. From the average growth rate of the two years excluding the base effect, M_2 grew by an average of 8.5% at the end of July last year and this year, maintaining a reasonable level of liquidity.

"On the other hand, the 'squeezing out' of financial data will also have an impact on the total indicators." Pang Ming said that after some of the inflated deposits and loans are squeezed out, the financial data will fall back to a certain extent. Especially considering that some of the previous corporate demand deposits obtained relatively high returns through manual interest supplements, after these behaviors were standardized, corporate demand deposits declined, and some are gradually transforming into financial management. The impact in this regard will continue to be evident.