2025年社融规模增量超35万亿元，12月末M2同比增长8.5%

Core Insights - The central bank reported that the total social financing scale increased by 3.34 trillion yuan year-on-year, reaching 35.6 trillion yuan in 2025 [2][3] Monetary Policy and Financing - The broad money supply (M2) reached 340.29 trillion yuan at the end of December 2025, reflecting an 8.5% year-on-year growth [1][3] - The total social financing stock at the end of 2025 was 442.12 trillion yuan, with a year-on-year increase of 8.3% [1][2] - The balance of RMB loans to the real economy was 268.4 trillion yuan, growing by 6.3% year-on-year [1][2] Loan and Deposit Trends - RMB loans to the real economy increased by 15.91 trillion yuan, although this was a decrease of 1.13 trillion yuan compared to the previous year [3][6] - Total RMB deposits increased by 26.41 trillion yuan in 2025, with household deposits rising by 14.64 trillion yuan [4][6] - Foreign currency deposits reached 1.07 trillion USD at the end of December, marking a 25% year-on-year increase [5] Government and Corporate Financing - Government bonds saw a net financing of 13.84 trillion yuan, which is an increase of 2.54 trillion yuan year-on-year [3] - Corporate bonds had a net financing of 2.39 trillion yuan, up by 482.5 billion yuan compared to the previous year [3] Currency and Interest Rates - The average weighted interest rate for interbank RMB market lending was 1.36% in December, lower than both the previous month and the same month last year [7] - The total transaction volume in the interbank RMB market reached 2180.31 trillion yuan for the year, with a daily average transaction of 8.79 trillion yuan [7] Foreign Exchange Reserves - The national foreign exchange reserves stood at 3.36 trillion USD at the end of December 2025 [8] Cross-Border Transactions - The total amount of cross-border RMB settlements under the current account reached 17.86 trillion yuan in 2025 [9]