On November 11th, today, the data released by the central bank shows that the new RMB loans in October were 500 billion yuan, an increase of 238.40 billion yuan year-on-year. Wang Qing, chief macro analyst of Dongfang Jincheng, pointed out that the acceleration of debt conversion by urban investment companies is the main reason why the medium and long term loans of enterprises increased by 386.30 billion yuan year-on-year. Excluding the influence of this factor, the actual new loans in October increased more than 150 billion yuan year-on-year, among which the short-term loans of residents increased more than 150 billion yuan year-on-year under the support of consumer promotion policies. At the same time, the reduction of housing loan interest rates led to a significant cooling of the phenomenon of early loan repayment, and the residents' medium and long term loans increased slightly In addition, in October, social financing increased by 448.30 billion yuan less than a year ago, mainly due to the high base of government bond financing in October last year. Excluding the impact of the base, the overall credit and social financing in October showed obvious signs of improvement.