In March 2022, the monthly index of China's financial conditions of the first financial research institute was - 1.0, an increase of 0.13 over the previous month and a decrease of 0.11 during the year.
In March, the scale of new social financing reached 4.65 trillion yuan, an increase of 1.27 trillion yuan year-on-year compared with 3.38 trillion yuan in March last year, exceeding market expectations. The high growth of social finance in March was mainly driven by on balance sheet RMB loans and direct financing.
New RMB loans showed an upward trend. In March, new RMB loans amounted to 3.13 trillion yuan, with a year-on-year growth rate of 14.7%. Judging from the three-month rolling year-on-year growth rate of new RMB loans, it showed an upward trend month by month this year. Among them, corporate loans have recovered, while resident loans are still in the doldrums.
In March, the inverse scissors difference between M1 and M2 expanded, and the growth difference between social finance and M2 narrowed, indicating that financial support for entities has increased since the reduction of reserve requirements and interest rates in December last year.
From the perspective of social finance cycle, the social finance gap continues to rise and is in an upward cycle.
