Core Viewpoint - The People's Bank of China (PBOC) has issued a notice to support cross-border RMB settlement for new foreign trade business models, effective from July 21, enhancing the collaboration between domestic banks and licensed payment institutions [1][4]. Group 1: Policy Implementation - The notice allows domestic banks to collaborate with licensed non-bank payment institutions and qualified clearing agencies to provide cross-border RMB settlement services for market participants and individuals [1][2]. - The policy emphasizes three principles: "Know Your Customer," "Know Your Business," and "Due Diligence" for banks and payment institutions involved in cross-border RMB settlement [1][2]. Group 2: Requirements for Banks and Payment Institutions - Domestic banks must have at least three years of experience in cross-border RMB settlement and meet specific regulatory requirements, including anti-money laundering and anti-terrorism financing capabilities [2][3]. - Payment institutions must establish robust systems for anti-money laundering, anti-terrorism financing, and anti-tax evasion, and must not have serious violations in the past two years [2][3]. Group 3: Compliance and Monitoring - Banks and payment institutions are required to collect and regularly verify basic information about market participants, establish a negative list, and set transaction limits based on transaction characteristics [3]. - The PBOC will conduct non-site monitoring of the cross-border RMB settlement activities of banks and payment institutions, which must cooperate with these efforts [3][4].

Economic Environment - The frequent changes in US tariff policies have cast a shadow over the global economy, leading to weakened growth momentum and impacting China's economy [1] - The Chinese government is focusing on stabilizing employment, enterprises, markets, and expectations in response to external uncertainties [1] Financial Support for Foreign Trade - The People's Bank of China in Tianjin has organized financial institutions to enhance a "financing + settlement + risk hedging" service system to help foreign trade enterprises cope with external market risks [2] - In Qingdao, measures have been implemented to strengthen monetary credit policies and establish a whitelist of key foreign trade enterprises, resulting in loans of 543 million yuan to 138 enterprises [2] - In Yulin, Guangxi, the local financial institutions have promoted capital project foreign exchange payment facilitation policies, leading to a 209.4% year-on-year increase in foreign trade imports and exports [3] Exchange Rate Risk Management - The National Foreign Exchange Administration in Inner Mongolia has launched a special action to enhance enterprises' exchange rate risk management, achieving a 87.21% year-on-year increase in the foreign exchange hedging ratio [4] - Various financial institutions are offering diversified solutions for exchange rate hedging, such as CITIC Bank's "Interval Profit" product [5] Cross-Border RMB Settlement - In Xinjiang, enterprises have reported benefits from using cross-border RMB settlement, including reduced exchange rate risks and faster fund availability [7] - The People's Bank of China in Boertala has been promoting cross-border RMB policies to help enterprises reduce foreign exchange costs and improve efficiency [7] Enhancing Foreign Exchange Services - The National Foreign Exchange Administration in Heilongjiang has established a cross-border comprehensive service system to meet the foreign exchange policy needs of enterprises [9] - The administration in Meizhou is expanding online promotional channels to ensure effective policy transmission to enterprises [10]

中国经济网北京5月14日讯 央行网站今日公布《2025年4月金融统计数据报告》《2025年4月社会融 资规模存量统计数据报告》《2025年4月社会融资规模增量统计数据报告》。 《2025年4月社会融资规模增量统计数据报告》显示，初步统计，2025年前四个月社会融资规模增 量累计为16.34万亿元，比上年同期多3.61万亿元。其中，对实体经济发放的人民币贷款增加9.78万亿 元，同比多增3397亿元；对实体经济发放的外币贷款折合人民币减少1098亿元，同比多减2311亿元；委 托贷款增加53亿元，同比多增959亿元；信托贷款增加454亿元，同比少增1672亿元；未贴现的银行承兑 汇票增加2506亿元，同比多增1494亿元；企业债券净融资7591亿元，同比少4095亿元；政府债券净融资 4.85万亿元，同比多3.58万亿元；非金融企业境内股票融资1353亿元，同比多404亿元。 《2025年4月社会融资规模存量统计数据报告》显示，初步统计，2025年4月末社会融资规模存量为 424.0万亿元，同比增长8.7%。其中，对实体经济发放的人民币贷款余额为262.27万亿元，同比增长 7.1%；对实体经济发放的外币贷款折 ...

Group 1: Social Financing Data - In the first five months of 2025, the cumulative increase in social financing was 18.63 trillion yuan, which is 3.83 trillion yuan more than the same period last year [1] - The increase in RMB loans to the real economy was 10.38 trillion yuan, an increase of 112.3 billion yuan year-on-year [1] - The net financing of corporate bonds was 908.7 billion yuan, a decrease of 288.4 billion yuan year-on-year [1] Group 2: Stock Data - As of the end of May 2025, the total social financing stock was 426.16 trillion yuan, a year-on-year increase of 8.7% [2] - The balance of RMB loans to the real economy was 262.86 trillion yuan, a year-on-year increase of 7% [2] - The balance of government bonds was 87.39 trillion yuan, a year-on-year increase of 20.9% [2] Group 3: Loan and Deposit Data - The balance of RMB loans increased by 10.68 trillion yuan in the first five months of 2025, with household loans increasing by 572.4 billion yuan [6] - The balance of RMB deposits increased by 14.73 trillion yuan in the first five months, with household deposits increasing by 8.3 trillion yuan [8] - The balance of foreign currency loans was 539.4 billion USD, a year-on-year decrease of 16.3% [7] Group 4: Monetary Statistics - The balance of broad money (M2) was 325.78 trillion yuan, a year-on-year increase of 7.9% [4] - The balance of narrow money (M1) was 108.91 trillion yuan, a year-on-year increase of 2.3% [5] - The cash in circulation (M0) was 13.13 trillion yuan, a year-on-year increase of 12.1% [5] Group 5: Interbank Market Activity - In May 2025, the average weighted interest rate for interbank RMB market lending was 1.55%, lower than the previous month and the same period last year [10] - The total transaction volume in the interbank RMB market was 167.2 trillion yuan, with an average daily transaction of 8.8 trillion yuan, a year-on-year increase of 14.9% [10] - The average weighted interest rate for pledged bond repurchase was 1.56%, also lower than the previous month and the same period last year [10]

Core Insights - The People's Bank of China released financial statistics for the first half of 2025, indicating a significant increase in social financing and loans to the real economy compared to the previous year [1][2]. Group 1: Social Financing and Loans - The total social financing increment for the first half of 2025 reached 22.83 trillion yuan, an increase of 4.74 trillion yuan year-on-year [1]. - The increase in RMB loans to the real economy was 12.74 trillion yuan, which is 279.6 billion yuan more than the previous year [1]. - Foreign currency loans to the real economy decreased by 63.8 billion yuan, a decline of 55.8 billion yuan year-on-year [1]. - Trust loans increased by 144.3 billion yuan, but this was a decrease of 165.5 billion yuan compared to the previous year [1]. - Net financing through corporate bonds was 1.15 trillion yuan, down 256.2 billion yuan year-on-year, while government bonds saw a net financing of 7.66 trillion yuan, an increase of 432 billion yuan [1]. Group 2: Monetary Statistics - As of June 2025, the total social financing stock was 430.22 trillion yuan, reflecting an 8.9% year-on-year growth [2]. - The balance of RMB loans to the real economy was 265.22 trillion yuan, with a year-on-year increase of 7% [2]. - The balance of foreign currency loans was 1.22 trillion yuan, showing a decline of 26.6% year-on-year [2]. - The broad money supply (M2) stood at 330.29 trillion yuan, with an 8.3% year-on-year growth [4]. Group 3: Deposits and Interest Rates - The total balance of deposits (both RMB and foreign currency) was 327.46 trillion yuan, with an 8.6% year-on-year increase [7]. - The average weighted interest rate for interbank RMB market lending was 1.46%, lower than both the previous month and the same month last year [9]. - The average weighted interest rate for pledged bond repos was 1.5%, also lower than the previous month and year [9]. Group 4: Foreign Exchange and Cross-Border Transactions - The national foreign exchange reserves were reported at 3.32 trillion USD as of June 2025 [9]. - The cross-border RMB settlement amount under current accounts reached 8.3 trillion yuan, with direct investment cross-border RMB settlements amounting to 4.11 trillion yuan [9].

Group 1 - The core viewpoint of the articles highlights the significant growth in cross-border RMB transactions in Guizhou Province, with a total of 470 enterprises engaging in such transactions, amounting to 13.16 billion yuan in the first half of the year [1] - Cross-border RMB receipts and payments under current accounts and direct investment reached 10.19 billion yuan, representing a year-on-year increase of 12.7%, and accounting for 31.7% of the total RMB and foreign currency transactions, an increase of 3.4 percentage points compared to 2024 [1] - The main contributors to the growth in cross-border RMB settlements were goods trade and direct investment, which accounted for 50.8% and 16.6% of the total cross-border RMB receipts and payments, respectively [1] Group 2 - The number of countries and regions engaging in cross-border RMB transactions with Guizhou Province increased to 79, up by 3 from the previous year [1] - A total of 25 commercial banks in Guizhou with international settlement qualifications conducted cross-border RMB business, with 247 operational outlets covering all 9 cities and states in the province [1] - The establishment of a comprehensive cross-border RMB product service system in Guizhou includes account management, fund settlement and management, cross-border financing and guarantees, and direct investment [1] Group 3 - In the first half of the year, 202 enterprises were recognized as high-quality enterprises for cross-border RMB settlement, an increase of 15 from the previous year, indicating an expansion in the coverage of facilitation policies [2] - A total of 84 enterprises in the province completed facilitation business amounting to 3.12 billion yuan [2] - The "cross-border payment channel" business has been progressively implemented in Guizhou, with 6 pilot banks processing a total of 20.72 million yuan by July 15 [2]

Core Insights - The People's Bank of China and the State Administration of Foreign Exchange have issued guidelines to support Hubei Province in becoming a new highland of inland openness, with 12 specific measures to enhance financial support [1][2] Group 1: Financial Support Measures - The guidelines include 12 specific measures aimed at enhancing financial support for Hubei Province [1] - Since the implementation of the guidelines, Hubei Province has seen a 13.85% year-on-year increase in foreign debt inflow, reaching $2.6 billion in the first half of 2025 [2] - The total amount of foreign exchange receipts and payments for enterprises in Hubei Province reached 136.4 billion yuan, indicating improved foreign exchange risk management capabilities [2] Group 2: Banking and Corporate Activity - Banks in Hubei have facilitated 67 foreign debt registrations for non-financial enterprises, reducing operational costs for businesses [2] - A total of 14 multinational companies in Hubei have engaged in centralized fund management, achieving cross-border receipts of $1.373 billion in the first half of 2025 [2] - The amount of currency hedging contracts signed by enterprises in Hubei reached $5.64 billion, marking a 32% increase year-on-year, with 219 new hedging clients [2] Group 3: Credit and Lending - The People's Bank of China in Hubei has promoted a credit information sharing platform for small and micro enterprises, resulting in over 40,000 inquiries and loans totaling 12.9 billion yuan for 3,415 enterprises [1] - A total of 17 banks in Hubei have processed 115,000 transactions for trade foreign exchange receipts and payments, amounting to $31.18 billion, with nearly 70% of these transactions benefiting green, technological innovation, and small and micro enterprises [1]

Financial Performance - In the first half of 2025, Henan's social financing scale increased by 682.95 billion yuan, a year-on-year increase of 9.01 billion yuan [2] - As of the end of June, the balance of various deposits in the province reached 11.7 trillion yuan, a year-on-year growth of 9.2%, exceeding the national average by 0.6 percentage points [2] - The balance of agricultural loans reached 2.6 trillion yuan, with an increase of 110.71 billion yuan since the beginning of the year [2] Cross-Border Transactions - The total amount of cross-border RMB transactions in Henan reached 180.69 billion yuan, marking a year-on-year growth of 30.8%, and setting a historical high for the same period [2][4] - Among the cross-border transactions, the RMB settlement for goods trade amounted to 122.42 billion yuan, reflecting a year-on-year increase of 34.5% [2] Loan Distribution - The balance of loans to enterprises reached 5.8 trillion yuan, with a year-on-year growth of 8.9%, outpacing the overall loan growth rate by 2 percentage points [3] - Small and micro enterprises saw an increase in loans by 158.58 billion yuan, with a year-on-year increase of 42.3 billion yuan [3] - The balance of technology loans reached 1.05138 trillion yuan, with a year-to-date increase of 94.27 billion yuan, representing a year-on-year growth of 13.5% [3] Strategic Initiatives - The province is focusing on integrating finance, technology, and industry to support the development of new productive forces and high-level technological self-reliance [3] - As of the end of May, the loan approval rate for technology enterprises reached 53.7%, an increase of 11.6 percentage points since the beginning of the year [3] Quality Enterprises - The number of quality enterprises in Henan has expanded from 176 in 2021 to 473 in the first half of this year, achieving "instant" cross-border RMB settlement [4] - Since the launch of cross-border RMB settlement, banks in Henan have facilitated 29,000 transactions for quality enterprises, totaling 303.4 billion yuan [4]

Key Points - The central bank reported that in the first half of the year, RMB loans increased by 12.92 trillion yuan, and the cumulative social financing scale increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [2][13] Monetary Growth - As of the end of June, the broad money (M2) balance was 330.29 trillion yuan, with a year-on-year growth of 8.3%. The narrow money (M1) balance was 113.95 trillion yuan, growing by 4.6% year-on-year. The currency in circulation (M0) was 13.18 trillion yuan, with a year-on-year increase of 12% [2] RMB Loans - By the end of June, the balance of RMB loans was 268.56 trillion yuan, reflecting a year-on-year growth of 7.1%. In the first half of the year, RMB loans increased by 12.92 trillion yuan, with household loans increasing by 1.17 trillion yuan and corporate loans increasing by 11.57 trillion yuan [3] RMB Deposits - The balance of RMB deposits reached 320.17 trillion yuan by the end of June, with a year-on-year growth of 8.3%. In the first half of the year, RMB deposits increased by 17.94 trillion yuan, with household deposits increasing by 10.77 trillion yuan [5] Foreign Currency Loans and Deposits - The balance of foreign currency loans was 560.9 billion USD, showing a year-on-year decrease of 10.6%. In the first half of the year, foreign currency loans increased by 18.8 billion USD. The balance of foreign currency deposits was 1.02 trillion USD, with a year-on-year growth of 21.7% [4][6] Interbank Market Rates - In June, the weighted average interest rate for interbank RMB market lending was 1.46%, lower than the previous month and the same period last year. The weighted average interest rate for pledged bond repurchase was 1.5%, also lower than the previous month and the same period last year [6] Foreign Exchange Reserves - By the end of June, the national foreign exchange reserves stood at 3.32 trillion USD, with the RMB exchange rate at 1 USD to 7.1586 RMB [7] Cross-Border RMB Settlement - In the first half of the year, the cross-border RMB settlement amount under current accounts was 8.3 trillion yuan, with direct investment cross-border RMB settlement amounting to 4.11 trillion yuan [8]

央行：上半年经常项下跨境人民币结算金额为8.3万亿元 智通财经7月14日电，央行14日发布数据显示，上半年，经常项下跨境人民币结算金额为8.3万亿元，其 中货物贸易、服务贸易及其他经常项目分别为6.38万亿元、1.92万亿元；直接投资跨境人民币结算金额 为4.11万亿元，其中对外直接投资、外商直接投资分别为1.46万亿元、2.65万亿元。 ...