Silver letter cooperation to stop early results of credit delivery rhythm not out of control

Li August financial data, money and credit data exceeded market expectations. The sound of policy tightening is rising as economic growth indicators, such as fixed asset investment, are released and a signal of slowing economic slowdown is released.　　But many people point out that monetary policy will continue to stabilize during the year.　　By the end of August, the new loans accumulated amounted to 5.71 trillion yuan, accounting for 7.5 trillion of the annual target of 76%, basically in line with the regulatory department "3:3:2:2" the pace of delivery. The central bank's data show that in late August, the broad currency (M2) balance of 68.75 trillion yuan, an increase of 19.2%, a 1.6% higher than last month, ending the previous eight months of continuous downward trend.　　The narrow currency (M1) grew 21.9% year-on-year, down 1.0 and 5.8% from last month and a year earlier. "By the base effect, the first half of last year to put the majority of the year's credit, the second half of the volume is relatively low, and this year's relatively balanced delivery, which makes M2 growth significantly."　　"Societe Generale chief economist Lu Commissar said.　　Yongjian, a researcher at the Bank of Communications finance studies, said that, in addition to the increase in loan growth factors, M2 rebound may also be due to the impact of the expected increase in the renminbi, foreign exchange accounted for more.　　Since this year, the increase in foreign exchange accounted for a high level of money supply is an important factor, but May or June foreign exchange accounted for a sharp slowdown in July, a slight improvement in the situation.　　Zhejiang Merchants Securities Macro-analyst Leary that since June, the yuan ndf slowly higher, the renminbi revaluation is expected to remain, coupled with the stock market rebound has been more than 10%, capital inflow momentum, increase or trend of foreign exchange accounts. In addition, August yuan deposits regained momentum, the month increased by 1.08 trillion yuan, the year-on-year increase of 720.6 billion yuan, more than last month 919.1 billion yuan. Among them, household deposits and non-financial enterprise deposits were significantly higher than last month.　　Analysts point out that this is related to the extent to which some financial institutions are required by the regulatory authorities to increase their range of savings and loan ratios.　　And the market is widely expected to continue to decline in new loans, the new size of RMB 545.2 billion yuan loan in August after the elimination of paper financing, substantial loans and July basically flat. Lianping, chief economist at Bank of communications, said that this reflected a rise in demand for real-economy loans, linked to local economic construction.　　Recent economic data also show that imports exceed expected growth in August, industrial growth rate rebounded, and domestic economy is still strong.　　e Yongjian that the August increase in new loans and silver letter cooperation to stop the transfer of some financing needs to the table. Yongjian said that the credit window guidance is the main reason for the smooth operation of credit since this year, the trend is expected to continue in the future. Whether the rebound in housing turnover in August has significantly led to loan growth still needs further observation.　　In recent months, new loans are expected to be around 7.5 trillion or slightly higher this year. August CPI Rose 3.5% to 22 monthsTo the new high, monetary policy will be a concern.　　Although the interest rate hike is expected to grow, but given the future price inflation is expected to smooth down, the economic operation uncertainty remains large, the market generally believe that interest rates are not likely to rise sharply, the year is still dominated by stability. But recently, the promotion of market-oriented interest rates, open up the interest rate floating, many experts believe that negative interest rates should not exist for a long time, should release positive interest rate signal.