After the financial data of June 5438+ 10 hit a single-month high, the data in February was much lower. The latest data 1 1 released by the central bank in March shows that in February, the scale of social financing increased by 1. 1.9 trillion yuan, and RMB loans increased by 1.23 trillion yuan, while in March, these two figures were 6.1respectively. Although the data of 5438+ 10 in June was mainly driven by policy and seasonal factors, February was originally a traditional "credit abortion" period and caught up with the Spring Festival holiday, but the weak credit demand of residents and enterprises still surprised the industry. The consensus view of institutions and industry insiders is that the financial data in February is weak in stages, so there is no need to be overly pessimistic, and the effect of steady growth will gradually emerge. Regarding whether steady growth will use RRR reduction and interest rate reduction tools, the two interviewed analysts believe that the probability of RRR reduction and interest rate reduction will increase. After the government work report puts forward the GDP growth target of 5.5%, the policy will still exert its strength. "March and April are the loose window period"; However, the chief fixed income analyst of a securities firm interviewed believes that the probability of reducing RRR and interest rate will be lower and lower, with the focus on wide credit. The overall financing demand of residents and enterprises is weak, and the increment of "mortgage" is rarely negative. According to the latest data of March 1 1 released by the central bank, the scale of social financing increased by 1. 1.9 trillion yuan in February, which was 5.31.50 billion yuan less than the same period of last year, but the year-on-year growth rate still reached 1.2%. Credit and off-balance sheet bills are the main drag on social financing. Data show that RMB loans in the real economy increased by 908.4 billion yuan in February, an increase of more than 430 billion yuan year-on-year. Off-balance sheet bills turned from positive to negative, with a year-on-year decrease of more than 480 billion yuan. Judging from the split of new RMB loans in February, the financing needs of residents and enterprises are weak. Among them, as the vane of "mortgage", the medium and long-term loans of households rarely experienced negative growth, with a decrease of 45.9 billion yuan in February and an increase of 742.4 billion yuan in June 5438+ 10; Short-term household loans, including credit cards and consumer loans, also decreased by 29 1, 1 billion yuan in February. "The decrease in residential loans is simply that the repayment scale of the month is higher than the new consumption scale. For example, after the year-end bonus was issued before the Spring Festival, everyone paid back the credit card or consumer loan, and the consumption in the month decreased, and the balance of (short-term loans) naturally decreased. " Liao Zhiming, chief analyst of China Merchants Securities (14.860, 0.27, 1.85%), told the Beijing News Shell Finance reporter that the increase in mortgages is the same. Poor real estate sales have affected the overall mortgage demand, and the demand for renovation loans will also decrease. In addition, the frequent outbreaks in February also affected the willingness to consume.