The data show that the People's Bank of China released

The data show that the People's Bank of China released on the 12th March, RMB loans increased 1.01 trillion yuan, up by more than 332 billion yuan. The end of March, broad money (M2) balance of 89.56 trillion yuan, an increase of 13.4%, for two consecutive months to rebound. Analysts said that the March credit data soared to more than market expectations, reflecting the steady growth of the policy of forward-looking. M2 growth picked up further to confirm the mobility inflection point. Form a positive impact of these factors on stock market rally, the next monetary policy will continue to relax in order to promote economic growth, the reserve requirement ratio lowered the possibility still exists.

Credit targeted to be completed in the first quarter

Credit this year deserted new credit in January of 738.1 billion yuan, 710.7 billion yuan of new credit in February, after the market in the first quarter is expected to add about 2.4 trillion yuan of credit target fear in vain. The new credit in March to break one trillion yuan, so that a quarter of credit reached 2.46 trillion yuan.

Analysts said that the credit surge in March on the one hand because as the business started to increase, the clear policy of government financing platform and the first mortgage interest rates is loose, the real economy, the effective demand for credit has been restored; the other hand, because the end of the quarter banks to increase deposits absorption, the decentralization of fiscal deposits, loan ratio decline led to the ability of bank credit supply, and banks tend to take the initiative to cut lending rates to expand credit.

The central bank released data show that renminbi deposits increased by 2.95 trillion yuan in March, an increase of 271.2 billion yuan, increased by 1.35 trillion yuan in February. Analysts believe that This is mainly affect by the end of the quarter to solicit depositors, financial deposits, disbursement and financial flow of capital.

The central bank data show that the end of March, the country's foreign exchange reserves amounted to $ 3.305 trillion. This means that the first quarter, foreign exchange reserves increased by 224 billion yuan, reversing the outflow end of last year trend, which will also help to increase the base money.

Zhejiang Securities macroeconomic Guo Lei, an analyst said that the loan data is relatively optimistic in March, but further observation of industry data to identify in the industry coming season in March and April, the actual investment needs whether recovery.

In a quarter of non-financial corporate loans increased 1.95 trillion yuan from the credit structure, the long-term loans increased by only 590.6 billion yuan, while bill financing increased by 257.5 billion yuan. Shenghong Qing, chief macroeconomic analyst, said the loan structure credit efforts to support the real economy is not too strong. More short-term financing and financing instruments, the enterprise is more short-term financing to meet liquidity requirements. M1 growth was only 4.4%, the real economy activity is not high, the release of the credit for two months before acting on the real economy.

The second quarter kept quasi-or down-

The central bank has more than ten consecutive weeks, to suspend the central voting issue, the release of liquidity intention clearly. Analysts generally believe that the second quarter monetary policy will continue to relax and promote economic growth, the reserve requirement ratio lowered the possibility still exists, but the down point in time there are differences.

Ping An Securities Fixed Income research director, said Shi Lei, due to the high incremental credit in March, this month cut the deposit and the precision rate is unlikely, but in the second quarter there will be a downward opportunity.

Shenghong Qing said that the credit policy forward-looking to maintain growth in the first quarter, but because of the credit spread to the real economy will take some time, and therefore also the need to reduce the deposit reserve ratio to corporate bonds, bills discounting, such as interest rates, lower financing costs.