Jinwu Financial News | CITIC Securities said that mainland China added RMB 950 billion in loans in May, a year-on-year decrease of RMB 410 billion. The central bank's “squeezing moisture” has reduced “idle” loans, and the effects of real estate policy optimization have yet to be transmitted to the financing demand side. In terms of credit structure, medium- to long-term corporate loans are low, and bill financing is too high. The growth rate of social finance in May was 8.4%, up 0.1 percentage points from the previous month, mainly due to the accelerated issuance of government bonds. The net financing of government bonds in May was 1.22 trillion yuan, an increase of 668.2 billion yuan over the previous year. It is expected that government bonds will continue to support social finance in the next few months. The M1 growth rate in May was -4.2%, down 2.8 percentage points from the previous month. The bank believes that this is not due to a drastic decline in business activity, but rather that corporate deposits flow to financial management after “manual interest payments” have been strictly investigated.
【券商聚焦】中信证券：内地金融业“挤水分”效果继续显现
Brokerage Focus: Citic Securities - Continued Effects of Squeezing Water from Mainland Financials Index
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