On August 12, the People's Bank of China released the 2026 second quarter report on the implementation of China's monetary policy. The report states that social financing scale and broad money M2 are macro financial aggregate indicators with a wide coverage. These two indicators approach the financial and real economy, as well as assets and liabilities, from different perspectives, encompassing a diverse range of financing channels and providing a comprehensive view of financial aggregates. It is also necessary to objectively and scientifically assess their trends. Mathematically, as bond financing increases, the growth rates of M2 or deposits may naturally differ from those of loans, which does not indicate insufficient financial support for the real economy or idle capital. Compared to the growth rate of nominal GDP, the current growth rates of social financing and M2 still exceed that of nominal GDP, indicating a relatively loose monetary financial environment.