内容提要 9月，离岸（CNH）人民币兑美元即期汇率贬值，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67BP，较上月减少 13BP；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0.21%、上升0.20%、不变。离岸人民币债券发 行额较上月增加。CNH HIBOR隔夜、7天、3个月和1年期较上月末分别上升22BP、上升5BP、下降3BP和上升5BP。 1、中国香港和台湾地区境外人民币存款 2025年8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9679.56亿元，较上月增加3.2%，台湾地区人民币存款 规模为1205.91亿元，较上月减少3.0%。香港跨境贸易结算金额为9968.82亿元，较上月减少19.2%。 2、离岸人民币外汇市场 9月，离岸（CNH）人民币兑美元即期汇率贬值，在岸（CNY）人民币兑美元即期汇率升值。 即期市场：9月30日，CNH兑美元即期汇率收于7.1287，较上月末贬值0.09%；CNY兑美元即期汇率收于7.1186，较上月末升值0.20%；日均平均价差（CNY- ...

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]

Group 1 - 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 cash in circulation (M0) amounted to 13.28 trillion yuan, showing a year-on-year growth of 11.8% [1] Group 2 - In the first seven months, the total social financing increased by 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, an increase of 4.88 trillion yuan year-on-year [2] Group 3 - By the end of July, the total social financing stock was 431.26 trillion yuan, with a year-on-year growth of 9% [3] - The balance of RMB loans to the real economy was 264.79 trillion yuan, reflecting 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] Group 4 - The balance of RMB loans as of the end of July was 268.51 trillion yuan, with a year-on-year growth of 6.9% [4] - In the first seven months, RMB loans increased by 12.87 trillion yuan, with household loans rising by 680.7 billion yuan [4] - Loans to enterprises increased by 11.63 trillion yuan during the same period [4] Group 5 - The balance of RMB deposits reached 320.67 trillion yuan by the end of July, with a year-on-year growth of 8.7% [5] - In the first seven months, RMB deposits increased by 18.44 trillion yuan, with household deposits rising by 9.66 trillion yuan [5] - Non-financial enterprise deposits increased by 310.9 billion yuan during this period [5] Group 6 - In July, the weighted average interbank lending rate was 1.45%, down 0.36 percentage points year-on-year [6] - The weighted average repo rate was 1.46%, also down 0.36 percentage points compared to the previous year [6] Group 7 - The one-year loan market quoted rate was 3.00% as of July 21, down 0.1 percentage points from the end of last year [7] - The five-year loan market quoted rate was 3.50%, also down 0.1 percentage points compared to the end of last year [7] Group 8 - By the end of July, the CFETS RMB exchange rate index was 96.76, down 4.64% from the end of last year [8] - The RMB to USD exchange rate was 7.1494, appreciating by 0.55% compared to the end of last year [8] - The RMB to Euro exchange rate depreciated by 8.13% compared to the end of last year [8]

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]

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]

Group 1 - The broad money supply (M2) increased by 8.8% year-on-year, reaching 329.94 trillion yuan by the end of July [2] - The narrow money supply (M1) grew by 5.6% year-on-year, totaling 111.06 trillion yuan, while the currency in circulation (M0) rose by 11.8% to 13.28 trillion yuan [2] - A net cash injection of 465.1 billion yuan occurred in the first seven months of the year [2] Group 2 - The total RMB loans increased by 12.87 trillion yuan in the first seven months, with the RMB loan balance reaching 268.51 trillion yuan, a year-on-year growth of 6.9% [3] - 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 [3] - 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 [3] Group 3 - The total RMB deposits increased by 18.44 trillion yuan in the first seven months, with the RMB deposit balance reaching 320.67 trillion yuan, a year-on-year growth of 8.7% [4] - Household deposits rose by 9.66 trillion yuan, while non-financial corporate deposits increased by 310.9 billion yuan [5] - Foreign currency deposits reached 1 trillion USD, showing a year-on-year growth of 20% [5] Group 4 - The average weighted interest rate for interbank RMB market lending in July was 1.45%, down 0.01 percentage points from the previous month and 0.36 percentage points from the same period last year [6] - The total transaction volume in the interbank RMB market reached 222.44 trillion yuan in July, with an average daily transaction of 9.67 trillion yuan, reflecting a year-on-year increase of 14.8% [6] Group 5 - In July, the cross-border RMB settlement amount under the current account was 1.57 trillion yuan, with direct investment cross-border RMB settlement amounting to 640 billion yuan [6] - The breakdown of the current account settlement included 1.15 trillion yuan for goods trade and 420 billion yuan for service trade and other current items [6]

Group 1 - As of the end of July, the total balance of domestic and foreign currency loans reached 272.48 trillion yuan, with a year-on-year growth of 6.7%. The balance of RMB loans was 268.51 trillion yuan, growing by 6.9% year-on-year [3] - 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 [3] - The total balance of domestic and foreign currency deposits was 327.83 trillion yuan at the end of July, with a year-on-year growth of 9%. RMB deposits reached 320.67 trillion yuan, growing by 8.7% year-on-year [4] Group 2 - The broad money supply (M2) reached 329.94 trillion yuan at the end of July, with a year-on-year increase of 8.8%. The narrow money supply (M1) was 111.06 trillion yuan, growing by 5.6% [2] - The average weighted interest rate for interbank RMB lending in July was 1.45%, which is lower than the previous month and the same period last year by 0.01 and 0.36 percentage points, respectively [5] - In July, the cross-border RMB settlement amount under the current account was 1.57 trillion yuan, with direct investment cross-border RMB settlement amounting to 0.64 trillion yuan [6]