7月末社融存量同比增长9%

Core Insights - The People's Bank of China reported that the total social financing scale reached 431.26 trillion yuan by the end of July 2025, marking a year-on-year growth of 9% [1] - The balance of RMB loans to the real economy was 264.79 trillion yuan, with a year-on-year increase of 6.8% [1] - Foreign currency loans to the real economy, converted to RMB, amounted to 1.21 trillion yuan, showing a significant decline of 23.2% year-on-year [1] Summary by Category Loan Balances - RMB loans to the real economy accounted for 61.4% of the total social financing scale, down 1.2 percentage points year-on-year [2] - The balance of entrusted loans was 11.16 trillion yuan, with a slight decline of 0.4% year-on-year [1] - Trust loans increased by 5.9% year-on-year, reaching a balance of 4.46 trillion yuan [1] Debt and Equity - The balance of corporate bonds was 33.39 trillion yuan, reflecting a year-on-year growth of 3.8% [1] - Government bonds saw a substantial increase, with a balance of 89.99 trillion yuan, up 21.9% year-on-year [1] - The balance of non-financial corporate domestic stocks was 11.94 trillion yuan, growing by 3.2% year-on-year [1] Proportional Analysis - The proportion of foreign currency loans to the real economy was 0.3%, down 0.1 percentage points year-on-year [2] - The share of entrusted loans was 2.6%, decreasing by 0.2 percentage points year-on-year [2] - The proportion of government bonds increased to 20.9%, up 2.2 percentage points year-on-year [2]