On July 11, the people's Bank of China released data showing that at the end of June, the balance of broad money (m_2) was 258.15 trillion yuan, an increase of 11.4% year-on-year, 0.3 and 2.8 percentage points higher than the end of last month and the same period of last year respectively. In June, RMB loans increased by 2.81 trillion yuan, an increase of 686.7 billion yuan year-on-year; The increment of social financing scale was 5.17 trillion yuan, 1.47 trillion yuan more than the same period last year. Industry insiders believe that with the implementation of various steady growth package policies, financial institutions continue to increase their support for the real economy, the effective demand for credit has rebounded significantly, and the credit structure has been significantly optimized. The overall financial data in June exceeded market expectations, indicating that the macroeconomic recovery continues to be good. "In June, credit and social finance soared, exceeding market expectations, mainly for several reasons: first, the macroeconomic recovery momentum was further strengthened, and the real estate market also warmed up, driving the financing demand of the real economy to rebound; second, the package of policies to stabilize the economy was accelerated, and financial support for steady growth was further strengthened, boosting the year-on-year increase in medium and long-term loans of enterprises; third, the issuance of special bonds ushered in a historic peak." Said Wang Qing, chief Macro Analyst of Dongfang Jincheng. Wang Yunjin, a senior researcher at Zhixin Investment Research Institute, said that a number of rescue policies were implemented intensively in the second quarter, which had a significant effect on the growth of credit and social financing. In the second quarter, the market liquidity was relatively abundant, supporting the extension of small, medium-sized and micro loans and residential housing loans, the new 1trillion yuan national financing guarantee fund, the issuance of 800billion yuan of policy bank credit lines and other policies were intensively implemented, and the active fiscal policy continued to work, effectively realizing the expansion of stable stocks, which had a good policy effect on the reasonable growth of credit and social financing. Another feature of the financial data in June is the significant improvement in the structure, which is reflected in the rebound in the proportion of medium - and long-term loans of enterprises and residents, and the easing of bill impulse. Wang Qing said that with the economic recovery, banks' risk appetite has improved, and their willingness to provide medium - and long-term loans to the real economy has increased. On the whole, in June, credit, social financing and M_ The growth rate is rising, which shows that under the joint action of policy force and epidemic mitigation, the credit relief effect is fully emerging. This will lay a solid foundation for the economy in the second half of the year. Specifically, M_ 2. The growth rate remains high. Wenbin, chief economist of Minsheng Bank, believes that the reasons are: first, there is abundant liquidity and accelerated credit supply under the background of steady growth. Since April, under the influence of factors such as the comprehensive RRR reduction and the continuous development of structural monetary policy tools, the market liquidity has been in a relatively abundant state. Banks have increased credit supply, and the currency derivative effect has increased; Second, fiscal expenditure accelerated. In June, fiscal deposits decreased by 436.7 billion yuan, an increase of 36.5 billion yuan year-on-year, and the liquidity of the banking system increased; Third, the pressure drop of non-standard financing slowed down. In terms of credit structure, the financing needs of enterprises and residents were improving in June. Zhoumaohua, a macro researcher in the financial market department of Everbright Bank, believes that the strong rebound in medium and long-term corporate loans and the decline in bill financing reflect the recovery of corporate investment willingness. The year-on-year increase in residents' short-term new loans also reflects a marked pick-up in residents' consumption demand. "In June, the financing of new bills was the lowest level in nearly 14 months, and the impulse phenomenon was significantly improved; the closure was lifted in many places, consumption, especially automobile consumption, was improved to a certain extent, and household credit returned to the same period last year." Wang Yunjin said. Fiscal development has led to a substantial increase in government bond financing, which is also one of the main forces driving the increase of social financing. Wang Yunjin believed that the issuance of local government special bonds in the first half of the year basically completed the annual quota; In June, the direct financing of enterprises recovered, with a new financing of 308.3 billion yuan, and the issuance of bond market improved. In the second quarter, the three off balance sheet financing continued to fall, but the scale decreased month by month. The increase of RMB loans in social financing caliber exceeded 3trillion yuan, indicating that the loans of non bank financial institutions decreased. Wen Bin said that in the next stage, under the policy objectives of stabilizing employment, prices and growth, monetary policy will continue to play the dual functions of aggregate and structure, guide financial institutions to increase the support of inclusive small and micro loans, strive to stabilize the supply chain of the industrial chain, give full play to the effect of policies to help enterprises rescue, reduce the comprehensive financing costs of enterprises, and fully support the real economy. In order to promote the economic operation to return to normal as soon as possible, the financial data will continue to be strong in the short term. Wang Qing predicted that the domestic inflation situation is stable, the monetary policy will maintain strong continuity in the direction of steady growth in the second half of the year, and the tightening of the external financial environment will not shake the policy tone of "I give priority to". (Xinhua News Agency)