央行：2025年9月末社会融资规模存量为437.08万亿元，同比增长8.7%

Core Insights - The People's Bank of China reported that by the end of September 2025, the total social financing stock reached 437.08 trillion yuan, reflecting a year-on-year growth of 8.7% [1] Summary by Category Loans - The balance of RMB loans issued to the real economy was 267.03 trillion yuan, with a year-on-year increase of 6.4% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.18 trillion yuan, showing a year-on-year decline of 18% [1] Other Financing Instruments - The balance of entrusted loans was 11.17 trillion yuan, down 0.7% year-on-year [1] - The balance of trust loans was 4.5 trillion yuan, with a year-on-year growth of 5.7% [1] - The balance of undiscounted bank acceptance bills was 2.44 trillion yuan, reflecting a year-on-year increase of 4.4% [1] Bonds and Stocks - The balance of corporate bonds was 33.5 trillion yuan, showing a year-on-year increase of 4.5% [1] - The balance of government bonds reached 92.55 trillion yuan, with a significant year-on-year growth of 20.2% [1] - The balance of domestic stocks held by non-financial enterprises was 12.04 trillion yuan, reflecting a year-on-year increase of 3.8% [1]