According to the data released by the people's Bank of China on July 11, RMB loans increased by 2.81 trillion yuan in June, 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. At the end of June, broad money (M2) increased by 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. Insiders said that the overall financial data in June exceeded market expectations, indicating that with the implementation of various steady growth package policies, financial institutions continued to increase their support for the real economy, and the effective demand for credit rebounded. In terms of total amount, RMB loans increased by 2.81 trillion yuan in June, an increase of 920 billion yuan month on month and 686.7 billion yuan year-on-year, indicating that enterprise loans were further increased in the month. Wang Qing, chief Macro Analyst of Dongfang Jincheng, said that due to the impact of the impulse at the end of the quarter, the increase in loans in June was seasonal, but an increase of nearly 700billion yuan year-on-year, indicating that under the recent background of "enhancing the stability of the growth of total credit", the aggregate function of countercyclical regulation of monetary policy is being brought into full play. While the total amount of RMB loans increased, the loan structure also showed positive changes. In June, short-term loans increased by 1.20 trillion yuan, an increase of 264.6 billion yuan year-on-year; Medium and long-term loans increased by a total of 1.87 trillion yuan, a significant increase of 1.21 trillion yuan month on month, an increase of 514.1 billion yuan year on year. "The proportion of short-term and medium and long-term loans in new loans was 43% and 66% respectively, compared with 61% and 35% respectively last month. The credit structure improved significantly in June." Wenbin, chief economist of Minsheng Bank, said. The growth of medium and long-term loans of enterprises is more obvious. In June, the loans of enterprises (Institutions) increased by 2.21 trillion yuan, an increase of 681.6 billion yuan month on month, an increase of 752.5 billion yuan year on year, and continued to be an important driving force for credit growth. Structurally, the medium and long-term loans of enterprises (Institutions) increased by 1.45 trillion yuan, a significant increase of 894.9 billion yuan month on month, and a significant increase of 613 billion yuan year on year. Wen Bin said that the supporting policies for steady growth in June should be fully implemented, the strengthening of infrastructure financing, the catch-up resumption of major projects after the full resumption of work and production, and the acceleration of the start-up, all promoted the medium and long-term loans of enterprises to rise to a high level. Zhao Qingming, vice president of China Foreign Exchange Investment Research Institute, also said that the growth of short-term and medium - and long-term corporate loans in June was significant, which may indicate that the effective demand for corporate credit has come out of the trough. In June, the new social finance increased by 5.17 trillion yuan, an increase of 2.38 trillion yuan month on month, and an increase of 1.47 trillion yuan year on year, boosting the year-on-year growth rate of social finance stock at the end of the month by 0.3 percentage points to 10.8% compared with the end of May, the fastest growth rate since the second half of last year. Wang Qing said that from the perspective of sub items, the significant increase in social finance in June was mainly driven by RMB loans invested in the real economy, government bond financing and off balance sheet bill financing. Among them, due to the requirements of relevant departments that new special bonds must be "basically issued" by the end of June this year, the issuance of new special bonds in June exceeded trillion yuan, driving the month on month increase of government bond financing by 560.2 billion yuan. At the end of June, M2 increased by 11.4% year-on-year, and the growth rate also hit a new high since 2016. Wen bin analyzed that there are three reasons behind the high growth rate of M2. First, under the background of "steady growth", the liquidity level is abundant and the credit supply is accelerated. 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. Wen Bin said that in the next stage, 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 the policy of helping enterprises to rescue, reduce the comprehensive financing costs of enterprises, and fully support the real economy. (Xinhua News Agency)