Unprecedented liquidity and the timing of the double-rate adjustment

Unprecedented liquidity and the timing of the "double rate" is not until June M1 and credit growth are all record record foreign exchange reserves balance exceeded 2 trillion USD 15th, the People's Bank of China, the PBoC released data showed that in June monetary credit continued to grow, narrow money supply (M1) and credit balance growth rates are the highest.　　At the end of June, the foreign exchange reserve balance was 2.1316 trillion U.S. dollars, an increase of 17.84%.　　Analysts point out that the current credit growth may be more than the appropriate level of economic needs, inflation expectations have increased, the central bank is expected to strengthen the regulation of money and credit, but the increase in statutory reserve requirements and interest rates in the year is not likely. At the end of June, the broad money supply (M2) balance was 56.89 trillion yuan, an increase of 28.46% per cent, an increase of 10.64% from the end of last year, a 2.72% higher than the end of the previous month, and a M1 balance of 19.32 trillion yuan, an increase of 24.79% per cent, The increase was 15.73% higher than the previous year, 6.09% higher than last month, and the amount of money in the market (M0) was 3.36 trillion yuan, an increase of 11.46% per cent.　　The first half of the net withdrawal of cash 57.8 billion yuan. At the end of June, the balance of RMB loans in financial institutions was 37.74 trillion yuan, an increase of 34.44%.　　The first half of the RMB loans increased 7.37 trillion yuan, the year-on-year increase of 4.92 trillion yuan. Household loans increased by 1.0607 trillion yuan, more than 599 billion yuan Year-on-year. Non-financial companies and other sectors of the loan increase of 6.3096 trillion yuan, the year-on-year increase of 4.3189 trillion yuan.