The latest data from the central bank shows that M1, M2 and social financing from the People's Bank of China (PBOC) fell at the same time. Deposits of individuals and non-financial enterprises fell at the same time, reaching nearly 4 trillion yuan. Some self-media exaggerated it is called a deposit move.
However, it should be clearly seen that in the first four months, RMB loans increased by 10.19 trillion yuan. Household loans only increased by 813.4 billion yuan. That is to say, buying a house is only 800 billion yuan. Of course, it is not surprising that experts believe that April is a period of less financing than traditionally.
Experts believe that the main reason for the decline in social financing is the reduction of government bonds and corporate debts, and the government's net financing fell by more than 98 billion yuan in April, a year-on-year decrease of 553.2 billion yuan, and the household loans also decreased by 516.6 billion yuan this month. This is a decrease of 275.5 billion yuan from April last year. What has a greater impact is that residents' medium and long-term loans have decreased by 166.6 billion yuan, which means that the people not only did not take loans to buy houses, but paid off more than 160 billion yuan.
Obviously, the drop in deposit rates has made many people continue to repay their loans early.