中国人民银行12月12日发布金融统计数据显示，前11个月，我国社会融资规模增量累计为33.39万亿 元，超去年全年。11月末，广义货币（M2）余额336.99万亿元，同比增长8%；人民币贷款余额271万亿 元，同比增长6.4%。金融总量合理增长，充分体现适度宽松的货币政策。 （文章来源：新华社） ...

其中，对实体经济发放的人民币贷款增加14.93万亿元，同比少增1.28万亿元；对实体经济发放的外币贷 款折合人民币减少1368亿元，同比少减1873亿元；委托贷款增加895亿元，同比多增1453亿元；信托贷 款增加3003亿元，同比少增823亿元；未贴现的银行承兑汇票增加1605亿元，同比多增3568亿元；企业 债券净融资2.24万亿元，同比多3125亿元；政府债券净融资13.15万亿元，同比多3.61万亿元；非金融企 业境内股票融资4204亿元，同比多1788亿元。 北京商报讯（记者 廖蒙）12月12日，人民银行发布2025年11月金融统计数据报告。经初步统计，前十 一个月社会融资规模增量累计为33.39万亿元，比上年同期多3.99万亿元。 ...

海报制作：任军、刘羽佳 新华社国内部出品 中国人民银行12月12日发布金融统计数据显示，前11个月，我国社会融资规模增量累计为33.39万亿 元，超去年全年。11月末，广义货币（M2）余额336.99万亿元，同比增长8%；人民币贷款余额271万亿 元，同比增长6.4%。金融总量合理增长，充分体现适度宽松的货币政策。 记者：吴雨 【纠错】 【责任编辑:焦鹏】 ...

人民财讯12月12日电，央行发布2025年11月金融统计数据报告。初步统计，2025年前十一个月社会融资 规模增量累计为33.39万亿元，比上年同期多3.99万亿元。其中，对实体经济发放的人民币贷款增加 14.93万亿元，同比少增1.28万亿元；对实体经济发放的外币贷款折合人民币减少1368亿元，同比少减 1873亿元；委托贷款增加895亿元，同比多增1453亿元；信托贷款增加3003亿元，同比少增823亿元；未 贴现的银行承兑汇票增加1605亿元，同比多增3568亿元；企业债券净融资2.24万亿元，同比多3125亿 元；政府债券净融资13.15万亿元，同比多3.61万亿元；非金融企业境内股票融资4204亿元，同比多1788 亿元。 ...

Core Insights - The People's Bank of China reported an increase of 14.97 trillion yuan in RMB loans for the first ten months of the year, with corporate loans accounting for 13.79 trillion yuan [1] - As of the end of October, the total RMB loan balance reached 270.61 trillion yuan, reflecting a year-on-year growth of 6.5% [1] - The total social financing scale increased by 30.9 trillion yuan in the first ten months, surpassing the same period last year by 3.83 trillion yuan [1] Loan Data - Corporate loans increased by 13.79 trillion yuan, with medium to long-term loans contributing 8.32 trillion yuan [1] - Household loans saw an increase of 739.6 billion yuan during the same period [1] Money Supply - As of the end of October, the broad money supply (M2) stood at 335.13 trillion yuan, growing by 8.2% year-on-year [1] - The narrow money supply (M1) was recorded at 112 trillion yuan, with a year-on-year increase of 6.2% [1] - The currency in circulation (M0) reached 13.55 trillion yuan, reflecting a year-on-year growth of 10.6% [1] Deposit Data - Total RMB deposits increased by 23.32 trillion yuan in the first ten months, with household deposits rising by 11.39 trillion yuan [1] Social Financing - The total social financing stock at the end of October was 437.72 trillion yuan, showing a year-on-year growth of 8.5% [1]

Monetary Supply - M2 money supply increased by 82% year-on-year, exceeding expectations of 81% [1] - M1 money supply increased by 62% year-on-year, falling short of expectations of 70% [1] - M0 money supply increased by 106% year-on-year [1] Social Financing - The increment of social financing scale in the first 10 months was 309 trillion yuan, with a year-on-year increase of 383 trillion yuan [1] - New social financing in October was 081 trillion yuan [1] RMB Loans - RMB loans increased by 1452 trillion yuan in the first 10 months, with a year-on-year decrease of 116 trillion yuan [1] - RMB loans decreased by 20 billion yuan in October [1]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 中国人民银行： 2025年前十个月社会融资规模增量累计为30.9万亿元，比上年同期多3.83万亿元。 ...

Group 1: Monetary Supply and Economic Indicators - As of the end of September, the broad money supply (M2) reached 335.38 trillion yuan, with a year-on-year growth of 8.4%, while the narrow money supply (M1) was 113.15 trillion yuan, growing by 7.2%, marking a significant increase of 7.1 percentage points from the low of 0.1% in February this year. The M1-M2 gap has narrowed to -1.2% [1] - The recent increase in M1 is attributed to both the low base effect from the previous year and the activation of corporate and household time deposits, indicating a recovery in business activity and consumer demand [1] Group 2: Social Financing and Loan Distribution - In the first three quarters of 2025, the cumulative increment of social financing reached 30.09 trillion yuan, with 14.54 trillion yuan allocated to the real economy through RMB loans. The proportion of RMB loans in the total social financing increment has dropped to 48.32%, indicating that over half of the new financing is sourced from other diverse channels, such as government and corporate bond financing, which now accounts for 43.3% [2] - Experts suggest that the financial system's support for the real economy extends beyond loans, advocating for a broader observation of social financing metrics to assess the financial support's effectiveness [2] Group 3: Monetary and Fiscal Policy Outlook - Current financial statistics show that the total social financing stock exceeds 430 trillion yuan, with M2 over 330 trillion yuan and RMB deposits surpassing 320 trillion yuan. The loan balance is over 270 trillion yuan [3] - Experts indicate that the economy is facing structural imbalances rather than mere total demand deficiencies, characterized by excessive investment and insufficient consumption. They argue that while monetary easing and increased government investment can provide short-term relief, they may exacerbate supply-demand imbalances in the medium to long term [3] - The monetary policy is expected to remain moderately accommodative in the fourth quarter, with fiscal policies shifting focus towards improving livelihoods rather than primarily driving investment [3] Group 4: Financial Data Reporting Adjustments - The central bank announced a change in the format of financial statistical data releases, merging three previous reports into one comprehensive "Financial Statistical Data Report" to enhance the accessibility of financial statistics without reducing the content [4]

Core Insights - The central point of the article is the release of the People's Bank of China's financial data report for September 2025, indicating various trends in monetary supply and social financing that reflect the economic activity and consumer demand in the country [1]. Monetary Supply - As of the end of September, the M2 balance reached 335.38 trillion yuan, showing a year-on-year growth of 8.4%, which is a decrease of 0.4 percentage points from the previous month [1]. - The M1 balance stood at 113.15 trillion yuan, with a year-on-year increase of 7.2%, marking an increase of 1.2 percentage points compared to the last month [1]. - M0 experienced a year-on-year growth of 11.5% [1]. Social Financing and Loans - In the first three quarters of 2025, the cumulative increase in social financing amounted to 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [1]. - The increase in RMB loans for the first three quarters was 14.75 trillion yuan, while RMB deposits rose by 22.71 trillion yuan [1]. M1-M2 Differential - The narrowing of the M1-M2 differential continued, now at -1.2%, driven by the rising growth rate of M1 [1]. - The recent recovery in M1 growth is attributed to both the low base effect from the previous year and the activation of corporate and household time deposits [1]. - Analysts view the convergence of the M1-M2 differential as a positive signal, indicating increased business activity and a rebound in personal investment and consumption demand [1].

Core Points - The central bank reported that the cumulative increase in social financing scale for the first three quarters of 2025 reached 30.09 trillion yuan, which is an increase of 4.42 trillion yuan compared to the same period last year [1] Summary by Category - **Social Financing Scale** - The cumulative increase in social financing scale for the first three quarters of 2025 is 30.09 trillion yuan [1] - This figure represents an increase of 4.42 trillion yuan compared to the same period in the previous year [1]