April new loan 774 billion exceed forecast two quarter credit will be tightened

M1 growth rebound "hint" inflation risk remains to be released the Morning news reporter Zhang 774 billion yuan, the central bank yesterday released April new loan data is significantly higher than expected.　　According to close to the regulatory authorities, the two-quarter lending will not be relaxed, or even further tighten, not only to the two-quarter new loans strictly controlled in 2.3 trillion yuan, even more than a quarter of the 300 billion yuan will be "back". According to the official ideal of the credit rhythm, the 7.5 trillion yuan this year's new loan line, the proportion of its lending to quarterly control in the "3322".　　However, new loans of 2.6008 trillion yuan in the first quarter of this year have exceeded the established plan by more than 300 billion yuan. At the beginning of the quarter, 774 billion yuan in April, new loans were increased by 182.2 billion yuan over the same period last year, up 51.56% per cent from March.　　In response to higher-than-expected credit data, industry insiders point out that this may be related to the impulse to lend at the start of the two quarter. In terms of loan structure, the real estate regulation makes the loan structure quietly change, the April medium and long term loan accounted for a significant decline, and Bill financing rose for the first time in 10 months.　　In April, the middle-long loan added 556.2 billion yuan, which accounted for 74.6% of the total new month.　　In April, residents ' long-term loans increased by 230.3 billion yuan, more than March new volume of 149.8 billion yuan, a high level of history, which is likely to be the March and early April housing transactions and loans postponed.　　Inflation risk remains to be released April the broad money supply (M2) balance was 65.66 trillion yuan, an increase of 21.48% per cent year-on-year. Societe Generale, Lu County, said that in the case of credit higher than expected, the M2 growth rate is lower than expected, may be related to the increase in the amount of new fiscal deposits to reduce liquidity.　　It is expected that the next month M2 will fall to 18%-21%, but to achieve the official no more than 17% of the established targets, the future will need to strengthen and maintain liquidity control. Compared with the M2 slowdown, the April narrow money Supply (M1) was accelerated 1.3% to 31.3% Year-on-year, rebounded again, the "trumpet" (M1-M2) thus continued to expand, from the last month's 7.4% expansion to 9.8%.　　All this points to the further activation of the currency, suggesting that the risk of inflation remains to be released. M1 reflects the real purchasing power of the economy; M2 not only reflects the purchasing power of reality, but also reflects the potential purchasing power. If the M1 grows faster, then the consumption and the terminal market are active, and if the M2 grows faster, the investment and the intermediary market are active. The central bank and the commercial banks can judge monetary policy accordingly.　　M2 too high and M1 too low, indicating that investment overheating, demand is not flourishing, there is a risk of crisis, M1 too high and M2 too low, indicating strong demand, insufficient investment, there is the risk of price increases. Lu County stressed that from the point of view of controlling inflation risk, only the central bank liquidity tightening faster than the speed of currency inflation brought about by the inflationary pressure, the future inflation may be pacified.