央行：2025年全年社会融资规模增量累计为35.6万亿元 比上年多3.34万亿元

Core Insights - The People's Bank of China reported that by the end of 2025, the total social financing stock reached 442.12 trillion yuan, marking an 8.3% year-on-year increase [1][2] - The total increment of social financing for the year was 35.6 trillion yuan, which is 3.34 trillion yuan more than the previous year [1][4] Social Financing Stock - By the end of 2025, the stock of social financing was 442.12 trillion yuan, with a year-on-year growth of 8.3% [2] - The balance of RMB loans to the real economy was 268.4 trillion yuan, up 6.3% year-on-year [2] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.05 trillion yuan, down 18% year-on-year [2] - The balance of corporate bonds was 34.24 trillion yuan, reflecting a 6% increase year-on-year [2] - Government bonds saw a balance of 94.92 trillion yuan, with a significant year-on-year growth of 17.1% [2] Increment of Social Financing - The total increment of social financing for 2025 was 35.6 trillion yuan, which is 3.34 trillion yuan more than the previous year [4] - RMB loans to the real economy increased by 15.91 trillion yuan, which is a decrease of 1.13 trillion yuan compared to the previous year [4] - Corporate bond net financing was 2.39 trillion yuan, an increase of 482.5 billion yuan year-on-year [4] - Government bond net financing reached 13.84 trillion yuan, which is 2.54 trillion yuan more than the previous year [4] Monetary Supply - By the end of December, the broad money supply (M2) was 340.29 trillion yuan, with an 8.5% year-on-year increase [5] - The narrow money supply (M1) was 115.51 trillion yuan, reflecting a 3.8% year-on-year growth [5] - The cash in circulation (M0) was 14.13 trillion yuan, with a year-on-year increase of 10.2% [5] Deposits and Loans - By the end of December, the total deposits (including foreign currency) were 336.14 trillion yuan, up 9% year-on-year [6] - RMB deposits increased by 26.41 trillion yuan throughout the year [6] - The total loans (including foreign currency) reached 275.74 trillion yuan, with a year-on-year growth of 6.2% [7] Cross-Border Transactions - In 2025, the cross-border RMB settlement amount under current accounts was 17.86 trillion yuan [11] - Direct investment cross-border RMB settlement amounted to 8.46 trillion yuan [11]