Core Insights - 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]

Group 1 - The People's Bank of China conducted a 435 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net injection of 435 billion yuan into the market [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments remained stable, with a slight decline in the 7-day Shibor [1][2] - The overnight Shibor increased by 0.10 basis points to 1.3160%, while the 7-day Shibor decreased by 0.90 basis points to 1.4140% [2][3] Group 2 - In the interbank pledged repo market, various rates showed narrow fluctuations, with DR007's transaction share rising to 4.5% [5] - The weighted average rates for DR001 and R001 decreased by 0.0 basis points and 0.2 basis points, respectively, with transaction volumes dropping by 901 billion yuan and 456 billion yuan [5] - The overall funding environment was balanced and slightly loose, with overnight rates declining further after the open market operations [10] Group 3 - As of October 15, 120 interbank certificates of deposit were issued, with an actual issuance volume of 114.59 billion yuan [11] - The trading sentiment for primary certificates was generally average, while secondary certificates showed moderate trading sentiment with yields continuing the upward trend from the previous day [11] - The weighted average interest rates for various maturities showed slight increases compared to the previous day, indicating a tightening of spreads between different maturities [11] Group 4 - The People's Bank of China reported that by the end of September 2025, the total social financing scale was 437.08 trillion yuan, a year-on-year increase of 8.7% [13] - The broad money supply (M2) reached 335.38 trillion yuan, growing by 8.4% year-on-year [13] - The average interest rate for newly issued corporate loans was approximately 3.1%, down about 40 basis points from the previous year, indicating a continued low interest rate environment [13]

Key Points - The People's Bank of China released financial statistics for the first three quarters of 2023, highlighting significant monetary and financing data [1] Monetary Data - As of September 2025, the broad money supply (M2) reached 335.38 trillion yuan, with a year-on-year growth of 8.4%, which is 1.5 percentage points higher than the same period last year [3] - The narrow money supply (M1) stood at 113.15 trillion yuan, showing a year-on-year increase of 7.2% [3] Financing Data - The total social financing stock was 437.08 trillion yuan, reflecting a year-on-year growth of 8.7%, which is 0.7 percentage points higher than the previous year [3] - In the first three quarters, the incremental social financing amounted to 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [3] Loan and Deposit Data - By the end of September, the balance of various RMB loans was 270.39 trillion yuan, with a year-on-year growth of 6.6% [3] - The total balance of deposits in both RMB and foreign currencies reached 332.18 trillion yuan, marking an 8.3% year-on-year increase, while the RMB deposit balance was 324.94 trillion yuan, up 8% year-on-year [3]

Group 1 - The total social financing stock reached 437.08 trillion yuan by the end of September 2025, showing a year-on-year growth of 8.7% [2][3] - The balance of RMB loans to the real economy was 267.03 trillion yuan, increasing by 6.4% year-on-year, while foreign currency loans decreased by 18% [2][3] - The government bond balance grew significantly by 20.2% year-on-year, reaching 92.55 trillion yuan [2][3] Group 2 - The cumulative increase in social financing for the first three quarters of 2025 was 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [4] - RMB loans to the real economy increased by 14.54 trillion yuan, which is a decrease of 8.51 billion yuan compared to the previous year [4] - The net financing of government bonds was 11.46 trillion yuan, an increase of 4.28 trillion yuan year-on-year [4] Group 3 - The broad money supply (M2) reached 335.38 trillion yuan by the end of September, with an annual growth of 8.4% [5] - The narrow money supply (M1) was 113.15 trillion yuan, growing by 7.2% year-on-year [5] - Cash in circulation (M0) increased by 11.5% year-on-year, totaling 13.58 trillion yuan [5] Group 4 - RMB deposits increased by 22.71 trillion yuan in the first three quarters, with household deposits rising by 12.73 trillion yuan [6][7] - The total balance of foreign currency deposits was 1.02 trillion USD, reflecting a year-on-year growth of 20% [8] Group 5 - By the end of September, the total balance of RMB and foreign currency loans was 274.33 trillion yuan, with RMB loans increasing by 14.75 trillion yuan [9] - The balance of foreign currency loans was 554.4 billion USD, showing a year-on-year decline of 5.3% [10] Group 6 - The national foreign exchange reserves stood at 3.34 trillion USD by the end of September [11] - The cross-border RMB settlement amount under the current account reached 13.06 trillion yuan in the first three quarters [11]

Core Insights - The growth rates of M2 and social financing scale remain high, creating a favorable monetary environment for economic recovery [1][9] - The financial statistics report has been consolidated into a single document, reflecting a more streamlined approach to data presentation [1] Monetary Supply and Financing - As of September 2025, M2 balance reached 335.38 trillion yuan, with a year-on-year growth of 8.4%, which is 1.5 percentage points higher than the same period last year [1][9] - The social financing scale stock was 437.08 trillion yuan, growing by 8.7% year-on-year, which is 0.7 percentage points higher than the previous year [2][9] - The increase in social financing scale for the first three quarters totaled 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [2][3] Direct Financing and Government Bonds - The acceleration of government bond issuance and improved access to corporate bond and equity financing have significantly contributed to the growth of social financing [2][3] - Net financing from government bonds in the first three quarters was approximately 11.46 trillion yuan, which is 4.28 trillion yuan more than last year [2] Loan Demand and Structure - The demand for loans from residents has shown signs of recovery, supported by a series of monetary policy measures [4][7] - As of September, the balance of RMB loans was 270.39 trillion yuan, with a year-on-year growth of 6.6% [5][8] - The structure of loans is improving, with a notable increase in small and micro-enterprise loans and medium to long-term loans for the manufacturing sector [7][8] Interest Rates and Economic Activity - The weighted average interest rate for newly issued corporate loans was approximately 3.1%, which is about 40 basis points lower than the same period last year [8] - The M1-M2 spread has narrowed to -1.2%, indicating increased activity in corporate operations and a recovery in personal investment and consumption demand [9][10] Policy Outlook - The current macroeconomic policy is shifting towards enhancing people's livelihoods and promoting consumption, with a focus on social welfare spending [10][11] - Future fiscal expenditures are expected to prioritize improving living standards, including healthcare, education, and housing security [11]

Group 1 - The broad money supply (M2) reached 335.38 trillion yuan by the end of September 2025, with a year-on-year growth of 8.4%, which is 1.5 percentage points higher than the same period last year [3] - The total social financing stock was 437.08 trillion yuan, growing by 8.7% year-on-year, which is 0.7 percentage points higher than the same period last year; the cumulative increase in social financing for the first three quarters was 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [3] - By the end of September, the balance of RMB loans was 270.39 trillion yuan, with a year-on-year growth of 6.6% [3] - The balance of deposits in both RMB and foreign currencies reached 332.18 trillion yuan by the end of September, with a year-on-year growth of 8.3%; the balance of RMB deposits was 324.94 trillion yuan, growing by 8% year-on-year [3]

Core Insights - The total social financing increment in China for the first three quarters of this year reached 30.09 trillion yuan, an increase of 4.42 trillion yuan compared to the same period last year, indicating rapid growth [1] Summary by Categories Social Financing - The total social financing stock in China was 437.08 trillion yuan at the end of September, reflecting a year-on-year growth of 8.7%, maintaining a high growth rate [1] Loans - The balance of RMB loans stood at 270.39 trillion yuan, with a year-on-year increase of 6.6%, indicating reasonable growth in loan scale [1] Monetary Supply - The broad money supply (M2) reached 335.38 trillion yuan, showing a year-on-year growth of 8.4%, demonstrating solid financial support for the real economy [1]

Core Insights - The People's Bank of China reported a year-on-year growth of 8.7% in the total social financing scale as of September 2025, reaching 437.08 trillion yuan [1] - The total increment of social financing for the first three quarters of 2025 was 30.09 trillion yuan, an increase of 4.42 trillion yuan compared to the same period last year [3] - The broad money supply (M2) grew by 8.4% year-on-year, with a balance of 335.38 trillion yuan as of September [4] Financing Structure - As of September, the balance of RMB loans to the real economy accounted for 61.1% of the total social financing scale, a decrease of 1.3 percentage points year-on-year [2] - The balance of government bonds increased by 20.2% year-on-year, reaching 92.55 trillion yuan, while the balance of corporate bonds grew by 4.5% [1][2] Loan and Deposit Trends - RMB loans increased by 14.75 trillion yuan in the first three quarters, with household loans rising by 1.1 trillion yuan and corporate loans increasing by 13.44 trillion yuan [7] - The total balance of deposits in RMB and foreign currencies reached 332.18 trillion yuan, with RMB deposits growing by 8% year-on-year [5][6] Foreign Exchange and Cross-Border Transactions - The foreign exchange reserves stood at 3.34 trillion USD as of September, with the RMB exchange rate at 7.1055 yuan per USD [10] - The cross-border RMB settlement amount under the current account reached 13.06 trillion yuan in the first three quarters, with direct investment settlements totaling 6.04 trillion yuan [11]

Group 1 - The People's Bank of China reported that the total social financing scale exceeded 30 trillion yuan in the first three quarters of the year, reaching 30.09 trillion yuan, an increase of 4.42 trillion yuan compared to the same period last year [1] - The growth rates of social financing and broad money (M2) remained high, indicating that monetary finance continues to create a favorable environment for economic recovery [1] - The narrow money (M1) growth rate showed a significant rebound, reaching 7.2% by the end of September, reflecting increased business activity and consumer demand [1][6] Group 2 - The combination of government and corporate bonds contributed over 40% of the new social financing, with government bond net financing at 11.46 trillion yuan, an increase of 4.28 trillion yuan year-on-year [3] - The share of corporate bond financing also increased due to supportive policies and low issuance rates, with net financing reaching 1.57 trillion yuan [3] - The proportion of new social financing from RMB loans decreased to 48%, indicating a shift towards more diversified financing channels [3] Group 3 - Credit growth remained stable, with new RMB loans in September at approximately 1.29 trillion yuan, despite a decrease in growth rate to 6.6% [4] - The structure of loans continued to optimize, with inclusive small and micro loans growing by 12.2% year-on-year, and medium to long-term loans for manufacturing increasing by 8.2% [4] - The average interest rates for new loans remained low, with corporate loans at about 3.1%, down approximately 40 basis points year-on-year [4] Group 4 - The M1 growth rate's increase is attributed to the activation of both corporate and individual deposits, with a notable narrowing of the M1 and M2 "scissors difference" to 1.2 percentage points [6] - The concept of "deposit migration" reflects a reallocation of residents' assets based on changing return rates, with total resident deposits increasing by 12.73 trillion yuan in the first three quarters [7] - Experts suggest that the monetary policy will continue to support the real economy, with fiscal policies also actively contributing to investment [7]

Core Insights - In September, China's new social financing reached 3.53 trillion yuan, with new RMB loans amounting to 1.29 trillion yuan and new RMB deposits totaling 2.21 trillion yuan. The M2-M1 spread narrowed significantly to 1.2 percentage points compared to the previous month [1][2] Monetary Supply - As of the end of September, the broad money supply (M2) stood at 335.38 trillion yuan, reflecting a year-on-year growth of 8.4%, which is 1.5 percentage points higher than the same period last year [2][5] - The narrow money supply (M1) was recorded at 113.15 trillion yuan, with a year-on-year increase of 7.2% [5] - The cash in circulation (M0) reached 13.58 trillion yuan, showing a year-on-year growth of 11.5% [5] Social Financing - The total social financing stock at the end of September was 437.08 trillion yuan, marking an 8.7% year-on-year increase [2][4] - The RMB loan balance to the real economy was 267.03 trillion yuan, up 6.4% year-on-year, while foreign currency loans converted to RMB decreased by 18% [2][4] - The cumulative increase in social financing for the first three quarters was 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [4] Loan and Deposit Trends - 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 [7] - RMB deposits grew by 22.71 trillion yuan in the first three quarters, with household deposits contributing 12.73 trillion yuan [6] Real Estate Market - The implementation of personal consumption loan subsidies and adjustments in housing purchase policies in major cities have led to a recovery in housing loan demand, with a reported 7% year-on-year increase in housing transaction area in 30 major cities [1][2]