前11月新增社融33.39万亿元 11月末M2同比增长8%

Core Insights - The People's Bank of China reported that by the end of November 2025, the total social financing stock reached 440.07 trillion yuan, marking an 8.5% year-on-year increase [1] - The total social financing increment for the first eleven months of 2025 was 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year [3] - The broad money supply (M2) stood at 336.99 trillion yuan at the end of November, reflecting an 8% year-on-year growth [4] Social Financing Stock - As of November 2025, the stock of social financing grew by 8.5% year-on-year, with the RMB loans to the real economy amounting to 267.42 trillion yuan, a 6.3% increase [1] - The foreign currency loans to the real economy, converted to RMB, totaled 1.13 trillion yuan, showing a 16.5% decline [1] - The balance of corporate bonds was 34.08 trillion yuan, up 5.6%, while government bonds increased by 18.8% to 94.24 trillion yuan [1] Social Financing Increment - The increment in social financing for the first eleven months included a 14.93 trillion yuan increase in RMB loans, which was 1.28 trillion yuan less than the previous year [3] - Trust loans increased by 3.003 trillion yuan, while corporate bond net financing reached 22.4 trillion yuan, which is 3.125 trillion yuan more than last year [3] - Government bond net financing was 13.15 trillion yuan, an increase of 3.61 trillion yuan year-on-year [3] Money Supply - The broad money supply (M2) was reported at 336.99 trillion yuan, with a year-on-year growth of 8% [4] - The narrow money supply (M1) was 112.89 trillion yuan, reflecting a 4.9% increase, while the cash in circulation (M0) reached 13.74 trillion yuan, up 10.6% [4] Deposits - By the end of November, the total deposits in both domestic and foreign currencies amounted to 334.46 trillion yuan, with RMB deposits at 326.96 trillion yuan, a 7.7% increase year-on-year [5] - The increase in RMB deposits for the first eleven months was 24.73 trillion yuan, with household deposits rising by 12.06 trillion yuan [5] Loans - The total loans in both domestic and foreign currencies reached 274.84 trillion yuan, with RMB loans at 271 trillion yuan, showing a 6.4% year-on-year growth [7] - The increase in RMB loans for the first eleven months was 15.36 trillion yuan, with household loans increasing by 533.3 billion yuan [7] Interbank Market - In November, the average weighted interest rate for interbank RMB market lending was 1.42%, which is 0.03 percentage points higher than the previous month [8] - The total transaction volume in the interbank RMB market reached 187.7 trillion yuan, with a daily average of 9.38 trillion yuan, reflecting a year-on-year decline of 1.2% [8] Cross-Border Transactions - In November, the cross-border RMB settlement amount under the current account was 1.49 trillion yuan, with direct investment cross-border RMB settlement amounting to 0.71 trillion yuan [8]