2025年12月末M2余额同比增长8.5%

Group 1 - The central bank reported that by the end of 2025, the total social financing scale reached 442.12 trillion yuan, an increase of 8.3% year-on-year, with a cumulative increase of 35.6 trillion yuan, which is 3.34 trillion yuan more than the previous year [1] - By the end of December 2025, the broad money (M2) balance was 340.29 trillion yuan, growing by 8.5% year-on-year, while the narrow money (M1) balance was 115.51 trillion yuan, up by 3.8% year-on-year [1] - The total loans in both domestic and foreign currencies reached 275.74 trillion yuan by the end of December, with a year-on-year growth of 6.2%, and the total deposits in both currencies were 336.14 trillion yuan, increasing by 9% year-on-year [1] Group 2 - The analysis indicates that the support from monetary policy to the real economy is continuously strengthening, with government bonds contributing significantly to the social financing structure [2] - In December 2025, there was a notable improvement in corporate loans, indicating a recovery in business expectations and financing demand, despite a slowdown in residential loan growth due to declining real estate sales [2] - The M2 growth rate of 8.5% in December 2025 reflects a more relaxed liquidity environment, which is conducive to the recovery of the real economy [2]