According to the data of the people's Bank of China on December 9, RMB loans increased by 1.27 trillion yuan in November, a year-on-year decrease of 160.5 billion yuan. According to preliminary statistics, the increment of social financing scale in November 2021 was 2.61 trillion yuan, 478.6 billion yuan more than the same period of last year and 620.4 billion yuan more than the same period of 2019. At the end of November, the balance of broad money (M2) was 235.6 trillion yuan, a year-on-year increase of 8.5%, 0.2 and 2.2 percentage points lower than that at the end of last month and the same period of last year respectively. In terms of RMB loans, most people in the industry believe that the continued slowdown in credit in the enterprise sector reflects the weak credit demand of the real economy, which has not changed. Wen bin, chief researcher of China Minsheng Bank, said that from the perspective of corporate sector loans, while corporate sector loans have increased less, bill financing is still in impulse, reflecting the weak demand for corporate financing. From the perspective of loans from the resident sector, the credit of the resident sector was stable as a whole, with a new loan of 733.7 billion yuan in November, a year-on-year decrease of 19.7 billion yuan. Among them, short-term loans increased by 151.7 billion yuan, a year-on-year decrease of 96.9 billion yuan. Medium and long-term loans increased by 582.1 billion yuan, a new high since April this year, mainly due to maintaining the stable development of the real estate market and gradually meeting the demand for reasonable mortgage loans. In terms of the scale of social financing, new government bonds and direct financing of enterprises drive the growth of social financing. Wang Yunjin, senior researcher of Zhixin Investment Research Institute, said that first, the pace of local special bond issuance accelerated. In November, 815.8 billion yuan of government bonds were added, a significant increase of 415.8 billion yuan over the same period last year. The issuance of government bonds has driven the growth of social finance to a certain extent. Second, the three off balance sheet financing continued to narrow, with a total decrease of 49.5 billion yuan. Third, the direct financing of enterprises has improved significantly, of which bond financing increased by 410.4 billion yuan, significantly higher than about 326.4 billion yuan in the same period last year; Stock financing increased by 129.4 billion yuan, higher than 52.3 billion yuan in the same period last year. In addition, in November, RMB credit under the social finance standard increased by 1.3 trillion yuan, an increase of 230.9 billion yuan less than that in the same period last year. "On the whole, the financial data in November showed that the current round of credit easing process started slowly, and the current economy is still facing certain downward pressure, which means that the central bank's comprehensive RRR reduction in December is highly targeted, and the regulators pay full attention to the current operation of the real economy, especially the increasing operating difficulties of small, medium and micro enterprises." Wang Qing, chief Macro Analyst of Dongfang Jincheng, said. Wen Bin said that from the perspective of current monetary policy regulation, the central bank has increased its support for the real economy. For example, it decided to reduce the statutory deposit reserve ratio by 0.5 percentage points on December 15, and cut the interest rate for supporting agriculture and small loans. Previously, it also launched structural monetary policy tools such as carbon emission reduction support tools and special refinancing to support the clean utilization of coal. The implementation and gradual effect of these policies will help to promote the stable growth of loan scale and the optimization of loan structure, increase support for market players and keep the economy running within a reasonable range. (outlook new era)