人民银行：截至11月末，社融存量440.07万亿元

Core Insights - The People's Bank of China reported that by the end of November 2025, the total social financing scale was 440.07 trillion yuan, reflecting a year-on-year growth of 8.5% [1] - The balance of RMB loans to the real economy reached 267.42 trillion yuan, with a year-on-year increase of 6.3% [1] - Foreign currency loans to the real economy, converted to RMB, amounted to 1.13 trillion yuan, showing a year-on-year decline of 16.5% [1] Summary by Category Social Financing Scale - The total social financing scale stood at 440.07 trillion yuan, with an 8.5% year-on-year increase [1] - The RMB loans to the real economy accounted for 60.8% of the total social financing scale, down 1.3 percentage points year-on-year [2] Loan Balances - RMB loans to the real economy: 267.42 trillion yuan, up 6.3% year-on-year [1] - Foreign currency loans (in RMB): 1.13 trillion yuan, down 16.5% year-on-year [1] - Entrusted loans: 11.32 trillion yuan, up 1% year-on-year [1] - Trust loans: 4.6 trillion yuan, up 7.4% year-on-year [1] - Undiscounted bank acceptance bills: 2.3 trillion yuan, up 0.4% year-on-year [1] - Corporate bonds: 34.08 trillion yuan, up 5.6% year-on-year [1] - Government bonds: 94.24 trillion yuan, up 18.8% year-on-year [1] - Non-financial corporate domestic stock: 12.14 trillion yuan, up 4% year-on-year [1] Proportional Analysis - The proportion of RMB loans to the real economy decreased by 1.3 percentage points to 60.8% [2] - The proportion of foreign currency loans remained stable at 0.3% [2] - The proportion of entrusted loans decreased by 0.2 percentage points to 2.6% [2] - The proportion of trust loans decreased by 0.1 percentage points to 1% [2] - The proportion of undiscounted bank acceptance bills decreased by 0.1 percentage points to 0.5% [2] - The proportion of corporate bonds decreased by 0.3 percentage points to 7.7% [2] - The proportion of government bonds increased by 1.8 percentage points to 21.4% [2] - The proportion of non-financial corporate domestic stock decreased by 0.1 percentage points to 2.8% [2]