央行数据显示，8月末广义货币(M2)余额331.98万亿元，同比增长8.8%。狭义货币(M1)余额111.23万亿 元，同比增长6%。流通中货币(M0)余额13.34万亿元，同比增长11.7%。前八个月净投放现金5208亿 元。 ...

Group 1 - In July, China's new social financing increased by 1.16 trillion yuan, with a decrease in RMB loans by 50 billion yuan and an increase in RMB deposits by 500 billion yuan, while household deposits decreased by 1.11 trillion yuan [1][4] - From January to July, the cumulative increase in social financing was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [3][8] - As of the end of July, the total social financing stock was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [11][12] Group 2 - The balance of RMB loans to the real economy increased by 12.31 trillion yuan from January to July, while foreign currency loans decreased by 725 billion yuan [8][14] - The balance of broad money (M2) was 329.94 trillion yuan at the end of July, with a year-on-year growth of 8.8%, while narrow money (M1) was 111.06 trillion yuan, growing by 5.6% [4][13] - The M2-M1 gap was 3.2 percentage points, narrowing by 0.5 percentage points from the previous month [4][12] Group 3 - The People's Bank of China indicated that monthly financial data should not be overly emphasized as they may not accurately reflect the economic activity and financial support for the real economy [6] - The traditional credit demand is decreasing while the demand in new growth areas is increasing, suggesting that financial institutions need to adapt their strategies [7][12] - The average weighted interest rate for interbank RMB lending in July was 1.45%, lower than both the previous month and the same period last year [18]

Monetary Statistics - 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, growing by 5.6% year-on-year [1] - The currency in circulation (M0) amounted to 13.28 trillion yuan, reflecting an 11.8% year-on-year increase [1] Loan and Deposit Data - By the end of July, the total loans in both domestic and foreign currencies reached 272.48 trillion yuan, with a year-on-year growth of 6.7% [1] - The total deposits in both domestic and foreign currencies were 327.83 trillion yuan, showing a year-on-year increase of 9% [2] - In the first seven months, the increase in RMB loans was 12.87 trillion yuan, while RMB deposits rose by 18.44 trillion yuan [1][2] Sector-Specific Loan Breakdown - 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 [1] - Foreign currency loans decreased by 8.1% year-on-year, with a total balance of 555.8 billion USD [1] Cross-Border Transactions - In July, the cross-border RMB settlement amount under the current account was 1.57 trillion yuan, with goods trade accounting for 1.15 trillion yuan [3] - Direct investment cross-border RMB settlement reached 0.64 trillion yuan, with outbound direct investment at 0.22 trillion yuan and foreign direct investment at 0.42 trillion yuan [3]

Monetary Statistics - 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, growing by 5.6% year-on-year [1] - The currency in circulation (M0) amounted to 13.28 trillion yuan, reflecting a year-on-year increase of 11.8% [1] - In the first seven months, a net cash injection of 465.1 billion yuan was recorded [1] Loan Statistics - By the end of July, the total outstanding loans in both domestic and foreign currencies reached 272.48 trillion yuan, with a year-on-year increase of 6.7% [1] - The outstanding RMB loans were 268.51 trillion yuan, growing by 6.9% year-on-year [1] - In the first seven months, RMB loans increased by 1.287 trillion yuan, with household loans rising by 680.7 billion yuan [1] - Corporate loans increased by 1.163 trillion yuan, with short-term loans up by 375. billion yuan and medium to long-term loans up by 691 billion yuan [1] - Foreign currency loans totaled 55.58 billion USD, showing a year-on-year decline of 8.1% [1] Deposit Statistics - As of the end of July, the total deposits in both domestic and foreign currencies reached 327.83 trillion yuan, with a year-on-year growth of 9% [2] - The RMB deposits were 320.67 trillion yuan, reflecting an 8.7% year-on-year increase [2] - In the first seven months, RMB deposits increased by 1.844 trillion yuan, with household deposits rising by 966 billion yuan [2] - Foreign currency deposits reached 1 trillion USD, growing by 20% year-on-year [2] Interbank Market Activity - In July, the total transaction volume in the interbank RMB market was 222.44 trillion yuan, with an average daily transaction of 9.67 trillion yuan, marking a year-on-year increase of 14.8% [2] - The weighted average interest rate for interbank borrowing was 1.45%, lower than both the previous month and the same period last year [2] - The weighted average interest rate for pledged repos was 1.46%, also lower than the previous month and the same period last year [2] Cross-Border RMB Settlement - In July, the cross-border RMB settlement amount under the current account was 1.57 trillion yuan, with goods trade accounting for 1.15 trillion yuan [3] - Direct investment cross-border RMB settlement amounted to 0.64 trillion yuan, with outbound direct investment at 0.22 trillion yuan and foreign direct investment at 0.42 trillion yuan [3]

Monetary Policy and Financial Data - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, showing a year-on-year growth of 8.8%, up from 8.3% at the end of June [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, with a year-on-year increase of 5.6% [1] - The cash in circulation (M0) was 13.28 trillion yuan, reflecting a year-on-year growth of 11.8% [1] - In the first seven months, net cash injection amounted to 465.1 billion yuan [1] Lending and Deposits - In the first seven months, RMB loans increased by 12.87 trillion yuan, slightly down from 12.92 trillion yuan in the first half of the year [2] - 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 [2] - Corporate loans increased by 11.63 trillion yuan, with short-term loans up by 3.75 trillion yuan and medium to long-term loans rising by 6.91 trillion yuan [2] - RMB deposits increased by 18.44 trillion yuan in the first seven months, compared to 17.94 trillion yuan in the first half [7] - Household deposits grew by 9.66 trillion yuan, while non-financial corporate deposits increased by 310.9 billion yuan [7] Cross-Border Transactions - In July, the cross-border RMB settlement amount under the current account was 1.57 trillion yuan, with goods trade accounting for 1.15 trillion yuan and services trade for 420 billion yuan [4] Government Bonds and Investment - The National Development and Reform Commission has allocated 188 billion yuan in special long-term bonds to support equipment renewal investments, impacting approximately 8,400 projects and driving total investment over 1 trillion yuan [5] Cryptocurrency Market - Bullish, a cryptocurrency trading platform, announced an IPO aiming to raise 1.11 billion USD, pricing shares at 37 USD each, with over 20 times oversubscription [6] Interest Rates and Market Activity - The weighted average interest rate for interbank borrowing in July was 1.45%, down 0.01 percentage points from the previous month and 0.36 percentage points year-on-year [11] - Daily average transactions in the interbank RMB market reached 9.67 trillion yuan, with a year-on-year increase of 14.8% [11] Consumer Lending - The interest rate for consumer loan subsidies has been reduced to around 1%, significantly lowering financing costs for consumers [8][9]

Core Insights - The People's Bank of China reported that as of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, with a year-on-year increase of 5.6% [1] - In the first seven months of the year, a net cash injection of 465.1 billion yuan was recorded [1] Loan Situation - As of the end of July, the balance of RMB loans was 268.51 trillion yuan, showing a year-on-year growth of 6.9% [1] - In the first seven months, RMB loans increased by 1.287 trillion yuan [1] - Household loans rose by 68.07 billion yuan, with short-term loans decreasing by 38.3 billion yuan and medium to long-term loans increasing by 1.06 trillion yuan [1] - Corporate loans increased by 1.163 trillion yuan, while loans to non-bank financial institutions rose by 235.7 billion yuan [1] M1 and M2 Analysis - The difference in growth rates between M1 and M2 was 3.2 percentage points in July, significantly narrowing from the peak in September of the previous year [1] - Experts suggest that the narrowing "scissors difference" indicates improved liquidity and efficiency in the economy, aligning with the recovery trend in economic activities [1] July Loan Performance - Notably, new RMB loans in July were recorded at -50 billion yuan, marking a rare historical negative value [1] - The chief macro analyst from Dongfang Jincheng attributed this to significant loan disbursements in June, which led to a substantial pre-emptive drawdown of credit demand in July [1][2] - When combining June and July data, the average new loans remained stable compared to the same period last year, indicating a steady performance in credit [2]

Group 1: Macroeconomic Indicators - 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%, up from 8.3% at the end of June [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, showing a year-on-year increase of 5.6% [1] - The currency in circulation (M0) was 13.28 trillion yuan, reflecting a year-on-year growth of 11.8% [1] - In the first seven months, a net cash injection of 465.1 billion yuan was recorded [1] Group 2: Lending and Investment - In the first seven months, new RMB loans increased by 12.87 trillion yuan, with household loans rising by 680.7 billion yuan and corporate loans increasing by 11.63 trillion yuan [1] - The National Development and Reform Commission allocated 188 billion yuan in special bonds to support equipment upgrades, which is expected to drive total investment exceeding 1 trillion yuan [1] Group 3: Commodity Market Insights - The recent market for soybean meal and oil has faced multiple uncertainties, prompting related entities to enhance investor education and risk prevention [1] - The International Energy Agency (IEA) revised upward its global oil supply growth forecast for 2025 and 2026, while lowering the demand growth forecast for the same years [1] - As of August 12, domestic asphalt companies reported a 3.8% decrease in shipment volume week-on-week, while refinery capacity utilization and weekly output increased [1] - The price of lithium carbonate rose by 3,000 yuan per ton compared to the previous working day, affecting both battery-grade and industrial-grade prices [1] - The silicon industry association indicated that prices in the polysilicon market are expected to stabilize [1]

Domestic News - The People's Bank of China reported that as of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, an increase of 8.8% year-on-year [1] - The narrow money supply (M1) was 111.06 trillion yuan, growing by 5.6% year-on-year, while the currency in circulation (M0) amounted to 13.28 trillion yuan, up 11.8% year-on-year [1] - The net cash injection in the first seven months was 465.1 billion yuan [1] - The total social financing stock was 431.26 trillion yuan as of July 2025, reflecting a year-on-year growth of 9% [1] - The increment in social financing for the first seven months was 2.399 trillion yuan, which is 512 billion yuan more than the same period last year [1] - The Ministry of Commerce announced countermeasures against two EU financial institutions, effective from August 13, 2025, prohibiting domestic organizations and individuals from engaging in transactions or cooperation with UAB Urbo Bankas and AB Mano Bankas [1] Investment and Economic Policies - The National Development and Reform Commission stated that 188 billion yuan in special bonds for equipment upgrades has been allocated, supporting approximately 8,400 projects across various sectors, leading to total investments exceeding 1 trillion yuan [2] - The Ministry of Finance highlighted new interest subsidy policies aimed at stimulating consumer spending and enhancing market vitality, suggesting that 1 yuan in interest subsidies could potentially mobilize 100 yuan in loan funds for consumer sectors [2] Market Regulation - The State Administration for Market Regulation reported that as of the end of July, 111,900 batches of beverage products were inspected, with a non-compliance rate of 0.57%, primarily due to microbial and quality standard issues [3]

Group 1 - The People's Bank of China reported that 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 currency in circulation (M0) amounted to 13.28 trillion yuan, showing a year-on-year growth of 11.8% [1] - In the first seven months, a net cash injection of 465.1 billion yuan was recorded [1] Group 2 - As of the end of July, the total loan balance in both domestic and foreign currencies was 272.48 trillion yuan, with a year-on-year increase of 6.7% [1] - The balance of RMB loans reached 268.51 trillion yuan, marking a year-on-year growth of 6.9% [1] - In the first seven months, RMB loans increased by 12.87 trillion yuan, with household loans rising by 680.7 billion yuan [1] Group 3 - The social financing scale increment for the first seven months of 2025 was 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, which is an increase of 4.88 trillion yuan year-on-year [2] Group 4 - As of the end of July 2025, the total social financing scale stood at 431.26 trillion yuan, reflecting a year-on-year growth of 9% [3] - The balance of RMB loans to the real economy was 264.79 trillion yuan, with 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]

Financial Statistics Summary - As of the end of July 2025, the broad money supply (M2) reached 329.94 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, with a year-on-year increase of 5.6% [1] - The cash in circulation (M0) was 13.28 trillion yuan, showing a year-on-year growth of 11.8% [1] - A net cash injection of 465.1 billion yuan occurred in the first seven months of 2025 [1] Loan and Deposit Statistics - By the end of July 2025, the total balance of RMB loans was 268.51 trillion yuan, with a year-on-year growth of 6.9% [2] - In the first seven months, RMB loans increased by 12.87 trillion yuan, with household loans rising by 680.7 billion yuan and corporate loans increasing by 11.63 trillion yuan [2] - The total balance of RMB deposits reached 320.67 trillion yuan, reflecting a year-on-year growth of 8.7% [3] - In the first seven months, RMB deposits increased by 18.44 trillion yuan, with household deposits rising by 9.66 trillion yuan [3] Interbank Market and Interest Rates - The average weighted interest rate for interbank RMB market lending in July was 1.45%, lower than the previous month and the same month last year [4] - The average weighted interest rate for pledged bond repos was 1.46%, also lower than the previous month and the same month last year [4] - 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, marking a year-on-year increase of 14.8% [4] Cross-Border RMB Settlement - In July 2025, the cross-border RMB settlement amount for current account transactions was 1.57 trillion yuan, with goods trade accounting for 1.15 trillion yuan [5] - The direct investment cross-border RMB settlement amount was 0.64 trillion yuan, with foreign direct investment contributing 0.42 trillion yuan [5] Social Financing Scale - By the end of July 2025, the total social financing scale was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [6] - The balance of RMB loans to the real economy was 264.79 trillion yuan, with a year-on-year increase of 6.8% [6] - In the first seven months, the cumulative social financing scale increased by 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [6] Breakdown of Financing Components - 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 [6] - The net financing of government bonds reached 8.9 trillion yuan, which is an increase of 4.88 trillion yuan compared to the previous year [6] - The net financing of corporate bonds was 1.43 trillion yuan, which is a decrease of 1.849 trillion yuan compared to the previous year [6]