央行最新公布的数据显示,2016年11月M2同比增长11.4%,M1同比增长22.7%,11月M1与M2剪刀差进一步缩小。分析认为,由于2015年股市异常波动期间央行救市导致基数较高,外汇占款也大幅下降,因此2016年全年M2增速在11.3%左右,显著低于2016年年初“13%左右”的目标增速。同时,2016年11月新增信贷及社会融资规模增量均明显超过预期。无论表内信贷和表外融资均超出预期,与近期宏观数据企稳相吻合,显示实体经济需 The latest data released by the central bank showed M2 grew 11.4% YoY in November 2016 and M1 grew 22.7% YoY in November, further narrowing the gap between M2 and M2 in November. Analysts believe that M2 growth was around 11.3% in 2016, significantly lower than the beginning of 2016 “around 13%” due to the high base of foreign exchange reserves due to the rescue from the PBOC during the abnormal fluctuations in the stock market in 2015, The target growth rate. In the meantime, the increase of new credit and social financing in November 2016 all exceeded the expectations. Both above-table credit and off-balance sheet financing exceeded expectations, reflecting the consolidation of the recent macro data, showing that the real economy needs