Core Points - The CFETS RMB exchange rate index on November 7 is reported at 97.96, reflecting an increase of 0.35 compared to the last trading day of the previous week (October 31) [1] - The RMB exchange rate indices calculated based on the BIS and SDR currency baskets are 104.19 and 92.34 respectively on November 7, showing increases of 0.32 and 0.08 compared to October 31 [1]

Monetary Supply and Growth - As of the end of September, the broad money supply (M2) reached 335.38 trillion yuan, reflecting a year-on-year growth of 8.4% [1] - The narrow money supply (M1) stood at 113.15 trillion yuan, with a year-on-year increase of 7.2% [1] - The currency in circulation (M0) amounted to 13.58 trillion yuan, showing a year-on-year growth of 11.5% [1] - In the first three quarters, a net cash injection of 761.9 billion yuan was recorded [1] Social Financing and Loans - The total social financing scale increased by 30.09 trillion yuan in the first three quarters, surpassing the previous year's figure by 4.42 trillion yuan [2] - The balance of loans to the real economy reached 267.03 trillion yuan by the end of September, with a year-on-year growth of 6.4% [3] - In the first three quarters, RMB loans increased by 14.75 trillion yuan, with household loans rising by 1.1 trillion yuan and corporate loans increasing by 13.44 trillion yuan [4] Deposits and Financial Market Rates - By the end of September, the total balance of RMB deposits was 324.94 trillion yuan, reflecting a year-on-year growth of 8% [5] - The average interbank borrowing rate in September was 1.45%, down 0.33 percentage points from the same period last year [6] - The one-year loan market quoted interest rate was 3.00%, and the rate for loans over five years was 3.50%, both lower by 0.1 percentage points compared to the end of last year [7] Currency Exchange Rates - As of the end of September, the CFETS RMB exchange rate index was 96.77, a decrease of 4.63% compared to the end of last year [8] - The RMB appreciated by 1.17% against the US dollar but depreciated by 9.71% against the euro and 3.40% against the Japanese yen [8]

Group 1 - As of the end of August, the broad money supply (M2) reached 331.98 trillion yuan, showing a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.23 trillion yuan, with a year-on-year increase of 6% [1] - The cash in circulation (M0) was 13.34 trillion yuan, reflecting a year-on-year growth of 11.7% [1] Group 2 - The total social financing increment for the first eight months was 26.56 trillion yuan, which is 4.66 trillion yuan more than the same period last year [2] - The increase in RMB loans to the real economy was 12.93 trillion yuan, which is a decrease of 4.85 trillion yuan compared to the previous year [2] - Net financing from government bonds was 10.27 trillion yuan, an increase of 4.63 trillion yuan year-on-year [2] Group 3 - By the end of August, the total social financing stock was 433.66 trillion yuan, with a year-on-year growth of 8.8% [3] - The balance of RMB loans to the real economy was 265.42 trillion yuan, showing a year-on-year increase of 6.6% [3] - The balance of government bonds increased by 21.1% year-on-year, reaching 91.36 trillion yuan [3] Group 4 - The balance of RMB loans as of the end of August was 269.1 trillion yuan, reflecting a year-on-year growth of 6.8% [4] - In the first eight months, RMB loans increased by 13.46 trillion yuan, with household loans rising by 711 billion yuan [4] - Loans to enterprises increased by 12.22 trillion yuan during the same period [4] Group 5 - The balance of RMB deposits reached 322.73 trillion yuan by the end of August, with a year-on-year growth of 8.6% [5] - In the first eight months, RMB deposits increased by 20.5 trillion yuan, with household deposits rising by 9.77 trillion yuan [5] - Non-financial enterprise deposits increased by 610.6 billion yuan during this period [5] Group 6 - The weighted average interbank lending rate in August was 1.4%, down 0.37 percentage points from the same period last year [6] - The weighted average rate for pledged repos was 1.41%, which is 0.38 percentage points lower year-on-year [6] Group 7 - The one-year loan market quoted rate was 3.00% as of August 20, down 0.1 percentage points from the end of last year [7] - The quoted rate for loans over five years was 3.50%, also down 0.1 percentage points compared to the end of last year [7] Group 8 - As of the end of August, the RMB exchange rate index fell by 4.83% compared to the end of last year [8] - The RMB to USD exchange rate was 7.1030, appreciating by 1.20% year-on-year [8] - The RMB to Euro exchange rate depreciated by 9.34% compared to the end of last year [8]

Group 1 - 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 cash in circulation (M0) amounted to 13.28 trillion yuan, showing a year-on-year growth of 11.8% [1] Group 2 - In the first seven months, the total social financing increased by 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, an increase of 4.88 trillion yuan year-on-year [2] Group 3 - By the end of July, the total social financing stock was 431.26 trillion yuan, with a year-on-year growth of 9% [3] - The balance of RMB loans to the real economy was 264.79 trillion yuan, reflecting 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] Group 4 - The balance of RMB loans as of the end of July was 268.51 trillion yuan, with a year-on-year growth of 6.9% [4] - In the first seven months, RMB loans increased by 12.87 trillion yuan, with household loans rising by 680.7 billion yuan [4] - Loans to enterprises increased by 11.63 trillion yuan during the same period [4] Group 5 - The balance of RMB deposits reached 320.67 trillion yuan by the end of July, with a year-on-year growth of 8.7% [5] - In the first seven months, RMB deposits increased by 18.44 trillion yuan, with household deposits rising by 9.66 trillion yuan [5] - Non-financial enterprise deposits increased by 310.9 billion yuan during this period [5] Group 6 - In July, the weighted average interbank lending rate was 1.45%, down 0.36 percentage points year-on-year [6] - The weighted average repo rate was 1.46%, also down 0.36 percentage points compared to the previous year [6] Group 7 - The one-year loan market quoted rate was 3.00% as of July 21, down 0.1 percentage points from the end of last year [7] - The five-year loan market quoted rate was 3.50%, also down 0.1 percentage points compared to the end of last year [7] Group 8 - By the end of July, the CFETS RMB exchange rate index was 96.76, down 4.64% from the end of last year [8] - The RMB to USD exchange rate was 7.1494, appreciating by 0.55% compared to the end of last year [8] - The RMB to Euro exchange rate depreciated by 8.13% compared to the end of last year [8]

Core Viewpoint - The CFETS RMB exchange rate index on July 18 is reported at 96.14, reflecting an increase of 0.54 compared to the last trading day on July 11 [1] Group 1: RMB Exchange Rate Indices - The CFETS RMB exchange rate index has risen by 0.54 from the previous week [1] - The BIS currency basket index for RMB on July 18 is 101.80, up by 0.64 from July 11 [1] - The SDR currency basket index for RMB on July 18 is 90.90, increasing by 0.38 compared to July 11 [1]

Core Points - The CFETS RMB exchange rate index on July 25 was 95.71, a decrease of 0.43 from the last trading day on July 18 [1] - The RMB exchange rate indices calculated based on the BIS and SDR currency baskets were 101.31 and 90.55 respectively on July 25, showing declines of 0.49 and 0.35 compared to July 18 [1]

Core Insights - The offshore (CNH) and onshore (CNY) RMB exchange rates depreciated in July, with the average daily price difference decreasing by 4 basis points from the previous month [3][4] - The CFETS RMB exchange rate index and indices based on BIS and SDR currency baskets increased compared to the end of the previous month [3] - The issuance of offshore RMB bonds decreased compared to the previous month [5] Group 1: Offshore RMB Deposits in Hong Kong and Taiwan - As of June 2025, offshore RMB deposits in Hong Kong decreased by 9.6% to 8820.61 billion, while Taiwan's deposits increased by 1.6% to 1192.66 billion [2] - Cross-border trade settlement in Hong Kong rose by 8.9% to 12235.18 billion [2] Group 2: Offshore RMB Foreign Exchange Market - On July 31, the CNH/USD exchange rate was 7.2096, down 0.72%, and the CNY/USD exchange rate was 7.1930, down 0.38% [3] - The CFETS RMB exchange rate index rose by 1.48% to 96.76, the BIS index rose by 1.85% to 102.57, and the SDR index rose by 1.49% to 91.49 [3] Group 3: Offshore RMB Derivatives Market - The 1-year CNH swap points were at -1756 basis points, down 9 basis points, while CNY 1-year swap points were at -1815 basis points, up 51 basis points [4] - The average daily swap point spread between CNH and CNY decreased by 121 basis points to 64 basis points [4] - The Hong Kong Exchange's USD/CNH futures volume decreased by 11.8% to 2.2285 million contracts, while the options volume increased by 583.3% to 82 contracts [4] Group 4: Offshore RMB Bond Market - In July, 110 offshore RMB bonds were issued, an increase of 10 from the previous month, but the issuance amount decreased by 24.4% to 589.77 billion [5] Group 5: Offshore RMB Money Market - By the end of July, CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year terms decreased by 87, 56, 18, and 17 basis points respectively [6] - The average interest rate spread between offshore and onshore borrowing rates decreased for overnight and 7-day terms, while it increased for the 3-month term [6] Group 6: Foreign Institutions in Domestic Interbank Market - As of the end of July, the number of foreign institutions participating in the domestic interbank foreign exchange market increased to 233 [7] - The total number of foreign institutions and their products in the domestic currency market decreased to 5739 [7] Group 7: Foreign Institutions' Transaction Volume - In July, foreign institutions' total transaction volume in the domestic interbank foreign exchange market was 40117.62 billion, an increase of 16.0% [8] - The transaction volume in the domestic interbank bond market increased by 9.8% to 14687.13 billion [8]

Core Viewpoint - The CFETS reported that the RMB exchange rate index increased by 0.18% to 96.94 on August 1, indicating a strengthening of the Chinese currency against a basket of currencies [1] Summary by Index - CFETS RMB Exchange Rate Index: The index rose to 96.94, reflecting a weekly increase of 0.18 [1] - BIS Currency Basket RMB Exchange Rate Index: This index increased by 0.24 to reach 102.81, suggesting a positive trend in the RMB's performance against the BIS basket [1] - SDR Currency Basket RMB Exchange Rate Index: The index saw a rise of 0.11, bringing it to 91.60, indicating a slight strengthening of the RMB in the context of the SDR basket [1]

Core Points - The CFETS RMB exchange rate index is at 95.71, indicating the performance of the Chinese yuan against a basket of currencies [1] - The BIS currency basket RMB exchange rate index stands at 101.31, reflecting the yuan's strength in international trade [1] - The SDR currency basket RMB exchange rate index is recorded at 90.55, showing the yuan's position in the Special Drawing Rights allocation [1]

Monetary Supply and Financing - As of the end of June, the broad money supply (M2) reached 330.29 trillion yuan, reflecting a year-on-year growth of 8.3% [1] - The total social financing scale increased by 22.83 trillion yuan in the first half of the year, which is 4.74 trillion yuan more than the same period last year [2] - By the end of June, the total social financing stock was 430.22 trillion yuan, showing a year-on-year increase of 8.9% [3] Loan and Deposit Growth - In the first half of the year, RMB loans increased by 12.92 trillion yuan, with household loans rising by 1.17 trillion yuan and corporate loans increasing by 11.57 trillion yuan [4] - RMB deposits grew by 17.94 trillion yuan in the first half of the year, with household deposits increasing by 10.77 trillion yuan [5] Interest Rates and Currency Exchange - The weighted average interbank lending rate in June was 1.46%, down 0.41 percentage points from the same period last year [6] - The loan market quotation rate decreased compared to the end of last year, with the one-year rate at 3.00% and the five-year rate at 3.50% [7] - The CFETS RMB exchange rate index fell by 6.03% compared to the end of last year, while the RMB appreciated against the USD but depreciated against the EUR and JPY [8]