Group 1: Monetary and Financing Indicators - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The cumulative increase in social financing scale for the first seven months of 2023 was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [1][8] - By the end of July, the total social financing scale stood at 431.26 trillion yuan, with a year-on-year growth of 9% [8] Group 2: Loan Data Analysis - The balance of domestic and foreign currency loans was 272.48 trillion yuan at the end of July, showing a year-on-year increase of 6.7% [6] - The balance of RMB loans was 268.51 trillion yuan, with a year-on-year growth of 6.9% [6] - The increase in RMB loans for the first seven months was 12.87 trillion yuan [6] Group 3: Financing Environment and Policy - The current monetary policy is characterized by a moderate easing stance, providing a suitable financial environment for the real economy [9] - The People's Bank of China has emphasized the importance of social financing scale and M2 growth in relation to economic growth and price stability, rather than focusing solely on loan metrics [9] - The low interest rates, with new corporate loans at approximately 3.2% and personal housing loans at about 3.1%, indicate a relatively abundant supply of credit [10][12] Group 4: Effective Financing Demand - The effective financing demand of the real economy is being met adequately, as indicated by the low financing costs and the transparency in loan pricing for enterprises [11][12] - Recent policies have improved the interest rate mechanism, allowing banks to offer more favorable terms to businesses [12]

Core Viewpoint - The latest financial data from the central bank indicates a moderately loose monetary policy, providing a suitable financial environment for the real economy [2] Group 1: Loan Rates - New personal housing loan rates are approximately 3.1%, while new corporate loan rates are around 3.2%, both showing a decline of about 45 and 30 basis points year-on-year respectively [3][4] - The low interest rates reflect a relatively abundant supply of credit, making it easier and cheaper for borrowers to obtain bank loans [4] - The reduction in financing costs positively impacts expectations and expands demand, as evidenced by a technology company that applied for a loan to upgrade its production line after receiving a rate discount [4] Group 2: Loan Growth - As of the end of July, the balance of RMB loans reached 268.51 trillion yuan, with a year-on-year growth of 6.9%, and a total increase of 12.87 trillion yuan in the first seven months [7] - The increase in loans is categorized into household loans, which rose by 680.7 billion yuan, and corporate loans, which increased by 11.63 trillion yuan [7] - The growth rate of loan balances remains significantly higher than the nominal economic growth rate, indicating stable support for the real economy from credit [7] Group 3: Financing Channels - The diversification of corporate financing channels, along with the acceleration of government bond issuance, makes it increasingly difficult for loans alone to reflect the financial support for the real economy [7] - The central bank's introduction of the social financing scale indicator provides a more comprehensive view of financial growth, encompassing various financing channels beyond just loans [7][8] - The focus on new loan issuance reflects the actual lending and repayment situation, which can indicate effective satisfaction of financing needs even if the balance growth appears low [8]

【大河财立方消息】8月13日，央行公布2025年7月社会融资规模增量和存量统计数据报告。 从结构看，7月末对实体经济发放的人民币贷款余额占同期社会融资规模存量的61.4%，同比低1.2个百 分点；对实体经济发放的外币贷款折合人民币余额占比0.3%，同比低0.1个百分点；委托贷款余额占比 2.6%，同比低0.2个百分点；信托贷款余额占比1%，同比低0.1个百分点；未贴现的银行承兑汇票余额占 比0.4%，同比低0.1个百分点；企业债券余额占比7.7%，同比低0.4个百分点；政府债券余额占比 20.9%，同比高2.2个百分点；非金融企业境内股票余额占比2.8%，同比低0.1个百分点。 初步统计，2025年前七个月社会融资规模增量累计为23.99万亿元，比上年同期多5.12万亿元。其中，对 实体经济发放的人民币贷款增加12.31万亿元，同比少增694亿元；对实体经济发放的外币贷款折合人民 币减少725亿元，同比少减245亿元；委托贷款减少689亿元，同比多减116亿元；信托贷款增加1592亿 元，同比少增1480亿元；未贴现的银行承兑汇票减少2196亿元，同比少减1243亿元；企业债券净融资 1.43万亿元，同比少1 ...

Group 1 - The People's Bank of China reported that as of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, reflecting a year-on-year increase of 5.6% [1] - The currency in circulation (M0) amounted to 13.28 trillion yuan, showing a year-on-year growth of 11.8% [1] - In the first seven months, a net cash injection of 465.1 billion yuan was recorded [1] Group 2 - As of the end of July, the total loan balance in both domestic and foreign currencies was 272.48 trillion yuan, with a year-on-year increase of 6.7% [1] - The balance of RMB loans reached 268.51 trillion yuan, marking a year-on-year growth of 6.9% [1] - In the first seven months, RMB loans increased by 12.87 trillion yuan, with household loans rising by 680.7 billion yuan [1] Group 3 - The social financing scale increment for the first seven months of 2025 was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [2] - The increase in RMB loans to the real economy was 12.31 trillion yuan, which is a decrease of 694 billion yuan compared to the previous year [2] - The net financing of government bonds reached 8.9 trillion yuan, which is an increase of 4.88 trillion yuan year-on-year [2] Group 4 - As of the end of July 2025, the total social financing scale stood at 431.26 trillion yuan, reflecting a year-on-year growth of 9% [3] - The balance of RMB loans to the real economy was 264.79 trillion yuan, with a year-on-year increase of 6.8% [3] - The balance of government bonds grew by 21.9% year-on-year, reaching 89.99 trillion yuan [3]

Financial Statistics Summary - As of the end of July 2025, the broad money supply (M2) reached 329.94 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, with a year-on-year increase of 5.6% [1] - The cash in circulation (M0) was 13.28 trillion yuan, showing a year-on-year growth of 11.8% [1] - A net cash injection of 465.1 billion yuan occurred in the first seven months of 2025 [1] Loan and Deposit Statistics - By the end of July 2025, the total balance of RMB loans was 268.51 trillion yuan, with a year-on-year growth of 6.9% [2] - In the first seven months, RMB loans increased by 12.87 trillion yuan, with household loans rising by 680.7 billion yuan and corporate loans increasing by 11.63 trillion yuan [2] - The total balance of RMB deposits reached 320.67 trillion yuan, reflecting a year-on-year growth of 8.7% [3] - In the first seven months, RMB deposits increased by 18.44 trillion yuan, with household deposits rising by 9.66 trillion yuan [3] Interbank Market and Interest Rates - The average weighted interest rate for interbank RMB market lending in July was 1.45%, lower than the previous month and the same month last year [4] - The average weighted interest rate for pledged bond repos was 1.46%, also lower than the previous month and the same month last year [4] - The total transaction volume in the interbank RMB market reached 222.44 trillion yuan in July, with a daily average transaction of 9.67 trillion yuan, marking a year-on-year increase of 14.8% [4] Cross-Border RMB Settlement - In July 2025, the cross-border RMB settlement amount for current account transactions was 1.57 trillion yuan, with goods trade accounting for 1.15 trillion yuan [5] - The direct investment cross-border RMB settlement amount was 0.64 trillion yuan, with foreign direct investment contributing 0.42 trillion yuan [5] Social Financing Scale - By the end of July 2025, the total social financing scale was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [6] - The balance of RMB loans to the real economy was 264.79 trillion yuan, with a year-on-year increase of 6.8% [6] - In the first seven months, the cumulative social financing scale increased by 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [6] Breakdown of Financing Components - The increase in RMB loans to the real economy was 12.31 trillion yuan, which is a decrease of 694 billion yuan compared to the previous year [6] - The net financing of government bonds reached 8.9 trillion yuan, which is an increase of 4.88 trillion yuan compared to the previous year [6] - The net financing of corporate bonds was 1.43 trillion yuan, which is a decrease of 1.849 trillion yuan compared to the previous year [6]

Group 1: Monetary Data Overview - As of the end of July 2025, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, growing by 5.6% year-on-year [1] - The net fund injection in the first seven months totaled 465.1 billion yuan [1] Group 2: Social Financing and Loan Dynamics - By the end of July 2025, the total social financing scale was 431.26 trillion yuan, reflecting a year-on-year increase of 9% [1] - The balance of RMB loans to the real economy was 264.79 trillion yuan, with a year-on-year growth of 6.8% [1] - The cumulative increase in social financing for January to July 2025 was 23.99 trillion yuan, exceeding the same period last year by 5.12 trillion yuan [1] Group 3: Seasonal Loan Trends - July is traditionally a "small month" for credit, influenced by the end-of-June business assessment period for banks, which often leads to a push for credit growth in June [2] - The fluctuation in credit data during June and July is linked to financial institutions' reporting schedules and the settlement periods for businesses [2] - Historical data shows that manufacturing and construction PMIs in July are typically lower than in June, indicating seasonal trends in loan issuance [2] Group 4: M1-M2 Scissor Difference - The difference in growth rates between M1 and M2 has narrowed significantly, with a current gap of 3.2% [4] - This narrowing indicates an increase in the liquidity and efficiency of funds, aligning with improved market confidence and economic activity [4] Group 5: Impact of Local Government Debt Replacement - Since November 2024, nearly 4 trillion yuan of refinancing special bonds for replacing hidden debts have been issued [3] - This debt replacement converts high-interest short-term debts into low-interest long-term debts, which may temporarily lower loan growth rates [3] - Long-term, this process is expected to alleviate local debt risks and enhance financial stability, allowing more credit resources to flow into the real economy [3] Group 6: Observing Financial Metrics - To accurately assess financial totals, it is essential to consider broader indicators like social financing scale and M2, rather than solely focusing on loans [5] - The diversification of corporate financing channels and the rapid expansion of government bond issuance have made loans a less comprehensive indicator of financial support for the real economy [5] Group 7: Credit Supply and Demand - Loan interest rates have remained low for an extended period, indicating a generally ample supply of credit resources [7] - Recent policies have improved the transparency of financing costs for enterprises, contributing to a reduction in financing burdens [7] - As of July, the average interest rate for new corporate loans was approximately 3.2%, down about 45 basis points from the previous year, while new personal housing loans averaged around 3.1%, a decrease of about 30 basis points [7]

Core Points - In July, China's new social financing increased by 1.16 trillion yuan, with a decrease of 500 billion yuan in new RMB loans and an increase of 500 billion yuan in new RMB deposits, while household deposits decreased by 1.11 trillion yuan [1][4] - The cumulative social financing scale from January to July reached 23.99 trillion yuan, which is an increase of 5.12 trillion yuan compared to the same period last year [3][8] - The total social financing stock as of the end of July was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [11] Financing Structure - As of the end of July, the balance of RMB loans to the real economy was 264.79 trillion yuan, with a year-on-year increase of 6.8%, while foreign currency loans decreased by 23.2% [11][12] - The balance of entrusted loans was 11.16 trillion yuan, showing a slight decline of 0.4% year-on-year, while trust loans increased by 5.9% [11][12] - Government bonds accounted for 20.9% of the total financing stock, which is an increase of 2.2 percentage points year-on-year [12] Monetary Supply - The broad money supply (M2) reached 329.94 trillion yuan at the end of July, with a year-on-year growth of 8.8%, while the narrow money supply (M1) was 111.06 trillion yuan, growing by 5.6% [13] - The cash in circulation (M0) was 13.28 trillion yuan, reflecting an 11.8% year-on-year increase [13] Loan and Deposit Trends - From January to July, RMB loans increased by 12.87 trillion yuan, with household loans rising by 6.807 trillion yuan [14][15] - The total RMB deposits increased by 18.44 trillion yuan in the first seven months, with household deposits contributing 9.66 trillion yuan [15] Market Activity - In July, the average weighted interest rate for interbank RMB lending was 1.45%, which is lower than the previous month and the same period last year [16] - The cross-border RMB settlement amount for current accounts in July was 1.57 trillion yuan, with significant contributions from goods trade and services [17]

中新网8月13日电 据央行网站消息，初步统计，2025年前七个月社会融资规模增量累计为23.99万亿元， 比上年同期多5.12万亿元。其中，对实体经济发放的人民币贷款增加12.31万亿元，同比少增694亿元； 对实体经济发放的外币贷款折合人民币减少725亿元，同比少减245亿元；委托贷款减少689亿元，同比 多减116亿元；信托贷款增加1592亿元，同比少增1480亿元；未贴现的银行承兑汇票减少2196亿元，同 比少减1243亿元；企业债券净融资1.43万亿元，同比少1849亿元；政府债券净融资8.9万亿元，同比多 4.88万亿元；非金融企业境内股票融资2212亿元，同比多767亿元。 ...

Group 1 - The People's Bank of China reported that in the first seven months, RMB loans increased by 12.87 trillion yuan, with corporate loans rising by 11.63 trillion yuan [1] - As of the end of July, the RMB loan balance reached 268.51 trillion yuan, reflecting a year-on-year growth of 6.9% [1] - In the same period, household loans increased by 680.7 billion yuan, while corporate medium- and long-term loans rose by 6.91 trillion yuan [1] Group 2 - The broad money supply (M2) stood at 329.94 trillion yuan at the end of July, showing a year-on-year increase of 8.8% [1] - The narrow money supply (M1) was 111.06 trillion yuan, with a year-on-year growth of 5.6% [1] - The currency in circulation (M0) reached 13.28 trillion yuan, marking a year-on-year increase of 11.8% [1] Group 3 - In the first seven months, RMB deposits increased by 18.44 trillion yuan, with household deposits rising by 9.66 trillion yuan [1] - The total social financing scale increased by 23.99 trillion yuan in the first seven months, which is 5.12 trillion yuan more than the same period last year [1] - As of the end of July, the total social financing stock was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [1]

Group 1 - The People's Bank of China reported an increase in social financing scale under proactive fiscal policies, indicating a continued upward trend in financial support for the economy [1][2] - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, growing by 8.8% year-on-year, while narrow money supply (M1) was 111.06 trillion yuan, up by 5.6% year-on-year [1] - From January to July, new RMB loans totaled 12.87 trillion yuan, with household loans increasing by 680.7 billion yuan and corporate loans rising by 11.63 trillion yuan [1] Group 2 - By the end of July, the total social financing scale was 431.26 trillion yuan, reflecting a year-on-year growth of 9%, with RMB loans to the real economy at 264.79 trillion yuan, up 6.8% [2] - The first seven months of 2025 saw a cumulative increase in social financing of 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [2] - Government bond financing showed significant growth, with a net financing of 8.9 trillion yuan, which is an increase of 4.88 trillion yuan year-on-year [2] Group 3 - The Central Political Bureau meeting emphasized the need for sustained macroeconomic policies, including more proactive fiscal measures and moderately loose monetary policies [3] - Analysts expect the central bank may continue to implement reserve requirement ratio cuts and interest rate reductions, providing ample space for monetary policy to remain "moderately loose" [3] - The focus on boosting domestic demand and mitigating external shocks is likely to lead to a recovery in new credit and social financing growth in the second half of the year [3]