11月末，本外币存款余额334.46万亿元，同比增长8%。月末人民币存款余额326.96万亿元，同比增长 7.7%。前十一个月人民币存款增加24.73万亿元。其中，住户存款增加12.06万亿元，非金融企业存款增 加1.09万亿元，财政性存款增加2.04万亿元，非银行业金融机构存款增加6.74万亿元。11月末，外币存 款余额1.06万亿美元，同比增长28.3%。前十一个月外币存款增加2067亿美元。 据中国人民银行12月12日发布的金融统计数据显示，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。 初步统计，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。其中，对实体经济发放的 人民币贷款余额为267.42万亿元，同比增长6.3%；对实体经济发放的外币贷款折合人民币余额为1.13万 亿元，同比下降16.5%。 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，已经比 2024年全年多1.12万亿元。 11月末，广义货币(M2)余额336.99万亿元，同比增长8%。狭义货币(M1)余额112.89万亿元，同比增长 4. ...

本文来自：中国人民银行 12月12日，央行公布11月金融数据。 11月末，本外币贷款余额274.84万亿元，同比增长6.3%。月末人民币贷款余额271万亿元，同比增长 6.4%。前十一个月人民币贷款增加15.36万亿元。 社会融资规模存量同比增长8.5% 初步统计，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。 其中，对实体经济发放的人民币贷款余额为267.42万亿元，同比增长6.3%；对实体经济发放的外币贷款 折合人民币余额为1.13万亿元，同比下降16.5%；委托贷款余额为11.32万亿元，同比增长1%；信托贷款 余额为4.6万亿元，同比增长7.4%；未贴现的银行承兑汇票余额为2.3万亿元，同比增长0.4%；企业债券 余额为34.08万亿元，同比增长5.6%；政府债券余额为94.24万亿元，同比增长18.8%；非金融企业境内 股票余额为12.14万亿元，同比增长4%。 从结构看，11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60.8%，同比低1.3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%，同比持平；委托贷款余额占比2.6%，同 比低0.2个 ...

央行发布2025年11月金融统计数据报告。 一、社会融资规模存量同比增长8.5% 初步统计，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。其中，对实体经济发放的 人民币贷款余额为267.42万亿元，同比增长6.3%；对实体经济发放的外币贷款折合人民币余额为1.13万 亿元，同比下降16.5%；委托贷款余额为11.32万亿元，同比增长1%；信托贷款余额为4.6万亿元，同比 增长7.4%；未贴现的银行承兑汇票余额为2.3万亿元，同比增长0.4%；企业债券余额为34.08万亿元，同 比增长5.6%；政府债券余额为94.24万亿元，同比增长18.8%；非金融企业境内股票余额为12.14万亿 元，同比增长4%。 从结构看，11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60.8%，同比低1.3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%，同比持平；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0.5%， 同比低0.1个百分点；企业债券余额占比7.7%，同比低0.3个百分点；政府债券余额 ...

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。11月末，广义货币(M2)余额336.99万亿 元，同比增长8%。狭义货币(M1)余额112.89万亿元，同比增长4.9%。流通中货币(M0)余额13.74万亿 元，同比增长10.6%。前十一个月净投放现金9175亿元。 ...

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】 ...

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - China's M2 in October decreased but was slightly higher than expected, mainly due to a decrease in household and corporate deposits and an increase in government department deposits. The overall M2 continued to remain at a reasonable level, and the monetary policy remained loose. The year-on-year decline in new social financing was mainly due to a decrease in household credit demand and fiscal financing demand, and the transmission from loose money to loose credit slowed down. Given the current slowdown in domestic economic growth and reduced external shock risks, the monetary policy will continue to be moderately loose. With the completion of the投放 of new policy-based financial instruments in October, the boosting effect on social financing may become more apparent, and the transmission from loose money to loose credit is expected to gradually accelerate. In the short term, financial data indicates a slowdown in overall domestic demand, which is negative for domestic risk assets and the RMB exchange rate. In the medium to long term, the process of loose credit is expected to accelerate further [2]. - M1 slightly declined, while M2 remained at a high level. Currently, the overall capital supply remains stable, the supply of base money increases, and the monetary policy remains loose. With the acceleration of debt resolution, the implementation of fiscal policies, and the investment of policy-based financial instruments, the demand for credit creation is expected to pick up, and M2 is expected to maintain a relatively high growth rate in the short term [2]. - The new RMB loans in October were lower than expected and decreased year-on-year, mainly due to a significant decline in household sector loans. The new corporate loans increased year-on-year, but the new medium - and long - term corporate loans were affected by factors such as local government debt repayment and the yet - to - be - realized boosting effect of new policy - based financial instruments. The new bill financing increased significantly year - on - year [3]. - The new social financing scale in October was lower than expected and decreased year - on - year. The financing demand of the real economy decreased year - on - year, mainly due to the decline in the financing demand of the household and government sectors. In the short and medium term, government financing may continue to slow down but maintain relatively high demand. The financing demand of the corporate sector is expected to gradually improve in the medium to long term, while the financing demand of the household sector will continue to be dragged down by weak real estate demand. The process of loose credit is expected to accelerate in the medium to long term [4]. Group 3: Summary by Relevant Catalogs Macroeconomic Data - In October, the new RMB loans were 22 billion yuan (expected 50 billion yuan, previous value 129 billion yuan), the new social financing scale was 814.9 billion yuan (expected 1165 billion yuan, previous value 3529.6 billion yuan), and the year - on - year growth rate of M2 was 8.2% (expected 8.1%, previous value 8.4%) [1][2]. - M1 year - on - year growth rate was 6.2% (expected 7.0%, a 1% decline from the previous month), M0 year - on - year growth rate was 10.6% (a 0.9% decline) [2]. RMB Loans - New household short - term loans were - 28.66 billion yuan, a year - on - year decrease of 33.56 billion yuan; new household medium - and long - term loans were - 7 billion yuan, a year - on - year decrease of 18 billion yuan [3]. - New corporate loans were 35 billion yuan, a year - on - year increase of 22 billion yuan. Among them, short - term loans were - 19 billion yuan, the same as the previous year; medium - and long - term loans were 3 billion yuan, a year - on - year decrease of 14 billion yuan; new bill financing was 50.06 billion yuan, a year - on - year increase of 33.12 billion yuan [3]. Social Financing Scale - The new social financing scale in October decreased year - on - year. From the perspective of the structure of new social financing, the credit financing demand of the real economy decreased year - on - year, household and corporate credit declined, corporate bond financing increased, government bond issuance slowed down significantly, and non - standard financing demand decreased slightly [4]. - New credit in October was - 2.01 billion yuan, a year - on - year decrease of 31.66 billion yuan. Non - standard assets (trust loans, entrusted loans, and undiscounted bank acceptance bills) decreased by 10.86 billion yuan in total, a year - on - year decrease of 3.58 billion yuan. Corporate bond financing increased by 24.69 billion yuan, a year - on - year increase of 14.82 billion yuan. Government bond net financing was 48.93 billion yuan, a year - on - year decrease of 56.02 billion yuan under a high base [4].

Core Insights - The People's Bank of China reported that the social financing scale maintained a high growth rate in October, contributing to a favorable monetary environment for economic recovery [1][4]. Group 1: Social Financing and Monetary Supply - As of the end of October, the total social financing scale reached 437.72 trillion yuan, with a year-on-year growth of 8.5%, which is 0.7 percentage points higher than the same period last year [1]. - The cumulative increase in social financing for the first ten months was 30.9 trillion yuan, exceeding the previous year's figure by 3.83 trillion yuan [1]. - The broad money supply (M2) stood at 335.13 trillion yuan at the end of October, reflecting a year-on-year growth of 8.2%, which is 0.8 percentage points higher than the same period last year [4]. Group 2: Loan Growth and Structure - In the first ten months of the year, the increase in RMB loans was 14.97 trillion yuan, indicating reasonable growth in loan scale and continuous optimization of credit structure [7]. - By the end of October, the total RMB loan balance was 270.61 trillion yuan, with a year-on-year growth of 6.5% [7]. - The balance of inclusive small and micro loans reached 35.77 trillion yuan, growing by 11.6% year-on-year, while medium to long-term loans in the manufacturing sector amounted to 14.97 trillion yuan, with a growth rate of 7.9% [9]. Group 3: Interest Rates and Economic Signals - The average interest rate for newly issued corporate loans in October was 3.1%, approximately 40 basis points lower than the same period last year, while the average interest rate for new personal housing loans was also 3.1%, down about 8 basis points year-on-year [11]. - The narrowing of the M1-M2 spread to 2% by the end of October indicates a solid trend of funds being converted into demand deposits, reflecting a high level of fund activation and positive signals regarding corporate operations and personal consumption [6].

11月13日，央行公布10月金融统计数据。广义货币（M2）和社会融资规模增速均保持在较高水平，持 续为经济回升向好创造适宜的货币金融环境。 具体看，2025年10月末，M2余额335.13万亿元，同比增长8.2%，比上年同期高0.8个百分点，在上年同 期基数提高的背景下，仍保持较高增速。 社会融资规模存量437.72万亿元，同比增长8.5%，比上年同期高0.7个百分点。1至10月，社会融资规模 增量为30.9万亿元，同比多增3.83万亿元。 "总体来看，M2和社会融资规模增速均保持在较高水平，持续为经济回升向好创造适宜的货币金融环 境。其中，广义货币（M2）余额335.13万亿元，同比增长8.2%，比上年同期高0.8个百分点，在上年同 期基数提高的背景下，仍保持较高增速。"业内专家表示。 图片来源：视觉中国 来源：北京日报客户端 记者：潘福达 该团队称，综合考虑近期外部环境及国内经济金融形势变化，着眼于稳定今年四季度及明年一季度宏观 经济运行，更大力度促进房地产市场止跌回稳，年底前货币政策将进一步加力。 数量型政策方面，在近期央行持续通过买断式逆回购、MLF（中期借贷便利）等政策工具向市场注入 中期流动性，并 ...

Core Insights - The People's Bank of China reported that in the first ten months of this year, RMB loans increased by 14.97 trillion yuan, with corporate loans accounting for 13.79 trillion yuan [1] Group 1: Loan Statistics - 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] - In the first ten months, household loans increased by 739.6 billion yuan, while corporate loans rose by 13.79 trillion yuan, with medium to long-term loans contributing 8.32 trillion yuan [1] Group 2: Money Supply - By the end of October, the broad money supply (M2) stood at 335.13 trillion yuan, showing a year-on-year increase of 8.2% [1] - The narrow money supply (M1) reached 112 trillion yuan, with a year-on-year growth of 6.2% [1] - The currency in circulation (M0) amounted to 13.55 trillion yuan, reflecting a year-on-year increase of 10.6% [1] Group 3: Deposit Statistics - In the first ten months, RMB deposits increased by 23.32 trillion yuan, with household deposits rising by 11.39 trillion yuan [1]

Core Insights - The People's Bank of China reported that by the end of October 2025, the total social financing scale reached 437.72 trillion yuan, marking an 8.5% year-on-year increase [1] - The report indicates a mixed performance in various lending categories, with significant growth in government bonds and a decline in foreign currency loans [1][4] Financing Structure - By the end of October, the balance of RMB loans to the real economy accounted for 61% of the total social financing scale, down 1.3 percentage points year-on-year [2] - The balance of foreign currency loans accounted for 0.3%, remaining stable year-on-year, while the proportion of entrusted loans and trust loans also saw slight declines [2] Financing Increment - In the first ten months of 2025, the cumulative increment of social financing was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [3] - The increase in RMB loans to the real economy was 14.52 trillion yuan, which is a decrease of 1.16 trillion yuan compared to the previous year [3] Deposit and Loan Trends - In the first ten months, RMB deposits increased by 23.32 trillion yuan, with household deposits contributing 11.39 trillion yuan [4] - By the end of October, the balance of RMB loans was 270.61 trillion yuan, reflecting a year-on-year growth of 6.5% [4] Interbank Market Activity - In October, the total transaction volume in the interbank RMB market reached 164.86 trillion yuan, with an average daily transaction of 9.16 trillion yuan, showing a year-on-year increase of 0.9% [5] - The weighted average interest rate for interbank borrowing was 1.39%, lower than both the previous month and the same period last year [5]