央行：初步统计，2025年前四个月社会融资规模增量累计为16.34万亿元，比上年同期多3.61万亿元

Summary of Key Points Core Viewpoint - The social financing scale in the first four months of 2025 reached 16.34 trillion yuan, an increase of 3.61 trillion yuan compared to the same period last year [1] Financing Breakdown - The increase in RMB loans to the real economy amounted to 9.78 trillion yuan, which is 339.7 billion yuan more year-on-year [1] - Foreign currency loans to the real economy decreased by 109.8 billion yuan, a year-on-year reduction of 231.1 billion yuan [1] - Entrusted loans increased by 5.3 billion yuan, showing a year-on-year increase of 95.9 billion yuan [1] - Trust loans rose by 45.4 billion yuan, which is a decrease of 167.2 billion yuan compared to the previous year [1] - Undiscounted bank acceptance bills increased by 250.6 billion yuan, a year-on-year increase of 149.4 billion yuan [1] - Net financing of corporate bonds was 759.1 billion yuan, a decrease of 409.5 billion yuan year-on-year [1] - Net financing of government bonds reached 4.85 trillion yuan, an increase of 358 billion yuan compared to the previous year [1] - Domestic stock financing for non-financial enterprises was 135.3 billion yuan, which is an increase of 40.4 billion yuan year-on-year [1]