Total tracking: macro core data and information tracking

2022-05-30 0 By

The People’s Bank of China (PBOC) released the Report on The Implementation of China’s Monetary Policy in the Fourth Quarter of 2021, pointing out that major financial indicators in 2021 will maintain strong growth based on the high base of 2020, and financial support for the real economy will remain stable.Comments: In the second half of 2021, the People’s Bank of China will provide forward-looking guidance to financial institutions to enhance the stability of the growth of total credit, and focus on coordinating loans across the year.At the end of 2021, the outstanding RMB loans stood at 192.7 trillion yuan, up 11.6% year on year, 19.95 trillion yuan more than at the beginning of the year, and 315 billion yuan more than at the beginning of the year.The People’s Bank of China has sent a strong signal of stabilizing credit and broadening credit by lowering the reserve requirement ratio and interest rate. The downward trend of comprehensive financing costs will gradually spread to the demand side, and new credit is expected to continue to pick up.In terms of the difference between credit supply sectors, credit supply supports enterprises more than households, and investment may grow faster than consumption in the first quarter.From the perspective of the residential sector, the resident medium and long term loans are still in the stage of growth, and the effectiveness of real estate regulation policies lags behind. In the later period, the resident medium and long term loans are expected to stabilize and grow.From the corporate sector, bill financing and short-term loans remain high, and the credit structure needs to be further optimized.Premier Li Keqiang made important instructions at the National Conference on Spring Agricultural Production and Strengthening field management of Winter wheat. We will stabilize the acreage sown to grain, coordinate production of meat, eggs and vegetables, strengthen the protection of farmland and the development of high-standard farmland, and deepen efforts to revitalize the seed industry.We will ensure that annual grain output will continue to exceed 500 million metric tons and ensure food security.(Wind) China Automobile Dealers Inventory survey results released by China Automobile Dealers Association showed that the comprehensive inventory coefficient of automobile dealers in January was 1.46, down 4.6% year-on-year, and up 2.1% month-on-month.Dealer inventory levels have recovered as chip shortages have eased, but the inventory coefficient is still below the warning line.(Wind) Risk tip: overseas epidemic exceeds the expected volatility risk, monetary policy changes.(Article source: Chuancai Securities)