(financial data in April: household deposits are reduced for the first time in 13 months compared with the same period last year and are more likely to return to off-balance sheet assets] Xinhua News Agency, May 11, Shen Wanhongyuan quick review believes that M2 fell year-on-year, mainly because household deposits fell for the first time in 13 months compared with the same period last year, but are more likely to return to off-balance sheet assets rather than for consumption, which was also in the second step of the "N type" in the second quarter. M2 fell 0.3 percentage points year-on-year to 12.4% in April, with household loans turning negative for the first time in 13 months. Household deposits fell by 1.2 trillion in April, down 500 billion from a year earlier, dragging down M2 by 0.2 percent year-on-year. However, there is still doubt as to whether the decline in household deposits will go to consumption. According to the central bank, 1.4 trillion of the capital management funds of residents returned to the table in the first quarter, accounting for an increase of 70% in household deposits in the first quarter. We reasonably speculate that the decline in household savings in April is more likely to go to off-balance-sheet assets than to consumption. Corporate deposits increased by 140.8 billion, an increase of 261.8 billion over the same period last year, which is still slightly stronger than in the non-epidemic phase, and loans to create deposits continue to have an effect. Financial deposits increased by 502.8 billion, an increase of 451.8 billion over the same period last year, but this is mainly due to the low base caused by the opening of the stock value-added tax rebate in April last year, which is actually consistent with the normal level before the epidemic, so we cannot judge the decline in fiscal expenditure. In April, M1 rebounded 0.2 percentage points year-on-year to 5.3%. The growth difference between M2 and M1 converged by 0.5 percentage points to 7.6%, mainly due to the outflow of individual deposits rather than a sharp improvement in corporate demand deposits, and related to the renewed cooling of property sales.