人民银行：10月末社会融资规模存量为437.72万亿元，同比增长8.5%

Core Insights - The People's Bank of China reported that as of the end of October 2025, the total social financing scale reached 437.72 trillion yuan, reflecting a year-on-year growth of 8.5% [1] - The balance of RMB loans to the real economy was 267.01 trillion yuan, with a year-on-year increase of 6.3% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.15 trillion yuan, showing a year-on-year decline of 16.9% [1] Summary by Category Social Financing Scale - As of October 2025, the social financing scale stock was 437.72 trillion yuan, with a year-on-year growth of 8.5% [1] - The incremental social financing for the first ten months of 2025 totaled 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [3] Loan Distribution - The RMB loan balance to the real economy accounted for 61% of the total social financing scale, down 1.3 percentage points year-on-year [2] - The balance of foreign currency loans to the real economy represented 0.3% of the total, unchanged year-on-year [2] - The balance of entrusted loans was 11.34 trillion yuan, with a year-on-year increase of 1% [1] - The balance of trust loans was 4.52 trillion yuan, reflecting a year-on-year growth of 5.6% [1] Debt and Equity Financing - The corporate bond balance was 33.68 trillion yuan, with a year-on-year increase of 4.9% [1] - The government bond balance reached 93.03 trillion yuan, showing a significant year-on-year growth of 19.2% [1] - The balance of non-financial corporate domestic stocks was 12.11 trillion yuan, with a year-on-year increase of 4.1% [1]