前7月新增社融23.99万亿元 7月末M2同比增长8.8%

Core Insights - The total social financing increment for the first seven months of 2025 reached 23.99 trillion yuan, an increase of 5.12 trillion yuan compared to the same period last year [1] - The balance of social financing stock at the end of July 2025 was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [2] - The broad money supply (M2) stood at 329.94 trillion yuan at the end of July, with a year-on-year increase of 8.8% [4][5] Financing Structure - The balance of RMB loans to the real economy accounted for 61.4% of the total social financing stock, down 1.2 percentage points year-on-year [3] - The net financing of corporate bonds was 1.43 trillion yuan, a decrease of 184.9 billion yuan year-on-year [1] - Government bond net financing reached 8.9 trillion yuan, an increase of 4.88 trillion yuan year-on-year [1] Loan and Deposit Trends - RMB loans increased by 12.87 trillion yuan in the first seven months, with household loans rising by 680.7 billion yuan [6] - The balance of foreign currency loans was 5,558 billion USD, showing a year-on-year decline of 8.1% [6] - RMB deposits increased by 18.44 trillion yuan in the first seven months, with household deposits rising by 9.66 trillion yuan [7] Market Activity - The average weighted interest rate for interbank RMB market lending was 1.45% in July, lower than the previous month and the same period last year [8] - The total transaction volume in the interbank RMB market reached 222.44 trillion yuan in July, with a daily average transaction of 9.67 trillion yuan, reflecting a year-on-year growth of 14.8% [8] - The cross-border RMB settlement amount for current account transactions was 1.57 trillion yuan in July [8]