Scale of social financing, credit both opener is not expected to ease monetary policy

Central bank data released on the 15th afternoon show , the first month of this year, new loans of RMB 1.32 trillion yuan , the scale of social financing was 2.58 trillion yuan , the former rushed to the peak nearly four years , the latter is more historical extremes . Financial Data "good start " for the real economy transfusion .

    "Good start " behind , not monetary policy easing . Analysts pointed out that this is mainly due to the beginning of ample banking facilities , as well as early inject more revenue management strategy, while maintaining stable macro economy , the real economy, demand for credit is good.

      Pursuant January macroeconomic data , monetary policy has not been announced relaxation necessary . Under the pressure of financial risk prevention , neutral tone of tight monetary policy will not change , various monetary policy tools the central bank integrated use of quantity, price, liquidity management will continue to be the most common form .

Corporate long-term loans soared achievement "a good start "

       Data show that in January of RMB 1.32 trillion yuan of new loans . Zhengbao reporter preliminary statistics, the level of its highest value since February 2010 .

      Multiparty voice are considered , beginning each line of credit is more abundant , while in the early inject more revenue business philosophy has always been the beginning of the season is the bank put credit . Moreover, the overall macroeconomic remained stable, the real economy, demand for credit is good, a lot of companies are beginning to increase financing needs . These factors resulted in RMB lending more .

      Long-term loans to companies in which the " good start" record hehe achievements. Specific data show that in January and long-term corporate loans increased by 504.2 billion yuan , the highest level since April 2010 .

      Bank Gold Research Center, believes that long-term lending business continued to accelerate , partly because the overall economy in a stable environment , corporate credit conditions continued to improve , on the other hand is also a result of the bank 's own credit policies , as yields on corporate loans higher than the retail loan debt rising cost pressures in the larger environment, banks tend to allocate credit resources to the higher-yielding assets.

      Also caused a surge in loan volume scale of social financing "gone ." Jan. scale of social financing was 2.58 trillion yuan , hit a record high .

      Apart from external factors RMB loans , entrusted loans also contributed. January entrusted loans increased by 396.5 billion yuan , an increase of 190.4 billion yuan . Read historical data can be found in January entrusted loan amount also hit a new statistical highest value since . But in reality , entrusted loans last year to 2.25 trillion yuan , an increase of 1.26 trillion yuan speed, ranked second in the scale of social financing constituent elements .

No need to relax monetary policy

      Loans, social financing scale yuan hit a record high after another , does not mean that monetary policy easing .

      From a macroeconomic point of view of data in January , the overall sound operation of the current Chinese economy , overall inflation moderate . CICC chief economist Peng Wensheng on the judgment, the current economic situation is not sufficient to lead to monetary policy easing . With the width of monetary policy currently in place other economies, China's real estate bubble is not only not broken , but also expands relatively fast pace of credit expansion , the financial system and the non-financial corporate leverage ratio is rising. Highlights the importance of controlling financial risks , the authorities to ease monetary policy to support economic growth in the limited space .

      He believes that the tight monetary policy will be our long-term future of macroeconomic policy and structural characteristics. The sharp drop in the coming months unless the economic data , such as industrial added value growth rate falls below 9% year on year , otherwise do not significantly adjust macroeconomic policy , monetary policy is unlikely to relax.

      In such a situation , the central bank comprehensive use of various monetary policy tools quantity, price, liquidity management will continue to be the most common form . " The fourth quarter of 2013 China's monetary policy implementation report " also pointed out that according to the international balance of payments and continued liquidity supply and demand situation , rational use of open market operations , reserve ratio , refinancing and rediscount convenient standing loans, short-term liquidity combination of tools such as regulation , management and regulate the banking system liquidity , strengthen communication with the market and the public , is expected to stabilize and promote the smooth operation of the market interest rate .

      Bank Gold Research Center, believes that the banking sector as a slow-release liquidity risk, the central bank will be based on changes in market conditions , flexibility to adjust the direction and intensity of the operation of open market operations and monetary instruments , and the timely creation of the integrated use of mobility tools.