上海社融去年多增超千亿，跨境人民币业务量质齐升

Core Viewpoint - In 2025, Shanghai's financial operations remained stable amidst a complex external environment and ongoing domestic economic recovery, with several key indicators showing positive changes and structural improvements [1][2]. Financial Support to the Real Economy - In 2025, Shanghai's total social financing increased by 1,163.2 billion yuan, with a year-on-year increase of 102.1 billion yuan [2]. - Direct financing rose by 341.9 billion yuan, accounting for 29.4% of the financing increase, up approximately 15 percentage points from the previous year [2][3]. - The balance of loans in both domestic and foreign currencies reached 13.07 trillion yuan, growing by 6.5% year-on-year, slightly above the national average [2]. Financing Costs and Structure - The weighted average interest rate for newly issued corporate loans in Shanghai was 2.64% in December 2025, down by 38 basis points year-on-year [3]. - The structure of financing has shifted towards direct financing, with significant increases in net financing from various types of bonds, indicating a deeper and broader financial market [3]. Deposit Structure Changes - By the end of December 2025, the balance of deposits in Shanghai reached 24.5 trillion yuan, growing by 11.3% year-on-year, surpassing the national growth rate by 2.3 percentage points [4][5]. - The growth rate of demand deposits for households and non-financial enterprises increased significantly, while the growth of time deposits declined [5]. FT Account Function Upgrade - The FT account function upgrade pilot launched in December 2025, with 11 banks and 29 enterprises participating, facilitating nearly 50 billion yuan in cross-border fund transfers [6][7]. - The pilot is seen as a significant step in enhancing cross-border financial liberalization and is expected to provide a model for higher-level cross-border fund management mechanisms [7]. Cross-Border Financial Activities - In 2025, Shanghai's banks recorded a total of 5.66 trillion USD in foreign-related receipts and payments, accounting for over 36% of the national total [8]. - The total amount of cross-border RMB transactions reached 32.4 trillion yuan, representing 46% of the national total, with a notable increase in securities investment transactions [9]. Future Outlook - Shanghai aims to deepen the application of the FT account function and expand pilot programs to enhance RMB cross-border payment efficiency and explore higher levels of capital account openness [10].