央行：2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%

Core Insights - The People's Bank of China released the financial statistics report for November, indicating a total social financing scale of 440.07 trillion yuan as of the end of November 2025, representing a year-on-year growth of 8.5% [1][2]. Summary by Category Loans to the Real Economy - The balance of RMB loans issued to the real economy reached 267.42 trillion yuan, with a year-on-year increase of 6.3% [1][2]. - The balance of foreign currency loans to the real economy, converted to RMB, was 1.13 trillion yuan, showing a year-on-year decline of 16.5% [1][2]. Other Financing Instruments - The balance of entrusted loans was 11.32 trillion yuan, reflecting a year-on-year growth of 1% [1][2]. - The balance of trust loans stood at 4.6 trillion yuan, with a year-on-year increase of 7.4% [1][2]. - The balance of undiscussed bank acceptance bills was 2.3 trillion yuan, showing a year-on-year growth of 0.4% [1][2]. Bonds and Stocks - The balance of corporate bonds was 34.08 trillion yuan, with a year-on-year increase of 5.6% [1][2]. - The balance of government bonds reached 94.24 trillion yuan, reflecting a significant year-on-year growth of 18.8% [1][2]. - The balance of domestic stocks held by non-financial enterprises was 12.14 trillion yuan, with a year-on-year increase of 4% [1][2].