10月末存量社融增速延续回落，货币政策将“适时加力”

Group 1 - The People's Bank of China reported that as of the end of October 2025, the broad money supply (M2) reached 335.13 trillion yuan, with a year-on-year growth of 8.2%, slightly down by 0.2 percentage points from the previous month [1] - The narrow money supply (M1) stood at 112 trillion yuan, showing a year-on-year increase of 6.2%, which is a decrease of 1.0 percentage point compared to the previous month [1] - In the first ten months of 2025, RMB loans increased by 14.97 trillion yuan, with household loans rising by 739.6 billion yuan and corporate loans increasing by 13.79 trillion yuan [1] Group 2 - The social financing scale stock at the end of October 2025 was 437.72 trillion yuan, reflecting a year-on-year growth of 8.5%, with a decrease of 0.2 percentage points in growth rate from the previous month [2] - The balance of RMB loans to the real economy was 267.01 trillion yuan, with a year-on-year increase of 6.3%, while foreign currency loans decreased by 16.9% year-on-year [2] - The cumulative increase in social financing for the first ten months was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [2] Group 3 - The People's Bank of China emphasized the need for a moderately accommodative monetary policy, aiming to maintain relatively loose social financing conditions and improve the monetary policy framework [3] - Experts predict that the central bank will continue to release medium- and long-term liquidity and optimize the liquidity structure to support key strategic areas [3] - There is an increasing necessity and possibility for policy adjustments, with expectations for further reductions in reserve requirements and interest rates within the year [3]