Foreign Exchange Accounted For A Negative 252 Billion 100 Million In The First Quarter.

According to the first quarter data, the new foreign exchange accounted for a negative 252 billion 100 million in the first quarter, of which 230 billion 700 million was negative in March. The total amount of social financing in the first quarter was 894 billion 900 million less than that in the same period last year. In March, it was 837 billion 800 million less than that in the same period last year. Considering that the central bank adjusted the statistics of loans in February and deducted the scale of loans from financial enterprises, the scale of social financing in March dropped by nearly 1 trillion in the same period. The two major changes in the data are mainly reflected in March, so what happened in March?

In fact, overall financing demand declined significantly in March. In March, new RMB loans increased by 1 trillion and 180 billion (New caliber), up 66 billion 100 million from the same period last year. However, according to CICC, according to the old caliber, the new RMB credit in March was only 980 billion, which was unchanged from 1 trillion and 20 billion in February, and nearly 500 billion lower than 1 trillion and 470 billion in January.

According to the central bank's agreement Loan management The pace of credit in the first quarter should have increased in volume. Under this background, the credit scale in March was relatively slow. CICC reports that the credit scale in March was significantly lower than we expected 2 trillion and 1 trillion and 500 billion of market expectations.

On off balance sheet financing, the real economy in the first quarter was entrusted loans, trust loans and non discounted ones. Bank acceptance bill The total financing was 385 billion 900 million, less than 1 trillion and 140 billion in the same period last year. In March, the three financing mentioned above was 16 billion, a decrease of 557 billion 600 million over the same period last year, of which the entrusted loans were 111 billion 100 million, down 130 billion 200 million compared with the same period last year; the trust loans were 7 billion 700 million, down 114 billion 800 million compared to the same period last year; the bank discount bills were not 87 billion 400 million, which was reduced by 312 billion 600 million compared to the same period last year. In addition, corporate bond financing in March was 686 billion billion, an increase of 177 billion 800 million over the same period last year.

CICC believes that the year-on-year increase in off balance sheet financing and corporate bond financing in March reflects the effect of "No. 43" on the financing of local government financing platforms.

In the case of new foreign exchange, the foreign exchange surplus remained stable in the first two months in the first two months of the first quarter, but in March it was 230 billion 700 million negative growth. The main reason is that the trade surplus declined rapidly in March compared with 1-2 months.

　　 Customs head office Data show that exports in March dropped by 15% over the same period last year, while imports fell by 12.7% compared to the same period last year, and the trade surplus was 3 billion 80 million US dollars, a sharp decrease compared with 60 billion 620 million US dollars in February. In March, the sharp decline in foreign exchange holdings also had a certain relationship with the fluctuation of exchange rate market. The RMB exchange rate against the US dollar fluctuated significantly in the first quarter. In January -2, the RMB first appeared a rapid devaluation process, the exchange rate decreased from 6.1941 in January 15th to 6.2741 in March 3rd. In March, the trend of appreciation was reversed immediately, especially in the three trading days of March 17-19, the RMB appreciated sharply against the US dollar, rising 0.21%, 0.32% and 0.54% respectively, and returned to 6.19 level in late March.