新华财经北京9月12日电（高二山）人民银行12日开展2300亿元7天逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1883亿元 逆回购到期，公开市场实现净投放417亿元。本周人民银行共进行12645亿元逆回购操作，因当周有10684亿元逆回购到期，公开市场合 计实现净投放1961亿元。 上海银行间同业拆放利率（Shibor）隔夜和7天品种微跌，14天品种小幅上涨。具体来看，隔夜Shibor下跌0.20BP，报1.3670%；7天 Shibor下跌0.60BP，报1.4600%；14天Shibor上涨1.40BP，报1.5240%。 上海银行间同业拆放利率（9月12日） 银行间质押式回购市场方面，多数品种小幅下跌，R007成交占比降至9.5%。具体看，DR001、R001加权平均利率下行0.6BP、1.1BP，报 1.3646%、1.3979%，成交额分别减少608亿元、2058亿元；DR007、R007加权平均利率分别下行2.4BP、2.2BP，报1.4575%、1.4651%， 成交额分别减少152亿元、644亿元；DR014、R014加权平均利率分别上行1.1BP、下行1.3BP，报1.5387 ...

Core Viewpoint - The latest financial data from the central bank indicates that the growth rates of broad money (M2) and social financing remain high, creating a favorable monetary environment for sustained economic recovery [3][6]. Monetary Supply and Financing - As of the end of August 2025, the M2 balance reached 331.98 trillion yuan, with a year-on-year growth of 8.8%, which is 2.5 percentage points higher than the same period last year [3][6]. - The total social financing stock was 433.66 trillion yuan, also growing by 8.8% year-on-year, with an increase of 26.56 trillion yuan in the first eight months, which is 4.66 trillion yuan more than the previous year [3][6]. - The narrow money (M1) grew by 6% year-on-year, accelerating by 0.4 percentage points from the previous month, leading to a M1-M2 spread of -2.8%, the lowest since June 2021 [3][14]. Structural Optimization - Experts emphasize the need for structural optimization in monetary policy, focusing on enhancing the efficiency of resource allocation and stimulating the internal motivation of financial institutions [4]. - The government has actively issued bonds, with net financing of 1.027 trillion yuan in government bonds by the end of August, which is 4.63 trillion yuan more than the previous year [6]. Credit and Loan Dynamics - In the first eight months, RMB loans increased by 1.346 trillion yuan, with a total loan balance of 269.1 trillion yuan, reflecting a year-on-year growth of 6.8% [10]. - The issuance of special refinancing bonds has provided significant support for resolving hidden debts, with 1.9 trillion yuan issued for this purpose by the end of August [10][11]. - The growth in loans is supported by a recovery in manufacturing and consumption, with a notable increase in loans to the manufacturing sector [11][12]. Policy Direction - The macroeconomic policy is shifting towards enhancing people's livelihoods and promoting consumption, with a focus on long-term reforms that can yield benefits [15]. - The monetary policy is expected to remain moderately loose, providing strong support for the real economy, while fiscal policies are also actively contributing to economic recovery [15].

Core Insights - The People's Bank of China reported that in the first eight months, the total increase in RMB loans was 13.46 trillion yuan, with corporate loans accounting for 12.22 trillion yuan [1] - As of the end of August, the RMB loan balance reached 269.1 trillion yuan, reflecting a year-on-year growth of 6.8% [1] - The total social financing scale increased by 26.56 trillion yuan in the first eight months, surpassing the same period last year by 4.66 trillion yuan [1] Loan Data - Corporate loans increased by 12.22 trillion yuan, with medium to long-term loans contributing 7.38 trillion yuan [1] - Household loans saw an increase of 711 billion yuan during the same period [1] Money Supply - As of the end of August, the broad money supply (M2) stood at 331.98 trillion yuan, growing by 8.8% year-on-year [1] - The narrow money supply (M1) was recorded at 111.23 trillion yuan, with a year-on-year increase of 6% [1] - The currency in circulation (M0) reached 13.34 trillion yuan, reflecting a year-on-year growth of 11.7% [1] Deposit Data - In the first eight months, total RMB deposits increased by 20.5 trillion yuan, with household deposits rising by 9.77 trillion yuan [1] Social Financing - By the end of August, the total social financing scale was 433.66 trillion yuan, showing a year-on-year growth of 8.8% [1]

Group 1 - As of the end of August 2025, the total money supply (M2) reached 331.98 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.23 trillion yuan, with a year-on-year increase of 6% [1] - The cash in circulation (M0) amounted to 13.34 trillion yuan, showing a year-on-year growth of 11.7% [1] Group 2 - By the end of August 2025, the total social financing stock was 433.66 trillion yuan, which is an 8.8% increase year-on-year [2] - The balance of RMB loans to the real economy was 265.42 trillion yuan, marking a year-on-year growth of 6.6% [2] - The balance of government bonds reached 91.36 trillion yuan, reflecting a significant year-on-year increase of 21.1% [2] Group 3 - In the first eight months of 2025, the cumulative increase in social financing was 26.56 trillion yuan, which is 4.66 trillion yuan more than the same period last year [3] - The increase in RMB loans to the real economy was 12.93 trillion yuan, which is a decrease of 4.85 trillion yuan compared to the previous year [3] - The net financing of government bonds was 10.27 trillion yuan, which is an increase of 4.63 trillion yuan year-on-year [3]

Core Insights - The total social financing increment for the first eight months of 2025 reached 26.56 trillion yuan, an increase of 4.66 trillion yuan compared to the same period last year [1] - The balance of social financing stock at the end of August 2025 was 433.66 trillion yuan, reflecting a year-on-year growth of 8.8% [2] - The broad money supply (M2) at the end of August 2025 was 331.98 trillion yuan, also showing a year-on-year increase of 8.8% [4][5] Social Financing Increment - The increment in RMB loans to the real economy was 12.93 trillion yuan, a decrease of 485.1 billion yuan year-on-year [1] - Foreign currency loans to the real economy decreased by 81.6 billion yuan, a reduction of 76.7 billion yuan year-on-year [1] - Corporate bond net financing was 1.56 trillion yuan, down 221.4 billion yuan year-on-year [1] Social Financing Stock - The balance of RMB loans to the real economy was 265.42 trillion yuan, with a year-on-year increase of 6.6% [2] - The balance of foreign currency loans was 1.19 trillion yuan, showing a year-on-year decline of 21% [2] - The balance of government bonds was 91.36 trillion yuan, reflecting a year-on-year growth of 21.1% [2] Loan and Deposit Growth - RMB loans increased by 13.46 trillion yuan in the first eight months, with household loans rising by 711 billion yuan [6] - RMB deposits increased by 20.5 trillion yuan in the same period, with household deposits growing by 9.77 trillion yuan [8] - The balance of foreign currency deposits was 1.02 trillion USD, a year-on-year increase of 19.4% [9] Market Activity - The average weighted interest rate for interbank RMB market lending was 1.4%, lower than the previous month and the same period last year [10] - The total transaction volume in the interbank RMB market reached 202.68 trillion yuan in August, with a daily average transaction growth of 16.8% year-on-year [10] - The cross-border RMB settlement amount for current accounts in August was 1.47 trillion yuan [10]

中国人民银行9月12日发布数据显示，前8个月人民币贷款增加13.46万亿元。 分部门看，住户贷款增加7110亿元，其中短期贷款减少3725亿元，中长期贷款增加1.08万亿元；企 （事）业单位贷款增加12.22万亿元，其中短期贷款增加3.82万亿元，中长期贷款增加7.38万亿元，票据 融资增加8778亿元；非银行业金融机构贷款增加1227亿元。 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8个月净投放现金5208 亿元。 社会融资规模方面，初步统计，8月末社会融资规模存量为433.66万亿元，同比增长8.8%；初步统计， 前8个月社会融资规模增量累计为26.56万亿元，比上年同期多4.66万亿元。 ...

来源：中国人民银行 2025年8月金融统计数据报告 一、广义货币增长 8.8 % 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。 二、前 八 个月人民币贷款增加 13.46 万亿元 8 月末，本外币贷款余额 273.02 万亿元，同比增长 6.6 % 。 月末人民币贷款余额 269.1 万亿元，同比增长 6.8 % 。 前 八 个月人民币贷款增加 13.46 万亿元。分部门看，住户贷款增加 7110 亿元，其 中，短期贷款减少 3725 亿元，中长期贷款增加 1.08万 亿元；企（事）业单位贷款增加 12.22 万亿元，其中，短期贷款增加 3.82 万亿元，中长期贷款增加 7.38 万亿元，票据融资 增加 8778 亿元；非银行业金融机构贷款增加 1227 亿元。 8 月末，外币贷款余额 5517 亿美元，同比 下降 7.1 %。 前 八 个月外币贷款 增加 96 亿美元。 三 ...

记者 辛圆 从货币供应来看，8月末，广义货币(M2)余额331.98万亿元，同比增长8.8%，涨幅较上月持平。狭义货币(M1)余额111.23万亿元，同比增长6%，涨幅较上月 提高0.4个百分点。 企业和居民需求来看，前8个月，人民币贷款增加13.46万亿元。分部门看，住户贷款增加7110亿元，其中，短期贷款减少3725亿元，中长期贷款增加1.08万 亿元；企（事）业单位贷款增加12.22万亿元，其中，短期贷款增加3.82万亿元，中长期贷款增加7.38万亿元，票据融资增加8778亿元；非银行业金融机构贷 款增加1227亿元。 另外，前8个月人民币存款增加20.5万亿元。其中，住户存款增加9.77万亿元，非金融企业存款增加6106亿元，财政性存款增加2.21万亿元，非银行业金融机 构存款增加5.87万亿元。 王青表示，当前我国物价水平偏低，货币政策在稳增长方向发力有充分的空间。预计四季度初前后，央行将实施新一轮降息降准，全年新增信贷、新增社融 都有望恢复一定规模的同比多增。 中国人民银行周五发布的2025年1-8月金融统计数据报告显示，财政政策持续发力下，社会融资规模增速继续保持在较高水平。 央行同日发布的20 ...

1. 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%。 2. 前8个月人民币贷款增加13.46万亿元。 3. 前8个月社会融资规模增量累计为26.56万亿元，比上年同期多4.66万亿元。 4.前8个月人民币存款增加20.5万亿元。 9月12日，中国人民银行公布金融数据。 市场分析认为，行业景气恢复、出口延续韧性、暑期消费旺季、房地产支持政策等因素为8月信贷增长 提供了支撑。 部分企业的贷款增长受益于生产景气度出现回升。东部省份某银行分行客户经理表示，制造业贷款储备 及投放明显好于上年，该行今年1-8月新增制造业贷款占新增对公贷款比重为53%，较2024年全年大幅 提升33个百分点，尤其是以高技术制造业和装备制造业为代表的先进制造业景气度较高，企业新增融资 需求较多，对信贷增长形成了有力的支撑。 另外，也有市场人士分析，近期纺织服装、专用设备、计算机通信等行业景气度处于较高区间，相应的 投融资需求相对旺盛，带动信贷增长。"当前属于圣诞订单旺季，企业积极开拓东南亚、南美洲等新兴 市 ...

转自：新华财经 编辑：幸骊莎 新华财经北京9月12日电 据人民银行初步统计，2025年前八个月社会融资规模增量累计为26.56万亿元， 比上年同期多4.66万亿元。其中，对实体经济发放的人民币贷款增加12.93万亿元，同比少增4851亿元； 对实体经济发放的外币贷款折合人民币减少816亿元，同比少减767亿元；委托贷款减少855亿元，同比 多减307亿元；信托贷款增加1942亿元，同比少增1614亿元；未贴现的银行承兑汇票减少223亿元，同比 少减2566亿元；企业债券净融资1.56万亿元，同比少2214亿元；政府债券净融资10.27万亿元，同比多 4.63万亿元；非金融企业境内股票融资2669亿元，同比多1093亿元。 ...