【金融街发布】人民银行：9月末广义货币（M2)余额同比增长8.4%

Core Insights - The People's Bank of China reported that by the end of September 2025, the total social financing scale reached 437.08 trillion yuan, marking an 8.7% year-on-year increase [1][2] - In the first three quarters of 2025, the cumulative increase in social financing was 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [1][4] - The broad money supply (M2) stood at 335.38 trillion yuan, reflecting an 8.4% year-on-year growth [1][5] Social Financing Scale - As of September 2025, the social financing scale stock was 437.08 trillion yuan, with a year-on-year growth of 8.7% [2] - The breakdown of financing includes: - RMB loans to the real economy at 267.03 trillion yuan, up 6.4% - Foreign currency loans equivalent to 1.18 trillion yuan, down 18% - Trust loans at 4.5 trillion yuan, up 5.7% - Government bonds at 92.55 trillion yuan, up 20.2% [2][3] Financing Structure - By the end of September, RMB loans accounted for 61.1% of the total social financing scale, down 1.3 percentage points year-on-year [3] - Government bonds saw an increase in their share to 21.2%, up 2.1 percentage points year-on-year [3] Cumulative Increase in Social Financing - The cumulative increase in social financing for the first three quarters was 30.09 trillion yuan, with a notable increase in government bond financing by 4.28 trillion yuan [4] - RMB loans to the real economy increased by 14.54 trillion yuan, which is a decrease of 8.51 trillion yuan compared to the previous year [4] Money Supply - The broad money supply (M2) reached 335.38 trillion yuan, with an 8.4% year-on-year increase [5] - Narrow money (M1) was at 113.15 trillion yuan, up 7.2%, while cash in circulation (M0) was 13.58 trillion yuan, reflecting an 11.5% increase [5] Deposit and Loan Growth - By the end of September, total deposits (including foreign currency) were 332.18 trillion yuan, with RMB deposits at 324.94 trillion yuan, both showing year-on-year growth [6] - In the first three quarters, RMB loans increased by 14.75 trillion yuan, with household loans rising by 1.1 trillion yuan [8] Foreign Currency Deposits - Foreign currency deposits reached 1.02 trillion USD, marking a 20% year-on-year increase, with an addition of 165.8 billion USD in the first three quarters [7] Interbank Market Rates - The average weighted interest rate for interbank RMB market lending was 1.45% in September, slightly higher than the previous month but lower than the same period last year [10] Foreign Exchange Reserves - As of September, the national foreign exchange reserves stood at 3.34 trillion USD, with the RMB exchange rate at 7.1055 per USD [11] Cross-Border RMB Settlement - In the first three quarters, cross-border RMB settlement under current accounts amounted to 13.06 trillion yuan, with direct investment settlements at 6.04 trillion yuan [12]