内容提要 10月，离岸（CNH）人民币兑美元即期汇率升值，在岸（CNY）人民币兑美元即期汇率升值；日均平均价差（CNY-CNH的绝对值）为51BP，较上月减少 16BP；CFETS人民币汇率指数、参考BIS货币篮子、参考SDR货币篮子的人民币汇率指数分别较上月末上升0.87%、上升1.19%、上升1.13%。离岸人民币 债券发行额较上月减少。CNH HIBOR隔夜、7天、3个月和1年期较上月末分别下降57BP、下降12BP、基本持平和下降5BP。 1、中国香港和台湾地区境外人民币存款 2025年9月，香港和台湾地区离岸市场人民币存款规模较上月增加。其中，香港地区人民币存款规模为10017.71亿元，较上月增加3.5%，台湾地区人民币存 款规模为1199.13亿元，较上月减少0.6%。香港地区跨境贸易结算金额为11232.13亿元，较上月增加12.7%。 2、离岸人民币外汇市场 10月，离岸（CNH）人民币兑美元即期汇率升值，在岸（CNY）人民币兑美元即期汇率升值。 即期市场：10月31日，CNH兑美元即期汇率收于7.1224，较上月末升值0.09%；CNY兑美元即期汇率收于7.1135，较上月末升值0.07% ...

Group 1: Monetary Supply - As of the end of October, the broad money supply (M2) reached 335.13 trillion yuan, reflecting a year-on-year growth of 8.2% [1] - The narrow money supply (M1) stood at 112 trillion yuan, with a year-on-year increase of 6.2% [1] - The currency in circulation (M0) amounted to 13.55 trillion yuan, showing a year-on-year growth of 10.6% [1] Group 2: Social Financing - The cumulative increase in social financing for the first ten months was 30.9 trillion yuan, exceeding the previous year's figure by 3.83 trillion yuan [2] - The increase in RMB loans to the real economy was 14.52 trillion yuan, which is a decrease of 1.16 trillion yuan compared to the same period last year [2] - Net financing through corporate bonds reached 1.82 trillion yuan, up by 1.36 trillion yuan year-on-year [2] Group 3: Loan and Deposit Growth - The total RMB loans increased by 14.97 trillion yuan in the first ten months, with household loans rising by 739.6 billion yuan and corporate loans increasing by 13.79 trillion yuan [4] - RMB deposits grew by 23.32 trillion yuan in the first ten months, with household deposits increasing by 11.39 trillion yuan [5] - The total balance of RMB loans was 270.61 trillion yuan, reflecting a year-on-year growth of 6.5% [4] Group 4: Interest Rates - The weighted average interbank lending rate in October was 1.39%, down by 0.2 percentage points from the same period last year [6] - The one-year loan market quoted interest rate was 3.00%, and the rate for loans over five years was 3.50%, both lower by 0.1 percentage points compared to the end of last year [7] Group 5: Exchange Rates - The CFETS RMB exchange rate index was 97.61, a decrease of 3.8% compared to the end of last year [8] - The RMB appreciated by 1.42% against the US dollar, while it depreciated by 8.38% against the euro [8]

Group 1: Social Financing Scale - As of the end of October 2025, the total social financing scale reached 437.72 trillion yuan, marking a year-on-year growth of 8.5% [1] - The balance of RMB loans to the real economy was 267.01 trillion yuan, with a year-on-year increase of 6.3% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.15 trillion yuan, showing a year-on-year decline of 16.9% [1] Group 2: Structure of Financing - By the end of October, RMB loans accounted for 61% of the total social financing scale, down 1.3 percentage points year-on-year [2] - The proportion of government bonds increased by 2 percentage points to 21.3% year-on-year [2] - The share of corporate bonds decreased by 0.3 percentage points to 7.7% year-on-year [2] Group 3: Financing Increment - The cumulative increment of social financing for the first ten months of 2025 was 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year [3] - RMB loans to the real economy increased by 14.52 trillion yuan, which was a decrease of 1.16 trillion yuan year-on-year [3] - Government bonds net financing reached 11.95 trillion yuan, an increase of 3.72 trillion yuan year-on-year [3] Group 4: Monetary Supply - By the end of October, the broad money supply (M2) was 335.13 trillion yuan, reflecting a year-on-year growth of 8.2% [4] - The narrow money supply (M1) was 112 trillion yuan, with a year-on-year increase of 6.2% [4] - The cash in circulation (M0) reached 13.55 trillion yuan, showing a year-on-year growth of 10.6% [4] Group 5: Deposits - By the end of October, the total deposits in both domestic and foreign currencies amounted to 332.92 trillion yuan, with a year-on-year increase of 8.3% [5] - RMB deposits increased by 23.32 trillion yuan in the first ten months of 2025 [5] - Foreign currency deposits reached 1.04 trillion USD, marking a year-on-year growth of 24.3% [5] Group 6: Loans - By the end of October, the total loans in both domestic and foreign currencies were 274.54 trillion yuan, with a year-on-year increase of 6.3% [6] - RMB loans increased by 14.97 trillion yuan in the first ten months of 2025 [6] - Foreign currency loans decreased by 3% year-on-year, with an increase of 125 million USD in the first ten months [6] Group 7: Interbank Market - In October, the total transaction volume in the interbank RMB market reached 164.86 trillion yuan, with an average daily transaction of 9.16 trillion yuan, reflecting a year-on-year growth of 0.9% [7] - The weighted average interest rate for interbank lending was 1.39%, lower than the previous month and the same period last year [7] - The weighted average rate for pledged bond repos was 1.4%, also lower than the previous month and the same period last year [7] Group 8: Cross-Border RMB Settlement - In October, the cross-border RMB settlement amount under the current account was 1.41 trillion yuan [8] - The direct investment cross-border RMB settlement amount was 0.65 trillion yuan [8] - The breakdown included 1.09 trillion yuan for goods trade and 0.32 trillion yuan for service trade [8]

Group 1 - The total social financing stock at the end of October 2025 was 437.72 trillion yuan, representing a year-on-year growth of 8.5% [2] - The total amount of social financing increased by 30.9 trillion yuan in the first ten months of 2025, which is 3.83 trillion yuan more than the same period last year [4] - The broad money supply (M2) at the end of October was 335.13 trillion yuan, with a year-on-year increase of 8.2% [5] Group 2 - The balance of RMB loans to the real economy was 267.01 trillion yuan at the end of October, showing a year-on-year growth of 6.3% [2] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.15 trillion yuan, reflecting a year-on-year decline of 16.9% [2] - The balance of corporate bonds was 33.68 trillion yuan, with a year-on-year increase of 4.9% [2] Group 3 - In the first ten months, RMB loans increased by 14.97 trillion yuan, with household loans rising by 739.6 billion yuan [7] - The net financing of government bonds was 11.95 trillion yuan, which is 3.72 trillion yuan more than the same period last year [4] - The balance of foreign currency deposits was 1.04 trillion USD, showing a year-on-year growth of 24.3% [6] Group 4 - The average weighted interest rate for interbank RMB market lending in October was 1.39%, lower than the previous month and the same period last year [8] - The total amount of cross-border RMB settlements under the current account in October was 1.41 trillion yuan [8] - The total amount of direct investment cross-border RMB settlements was 0.65 trillion yuan [8]

Core Insights - The People's Bank of China reported that in the first ten months of this year, RMB loans increased by 14.97 trillion yuan, with corporate loans accounting for 13.79 trillion yuan [1] - As of the end of October, the total RMB loan balance reached 270.61 trillion yuan, reflecting a year-on-year growth of 6.5% [1] - The total social financing scale increased by 30.9 trillion yuan in the first ten months, which is 3.83 trillion yuan more than the same period last year [1] Loan Statistics - Corporate loans increased by 13.79 trillion yuan, with medium to long-term loans contributing 8.32 trillion yuan [1] - Household loans saw an increase of 739.6 billion yuan during the same period [1] Money Supply - As of the end of October, the broad money supply (M2) stood at 335.13 trillion yuan, growing by 8.2% year-on-year [1] - The narrow money supply (M1) was recorded at 112 trillion yuan, with a year-on-year increase of 6.2% [1] - The currency in circulation (M0) reached 13.55 trillion yuan, reflecting a year-on-year growth of 10.6% [1] Deposit Growth - In the first ten months, total RMB deposits increased by 23.32 trillion yuan, with household deposits rising by 11.39 trillion yuan [1] Social Financing - The total social financing stock at the end of October was 437.72 trillion yuan, showing a year-on-year growth of 8.5% [1]

Core Insights - The total social financing stock reached 437.72 trillion yuan at the end of October 2025, reflecting a year-on-year growth of 8.5% [1] - The broad money supply (M2) increased by 8.2% year-on-year, reaching 335.13 trillion yuan [4] - The total amount of RMB loans increased by 14.97 trillion yuan in the first ten months of 2025, with a year-on-year growth of 6.5% [6] Financing Structure - RMB loans to the real economy accounted for 61% of the total social financing stock, down 1.3 percentage points year-on-year [2] - The proportion of foreign currency loans to the real economy remained stable at 0.3% year-on-year [2] - Government bonds saw a significant increase, with a balance of 93.03 trillion yuan, reflecting a year-on-year growth of 19.2% [1] Monthly and Year-to-Date Trends - In the first ten months of 2025, the cumulative increase in social financing was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [3] - The average monthly weighted interest rate for interbank RMB market lending was 1.39%, lower than both the previous month and the same period last year [7] - The total amount of cross-border RMB settlements under current accounts reached 1.41 trillion yuan in October [8] Deposits and Loans - RMB deposits increased by 23.32 trillion yuan in the first ten months, with household deposits rising by 11.39 trillion yuan [5] - The balance of foreign currency deposits reached 1.04 trillion USD, showing a year-on-year increase of 24.3% [5] - The balance of loans from non-bank financial institutions decreased by 185 billion yuan [6]

Core Insights - The People's Bank of China reported a year-on-year growth of 8.5% in the total social financing scale as of October 2025, reaching 437.72 trillion yuan [2] - The report indicates a mixed performance in various financing components, with significant growth in government bonds and a decline in foreign currency loans [2][4] Financing Scale - The total social financing increment for the first ten months of 2025 was 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year [4] - The balance of RMB loans to the real economy was 267.01 trillion yuan, growing by 6.3% year-on-year, while foreign currency loans decreased by 16.9% [2][4] Monetary Supply - The broad money supply (M2) reached 335.13 trillion yuan, reflecting an 8.2% year-on-year increase, while narrow money supply (M1) grew by 6.2% [5] - Cash in circulation (M0) increased by 10.6% year-on-year, with a net cash injection of 728.4 billion yuan in the first ten months [5] Deposits and Loans - Total deposits in both domestic and foreign currencies reached 332.92 trillion yuan, with RMB deposits growing by 8% year-on-year [6] - RMB loans increased by 14.97 trillion yuan in the first ten months, with household loans rising by 7.396 trillion yuan [7] Interbank Market Activity - The interbank RMB market saw a total transaction volume of 164.86 trillion yuan in October, with a daily average transaction of 9.16 trillion yuan, marking a 0.9% year-on-year increase [8] - The weighted average interest rate for interbank lending was 1.39%, lower than both the previous month and the same period last year [8] Cross-Border Transactions - In October, the cross-border RMB settlement amount for current account transactions was 1.41 trillion yuan, with direct investment settlements totaling 0.65 trillion yuan [9]

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 foreign currency loans to the real economy represented 0.3% of the total, down 0.1 percentage points year-on-year [2] - The balance of government bonds increased by 20.2% year-on-year, reaching 92.55 trillion yuan [1] 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 [5] - The total balance of deposits in RMB and foreign currencies reached 332.18 trillion yuan, with RMB deposits growing by 8% year-on-year [4] - Foreign currency loans decreased by 5.3% year-on-year, with a balance of 554.4 billion USD as of September [6] Market Activity - The average weighted interest rate for interbank RMB market lending was 1.45% in September, reflecting a month-on-month increase [7] - The total transaction volume in the interbank RMB market for the first three quarters was 16.01 trillion yuan, with a daily average transaction volume of 85.6 billion yuan [7] Foreign Exchange and Cross-Border Transactions - The national foreign exchange reserves stood at 3.34 trillion USD as of September [8] - The cross-border RMB settlement amount under current accounts reached 13.06 trillion yuan in the first three quarters [9]

Core Viewpoint - The People's Bank of China released the financial statistics report for the first three quarters of 2025, highlighting significant growth in social financing and monetary aggregates, alongside a mixed performance in various lending categories [1]. Group 1: Social Financing - The total social financing stock reached 437.08 trillion yuan by the end of September 2025, marking a year-on-year increase of 8.7% [2]. - The increment in social financing for the first three quarters amounted to 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [4]. Group 2: Loan Distribution - The balance of RMB loans to the real economy was 267.03 trillion yuan, reflecting a year-on-year growth of 6.4% [2]. - The balance of foreign currency loans, converted to RMB, was 1.18 trillion yuan, showing a year-on-year decline of 18% [2]. - Trust loans increased by 5.7% year-on-year to 4.5 trillion yuan, while entrusted loans decreased by 0.7% to 11.17 trillion yuan [2]. Group 3: Monetary Aggregates - The broad money supply (M2) stood at 335.38 trillion yuan, with a year-on-year growth of 8.4% [5]. - The narrow money supply (M1) was 113.15 trillion yuan, reflecting a year-on-year increase of 7.2% [5]. - Cash in circulation (M0) reached 13.58 trillion yuan, growing by 11.5% year-on-year [5]. Group 4: Deposits and Loans - The total deposits in RMB and foreign currencies reached 332.18 trillion yuan, with RMB deposits at 324.94 trillion yuan, both showing year-on-year growth of 8.3% and 8% respectively [6]. - 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]. Group 5: Interest Rates and Foreign Reserves - The average weighted interest rate for interbank RMB market lending was 1.45% in September, slightly higher than the previous month but lower than the same period last year [8]. - The national foreign exchange reserves were reported at 3.34 trillion USD by the end of September [9]. Group 6: Cross-Border Transactions - 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 [10].

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]