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]

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。 北京商报讯（记者 岳品瑜 董晗萱）8月13日，人民银行官网公布2025年7月金融统计数据报告。初步统 计，2025年7月末社会融资规模存量为431.26万亿元，同比增长9%。其中，对实体经济发放的人民币贷 款余额为264.79万亿元，同比增长6.8%；对实体经济发放的外币贷款折合人民币余额为1.21万亿元，同 比下降23.2%；委托贷款余额为11.16万亿元，同比下降0.4%；信托贷款余额为4.46万亿元，同比增长 5.9%；未贴现的银行承兑汇票余额为1.92万 ...

Group 1 - The People's Bank of China reported an increase of 12.87 trillion yuan in RMB loans for the first seven months of the year [1] - Household loans increased by 680.7 billion yuan, with short-term loans decreasing by 383 billion yuan and medium to long-term loans increasing by 1.06 trillion yuan [1] - Corporate loans rose by 11.63 trillion yuan, with short-term loans increasing by 3.75 trillion yuan and medium to long-term loans increasing by 6.91 trillion yuan, along with an increase of 824.7 billion yuan in bill financing [1] Group 2 - As of the end of July, the broad money supply (M2) stood at 329.94 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The narrow money supply (M1) was 111.06 trillion yuan, with a year-on-year increase of 5.6% [1] - The currency in circulation (M0) reached 13.28 trillion yuan, showing a year-on-year growth of 11.8% [1] Group 3 - The net cash injection for the first seven months was 465.1 billion yuan [1] - Preliminary statistics indicated that by the end of July 2025, the total social financing scale was 431.26 trillion yuan, with a year-on-year growth of 9% [1] - The cumulative increase in social financing for the first seven months was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [1]

每经编辑｜段炼 8月13日，央行公布7月金融统计数据报告。 一、广义货币增长8.8% 7月末，广义货币(M2)余额329.94万亿元，同比增长8.8%。狭义货币(M1)余额111.06万亿元，同比增长5.6%。流通中货币(M0)余额13.28万亿元，同比增长 11.8%。前七个月净投放现金4651亿元。 二、前七个月人民币贷款增加12.87万亿元 7月末，本外币贷款余额272.48万亿元，同比增长6.7%。月末人民币贷款余额268.51万亿元，同比增长6.9%。 前七个月人民币贷款增加12.87万亿元。分部门看，住户贷款增加6807亿元，其中，短期贷款减少3830亿元，中长期贷款增加1.06万亿元；企（事）业单位 贷款增加11.63万亿元，其中，短期贷款增加3.75万亿元，中长期贷款增加6.91万亿元，票据融资增加8247亿元；非银行业金融机构贷款增加2357亿元。 7月末，外币贷款余额5558亿美元，同比下降8.1%。前七个月外币贷款增加137亿美元。 三、前七个月人民币存款增加18.44万亿元 7月末，本外币存款余额327.83万亿元，同比增长9%。月末人民币存款余额320.67万亿元，同比增长8.7%。 ...

Monetary Supply - As of the end of July, the broad money (M2) balance reached 329.94 trillion yuan, with a year-on-year growth of 8.8% [1] - The narrow money (M1) balance was 111.06 trillion yuan, growing by 5.6% year-on-year [1] - The currency in circulation (M0) stood at 13.28 trillion yuan, reflecting an 11.8% year-on-year increase [1] - A net cash injection of 465.1 billion yuan occurred in the first seven months [1] Renminbi Loans - By the end of July, the balance of Renminbi loans was 268.51 trillion yuan, with a year-on-year growth of 6.9% [1] - In the first seven months, Renminbi loans increased by 12.87 trillion yuan [1] - Household loans rose by 680.7 billion yuan, with short-term loans decreasing by 383 billion yuan and medium to long-term loans increasing by 1.06 trillion yuan [1] - Corporate loans increased by 11.63 trillion yuan, with short-term loans up by 3.75 trillion yuan and medium to long-term loans up by 6.91 trillion yuan [1] Renminbi Deposits - The balance of Renminbi deposits reached 320.67 trillion yuan by the end of July, showing an 8.7% year-on-year increase [1] - In the first seven months, Renminbi deposits increased by 18.44 trillion yuan [1] - Household deposits rose by 9.66 trillion yuan, while non-financial corporate deposits increased by 310.9 billion yuan [1] Social Financing Scale - As of the end of July, the social financing scale stock was 431.26 trillion yuan, with a year-on-year growth of 9% [2] - The balance of Renminbi loans to the real economy was 264.79 trillion yuan, growing by 6.8% year-on-year [2] - The balance of foreign currency loans to the real economy, converted to Renminbi, was 12.1 billion yuan, showing a year-on-year decline of 23.2% [2] Social Financing Increment - The cumulative social financing increment for the first seven months was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [3] - The increase in Renminbi loans to the real economy was 12.31 trillion yuan, which is a decrease of 694 billion yuan compared to the previous year [3] - Government bond net financing reached 8.9 trillion yuan, which is an increase of 4.88 trillion yuan year-on-year [3]

Core Insights - The People's Bank of China reported that as of the end of July, the social financing scale and M2 growth rate remained high, indicating a suitable monetary environment for the real economy and reflecting a moderately loose monetary policy stance [1][2] Summary by Sections Monetary Policy and Economic Support - In the first half of the year, the People's Bank implemented a series of monetary policies that effectively supported the recovery of the real economy, with expectations that the effects of these policies will continue to manifest [1][2] Loan and Financing Data - In the first seven months, RMB loans increased by 12.87 trillion yuan, with the total RMB loan balance reaching 268.51 trillion yuan by the end of July, reflecting a year-on-year growth of 6.9% [2][3] - The social financing scale stock was 431.26 trillion yuan at the end of July, with a year-on-year growth of 9% [2][7] - The cumulative increase in social financing scale for the first seven months was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [2] Loan Growth Influences - Loan growth is influenced by the macroeconomic background of structural transformation and lighter funding needs, as well as the development of direct financing and diversified financing channels [3][6] - Factors such as local government debt replacement and the reform of small and medium-sized banks have significantly impacted loan growth, with estimates suggesting these factors have contributed over 1 percentage point to the current loan growth rate [3][6] Interest Rates and Financing Costs - Loan interest rates have been at low levels, with new corporate loan rates around 3.2% and new personal housing loan rates around 3.1%, both down approximately 45 and 30 basis points year-on-year, respectively [4][5] - The reduction in financing costs has positively impacted corporate profitability and demand expansion, with many companies now able to invest in new projects due to lower interest rates [5] Financing Structure and Trends - The growth rate of bond financing has outpaced that of credit financing, indicating an ongoing optimization of the financing structure in China [7][8] - By the end of July, M2 stood at 329.94 trillion yuan, with a year-on-year growth of 8.8%, while M1 was 111.06 trillion yuan, growing by 5.6% [7][8] Economic Outlook - The overall economic environment has shown steady improvement, with macroeconomic indicators performing better than expected, supporting the reasonable growth of monetary totals [8] - The continuity and stability of macro policies are expected to support employment, businesses, and market confidence, ensuring a smoother domestic economic cycle [8]

Core Viewpoint - The People's Bank of China (PBOC) reported significant increases in social financing, loans, and deposits for the first seven months of 2023, indicating a robust financial environment and potential for economic growth [2][4][6]. Group 1: Social Financing - The cumulative increase in social financing for the first seven months reached 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [4]. - The stock of social financing at the end of July was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [4]. Group 2: Renminbi Loans - Total Renminbi loans increased by 12.87 trillion yuan in the first seven months, with household loans rising by 680.7 billion yuan and corporate loans increasing by 11.63 trillion yuan [6][11]. - The balance of Renminbi loans at the end of July was 268.51 trillion yuan, showing a year-on-year growth of 6.9% [6][11]. Group 3: Renminbi Deposits - Renminbi deposits increased by 18.44 trillion yuan in the first seven months, with household deposits contributing 9.66 trillion yuan [6][13]. - The balance of Renminbi deposits at the end of July was 320.67 trillion yuan, reflecting an 8.7% year-on-year increase [6][13]. Group 4: Monetary Supply - The broad money supply (M2) at the end of July was 329.94 trillion yuan, with a year-on-year growth of 8.8% [9][10]. - The narrow money supply (M1) was 111.06 trillion yuan, growing by 5.6% year-on-year [9][10].

Core Insights - The total social financing increment for the first seven months of 2025 reached 23.99 trillion yuan, an increase of 5.12 trillion yuan compared to the same period last year [1] - The balance of social financing stock at the end of July 2025 was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [2] - The broad money supply (M2) stood at 329.94 trillion yuan at the end of July, with a year-on-year increase of 8.8% [4][5] Financing Structure - The balance of RMB loans to the real economy accounted for 61.4% of the total social financing stock, down 1.2 percentage points year-on-year [3] - The net financing of corporate bonds was 1.43 trillion yuan, a decrease of 184.9 billion yuan year-on-year [1] - Government bond net financing reached 8.9 trillion yuan, an increase of 4.88 trillion yuan year-on-year [1] Loan and Deposit Trends - RMB loans increased by 12.87 trillion yuan in the first seven months, with household loans rising by 680.7 billion yuan [6] - The balance of foreign currency loans was 5,558 billion USD, showing a year-on-year decline of 8.1% [6] - RMB deposits increased by 18.44 trillion yuan in the first seven months, with household deposits rising by 9.66 trillion yuan [7] Market Activity - The average weighted interest rate for interbank RMB market lending was 1.45% in July, lower than the previous month and the same period last year [8] - 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, reflecting a year-on-year growth of 14.8% [8] - The cross-border RMB settlement amount for current account transactions was 1.57 trillion yuan in July [8]

央行发布的7月金融统计数据报告显示，中国1-7月社会融资规模增量23.99万亿元，比上年同期多5.12万 亿元；预估为24.4565万亿元，前值为22.8329万亿元。 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。 ...