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on september 13, the people's bank of china released the financial statistics for august. the heads of relevant departments of the central bank interpreted the relevant situation of the financial statistics for august and answered questions from the media.

q: how do you view the financial data for august? what are its characteristics?

a: since the beginning of this year, the people's bank of china has conscientiously implemented the decisions and arrangements of the cpc central committee and the state council. the prudent monetary policy has been flexible, appropriate, precise and effective, and counter-cyclical regulation has been strengthened to create a good monetary and financial environment for economic and social development. the data for august show three main characteristics.

first, the total amount of finance has grown reasonably. the growth rate of m2 balance has been relatively stable recently. in august, the growth rate of the balance of social financing scale and rmb loans was above 8%, which was about 4 percentage points higher than the nominal gdp growth rate in the first half of the year. against the background of accelerated structural transformation, financial data still maintained steady growth on a high base, and the support for the real economy was stable.

second, the credit structure continued to optimize. credit resources flowed more to major strategies, key areas and weak links, strongly supporting the accelerated optimization of the economic structure. at the end of august, the balance of medium- and long-term loans in the manufacturing industry was 13.69 trillion yuan, a year-on-year increase of 15.9%, of which the balance of medium- and long-term loans in high-tech manufacturing increased by 13.4% year-on-year. the balance of loans to technology-based smes was 3.09 trillion yuan, a year-on-year increase of 21.2%. the balance of loans to "specialized, refined and innovative" enterprises was 4.18 trillion yuan, a year-on-year increase of 14.4%. the balance of inclusive small and micro loans was 32.21 trillion yuan, a year-on-year increase of 16.0%. the growth rates of the above loans were all higher than the growth rates of all loans in the same period.

third, interest rates continued to decline at a low level. in august, the weighted average interest rate of newly issued corporate loans was 3.57%, 8 basis points lower than the previous month and 28 basis points lower than the same period last year. the interest rate of newly issued inclusive small and micro loans was 4.48%, 8 basis points lower than the previous month and 34 basis points lower than the same period last year, both at historical lows.

question: what progress and achievements have been made in financial support for high-quality economic development?

answer: since the beginning of this year, the people's bank of china has made all-out efforts to do a good job in the "five major articles" of finance, focusing on optimizing the credit structure. the intensity, adaptability and precision of financial support for major strategies, key areas and weak links have been significantly improved.

at the macro-policy level, we will strengthen top-level design and systematic planning. we will introduce policies to support technological innovation, green and low-carbon development, and rural revitalization. we will carry out in-depth projects to enhance the financial service capabilities of science and technology, green development, and small and medium-sized enterprises, and improve the assessment and evaluation system.

at the level of working mechanisms, we will improve incentive-compatible mechanism arrangements. we will optimize the refinancing policies for technological innovation and technological transformation, and the auto consumption credit policies, and step up support for large-scale equipment renewal and the replacement of old consumer goods with new ones. we will extend the implementation period of the inclusive pension special refinancing policy, give full play to the role of carbon emission reduction support tools and inclusive small and micro loan support tools, improve the work coordination mechanism with science and technology, environmental protection, agriculture and other departments, and encourage and guide financial institutions to increase the intensity and level of support.

in terms of financial services, we support enterprises in expanding diversified financing channels. we will improve the development of a multi-level bond market and promote the continued growth of green bonds and bonds for science and technology enterprises. we will improve the level of credit investigation, payment, foreign exchange and other services, and make significant progress in facilitating payments for foreigners coming to china. we will actively and steadily promote the construction of pilot areas for science and technology innovation, inclusive finance, green finance, etc., and a number of replicable and popularizable financial service models are taking shape.

in the next step, the people's bank of china will implement the policy measures that have been issued, accelerate the formulation of the overall plan for the "five major articles" of finance as well as digital finance and pension finance policies, form a "1+n" policy system, introduce more incentive policies and tools, continue to deepen financial service innovation in key areas, and more effectively support high-quality economic development.

question: what are the considerations and measures for the next monetary policy?

a: the people's bank of china will maintain a supportive monetary policy stance and create a favorable monetary and financial environment for the economic recovery. monetary policy will be more flexible, appropriate, precise and effective, and the intensity of regulation will be increased to accelerate the implementation of the financial policy measures that have been issued, and some incremental policy measures will be introduced to further reduce thecorporate financeand residents' credit costs, and maintain a reasonable level of liquidity. maintaining price stability and promoting a moderate price recovery are important considerations for monetary policy, and reasonable consumer financing needs are met in a more targeted manner. we will continue to enhance macroeconomic policy coordination and support proactive fiscal policies to achieve better results, focus on expanding domestic demand, promote both consumption and investment, pay more attention to consumption, eliminate obsolete production capacity, promote industrial upgrading, and support the dynamic balance between total supply and total demand at a higher level.

central bank: at the end of august, the balance of broad money (m2) was 305.05 trillion yuan, a year-on-year increase of 6.3%

on september 13, the central bank released the financial statistics report for august 2024. the details are as follows:

1. broad money supply increased by 6.3%

at the end of august, the balance of broad money (m2) was 305.05 trillion yuan, up 6.3% year-on-year. the balance of narrow money (m1) was 63.02 trillion yuan, down 7.3% year-on-year. the balance of currency in circulation (m0) was 11.95 trillion yuan, up 12.2% year-on-year. in the first eight months, the net cash injection was 602.8 billion yuan.

2. rmb loans increased by 14.43 trillion yuan in the first eight months

at the end of august, the balance of domestic and foreign currency loans was 256.24 trillion yuan, an increase of 8% year-on-year. the balance of rmb loans at the end of the month was 252.02 trillion yuan, an increase of 8.5% year-on-year.

in the first eight months, rmb loans increased by 14.43 trillion yuan. by sector, household loans increased by 1.44 trillion yuan, of which short-term loans increased by 132.4 billion yuan and medium- and long-term loans increased by 1.31 trillion yuan; loans to enterprises (public institutions) increased by 11.97 trillion yuan, of which short-term loans increased by 2.37 trillion yuan, medium- and long-term loans increased by 8.7 trillion yuan, and bill financing increased by 759.7 billion yuan; loans to non-banking financial institutions increased by 459.1 billion yuan.

at the end of august, the balance of foreign currency loans was us$594 billion, down 13.8% year-on-year. in the first eight months, foreign currency loans decreased by us$62.4 billion.

3. rmb deposits increased by 12.88 trillion yuan in the first eight months

at the end of august, the balance of domestic and foreign currency deposits was 303.21 trillion yuan, a year-on-year increase of 6.6%. the balance of rmb deposits at the end of the month was 297.14 trillion yuan, a year-on-year increase of 6.6%.

in the first eight months, rmb deposits increased by 12.88 trillion yuan, of which household deposits increased by 9.65 trillion yuan, non-financial enterprise deposits decreased by 2.88 trillion yuan, fiscal deposits increased by 960.6 billion yuan, and deposits of non-banking financial institutions increased by 3.59 trillion yuan.

at the end of august, the balance of foreign currency deposits was us$853.1 billion, up 7.3% year-on-year. in the first eight months, foreign currency deposits increased by us$55.3 billion.

4. in august, the monthly weighted average interest rate of interbank rmb lending was 1.77%, and the monthly weighted average interest rate of pledged bond repurchase was 1.79%.

in august, the interbank rmb market had a total turnover of 181.78 trillion yuan in the form of borrowing, spot bonds and repurchase, with an average daily turnover of 8.26 trillion yuan, a year-on-year decrease of 11.2%. among them, the average daily turnover of interbank borrowing decreased by 27.2% year-on-year, the average daily turnover of spot bonds decreased by 1.6% year-on-year, and the average daily turnover of pledged repurchase decreased by 12% year-on-year.

the weighted average interbank lending rate in august was 1.77%, 0.04 percentage points lower than the previous month and 0.06 percentage points higher than the same period last year. the weighted average pledged repo rate was 1.79%, 0.03 percentage points lower than the previous month and 0.03 percentage points higher than the same period last year.

5. in august, the amount of cross-border rmb settlement under current account was 1.26 trillion yuan, and the amount of cross-border rmb settlement of direct investment was 0.59 trillion yuan

in august, the amount of cross-border rmb settlement under current account was 1.26 trillion yuan, of which trade in goods, trade in services and other current items were 930 billion yuan and 330 billion yuan respectively; the amount of cross-border rmb settlement of direct investment was 590 billion yuan, of which outward direct investment and foreign direct investment were 200 billion yuan and 390 billion yuan respectively.

central bank: preliminary statistics show that the total amount of social financing at the end of august was 398.56 trillion yuan, an increase of 8.1% year-on-year

the central bank released statistical data report on the stock of social financing scale in august 2024.

according to preliminary statistics, the stock of social financing scale was 398.56 trillion yuan at the end of august 2024, an increase of 8.1% year-on-year. among them, the balance of rmb loans issued to the real economy was 248.89 trillion yuan, an increase of 8.1% year-on-year; the balance of foreign currency loans issued to the real economy in rmb was 1.5 trillion yuan, a decrease of 17.4% year-on-year; the balance of entrusted loans was 11.21 trillion yuan, a decrease of 1.1% year-on-year; the balance of trust loans was 4.26 trillion yuan, an increase of 13% year-on-year; the balance of undiscounted bank acceptance bills was 2.21 trillion yuan, a decrease of 17.3% year-on-year; the balance of corporate bonds was 32.27 trillion yuan, an increase of 2.6% year-on-year; the balance of government bonds was 75.44 trillion yuan, an increase of 15.8% year-on-year; the balance of domestic stocks of non-financial enterprises was 11.59 trillion yuan, a year-on-year increase of 2.7%.

from a structural perspective, at the end of august, the balance of rmb loans issued to the real economy accounted for 62.4% of the total social financing scale in the same period, down 0.1 percentage point year-on-year; the balance of foreign currency loans issued to the real economy converted into rmb accounted for 0.4%, down 0.1 percentage point year-on-year; the balance of entrusted loans accounted for 2.8%, down 0.3 percentage point year-on-year; the balance of trust loans accounted for 1.1%, up 0.1 percentage point year-on-year; the balance of undiscounted bank acceptance bills accounted for 0.6%, down 0.1 percentage point year-on-year; the balance of corporate bonds accounted for 8.1%, down 0.4 percentage point year-on-year; the balance of government bonds accounted for 18.9%, up 1.2 percentage points year-on-year; the balance of domestic stocks of non-financial enterprises accounted for 2.9%, down 0.2 percentage point year-on-year.

central bank: the cumulative increase in social financing scale in the first eight months of 2024 was 21.9 trillion yuan

according to preliminary statistics, the cumulative increase in social financing scale in the first eight months of 2024 was 21.9 trillion yuan, 3.32 trillion yuan less than the same period last year. among them, rmb loans issued to the real economy increased by 13.42 trillion yuan, 3.57 trillion yuan less than the same period last year; foreign currency loans issued to the real economy decreased by 158.3 billion yuan in rmb, 80 billion less than the same period last year; entrusted loans decreased by 54.8 billion yuan, 139.7 billion yuan less than the same period last year; trust loans increased by 355.6 billion yuan, 331.9 billion yuan more than the same period last year; undiscounted bank acceptance bills decreased by 278.8 billion yuan, 280.8 billion yuan less than the same period last year; corporate bond net financing was 1.78 trillion yuan, 203.1 billion yuan more than the same period last year; government bond net financing was 5.64 trillion yuan, 679.8 billion yuan more than the same period last year; non-financial enterprises' domestic stock financing was 157.6 billion yuan, 484.2 billion yuan less than the same period last year.