央行：2026年1月末社会融资规模存量为449.11万亿元，同比增长8.2%

Core Insights - The People's Bank of China reported that the total social financing scale reached 449.11 trillion yuan at the end of January 2026, marking an 8.2% year-on-year increase [1][2] Summary by Category Loans to the Real Economy - The balance of RMB loans issued to the real economy was 273.3 trillion yuan, reflecting a 6.1% year-on-year growth [1][2] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.09 trillion yuan, showing a 12.1% year-on-year decline [1][2] Other Financing Instruments - The balance of entrusted loans was 11.3 trillion yuan, with a slight increase of 0.2% year-on-year [1][2] - The balance of trust loans reached 4.67 trillion yuan, representing a 7% year-on-year growth [1][2] - The balance of undiscussed bank acceptance bills was 2.78 trillion yuan, up by 6.7% year-on-year [1][2] Bonds and Stocks - The balance of corporate bonds was 34.69 trillion yuan, indicating a 6.1% year-on-year increase [1][2] - The balance of government bonds reached 95.9 trillion yuan, with a significant year-on-year growth of 17.3% [1][2] - The balance of domestic stocks held by non-financial enterprises was 12.23 trillion yuan, reflecting a 3.9% year-on-year increase [1][2]