中国12月新增社融2.21万亿元，新增人民币贷款9100亿元，M2-M1剪刀差扩大

Core Viewpoint - The People's Bank of China reported a year-on-year growth of 8.3% in the total social financing scale, reaching 442.12 trillion yuan by the end of 2025, indicating a stable financial environment despite some declines in specific loan categories [1][3]. Financing Structure - By the end of 2025, the balance of RMB loans to the real economy accounted for 60.7% of the total social financing scale, down by 1.1 percentage points year-on-year [2]. - The balance of foreign currency loans to the real economy, converted to RMB, represented only 0.2% of the total, a decrease of 0.1 percentage points year-on-year [2]. - The balance of entrusted loans accounted for 2.6%, down by 0.1 percentage points year-on-year [2]. - The balance of trust loans held steady at 1.1% of the total [2]. - The balance of corporate bonds represented 7.7% of the total, down by 0.2 percentage points year-on-year [2]. - The balance of government bonds increased to 21.5%, up by 1.6 percentage points year-on-year [2]. Annual Financing Increment - The total increment in social financing for 2025 was 35.6 trillion yuan, an increase of 3.34 trillion yuan compared to the previous year [3]. - RMB loans to the real economy increased by 15.91 trillion yuan, which was a decrease of 1.13 trillion yuan compared to the previous year [3]. - The total increment in RMB loans for 2025 was 16.27 trillion yuan, with a December addition of 910 billion yuan [7]. Monetary Supply - By the end of December, the broad money supply (M2) reached 340.29 trillion yuan, growing by 8.5% year-on-year [5]. - The narrow money supply (M1) was 115.51 trillion yuan, with a year-on-year growth of 3.8% [5]. - The cash in circulation (M0) was 14.13 trillion yuan, reflecting a year-on-year increase of 10.2% [5]. Deposits and Loans - The total increase in RMB deposits for 2025 was 26.41 trillion yuan, with household deposits rising by 14.64 trillion yuan [6]. - The total balance of RMB loans by the end of December was 271.91 trillion yuan, with a year-on-year growth of 6.4% [7]. - Foreign currency loans increased by 29 million USD for the year, with a balance of 5.45 billion USD by the end of December [7]. Cross-Border Transactions - The total amount of cross-border RMB settlements under the current account reached 17.86 trillion yuan in 2025, with goods trade accounting for 13.72 trillion yuan [9].