上海人民币跨境收付金额达32.4万亿元，继续保持全国第一

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported that in 2025, Shanghai's social financing scale increased by 1.1632 trillion yuan, with a year-on-year increase of 102.1 billion yuan [3] - Direct financing's proportion rose, with 34.19 billion yuan added, accounting for 29.4% of the total increase, up 15 percentage points year-on-year [3] - The total credit volume showed reasonable growth, with a focus on optimizing the structure and a steady decline in financing costs [2] Financing Structure - In 2025, the increase in RMB loans to the real economy was 658.9 billion yuan, representing 56.6% of the total social financing increment [3] - The balance of RMB loans in Shanghai reached 13.07 trillion yuan by the end of December, growing by 6.5% year-on-year, which is 0.3 percentage points higher than the national average [3] - The weighted average interest rate for newly issued corporate loans in December was 2.64%, down 38 basis points from the previous year [3] Deposits Overview - By the end of December, the total balance of deposits in Shanghai was 24.5 trillion yuan, with a year-on-year growth of 11.3%, exceeding the national average by 2.3 percentage points [3] - Household deposits increased by 9.1% year-on-year, while non-financial corporate deposits grew by 5.3% [3] - Non-bank financial institutions saw a significant deposit growth of 30.4% [3] International Financial Center Development - The PBOC Shanghai Headquarters is committed to supporting the construction of Shanghai as an international financial center, focusing on cross-border trade and investment facilitation, financial market openness, and the internationalization of the RMB [4] - As of December 2025, 1,189 foreign institutions entered the interbank bond market, holding bonds worth 3.46 trillion yuan, which is about 2.0% of the total custody in the market [5] - The total amount of cross-border RMB settlements in Shanghai accounted for 46% of the national total in 2025 [5] Cross-Border RMB Business - In 2025, the cross-border RMB payment volume reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining the highest share in the country at 46% [6] - The RMB cross-border payment related to the real economy increased by 14%, outpacing the overall growth rate by 5 percentage points [6] - Key sectors such as shipping, new foreign trade formats, and bulk commodities saw significant growth in cross-border RMB settlements, with increases of 48%, 16%, and 2.6% respectively [6] Future Outlook - In 2026, the PBOC Shanghai Headquarters plans to enhance offshore financial services, promote the internationalization of the RMB, and implement foreign exchange management reforms [7] - The focus will be on optimizing the financial business environment and supporting the construction of the Shanghai International Financial Center [7]