更多消息，持续更新中 一、社会融资规模存量同比增长8.5% 初步统计，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。其中，对实体经济发放的 人民币贷款余额为267.42万亿元，同比增长6.3%；对实体经济发放的外币贷款折合人民币余额为1.13万 亿元，同比下降16.5%；委托贷款余额为11.32万亿元，同比增长1%；信托贷款余额为4.6万亿元，同比 增长7.4%；未贴现的银行承兑汇票余额为2.3万亿元，同比增长0.4%；企业债券余额为34.08万亿元，同 比增长5.6%；政府债券余额为94.24万亿元，同比增长18.8%；非金融企业境内股票余额为12.14万亿 元，同比增长4%。 从结构看，11月末对实体经济发放的人民币贷款余额占同期社会融资规模存量的60.8%，同比低1.3个百 分点；对实体经济发放的外币贷款折合人民币余额占比0.3%，同比持平；委托贷款余额占比2.6%，同 比低0.2个百分点；信托贷款余额占比1%，同比低0.1个百分点；未贴现的银行承兑汇票余额占比0.5%， 同比低0.1个百分点；企业债券余额占比7.7%，同比低0.3个百分点；政府债券余额占比21.4%，同比高 ...

初步统计，2025年前十一个月社会融资规模增量累计为33.39万亿元，比上年同期多3.99万亿元。其 中，对实体经济发放的人民币贷款增加14.93万亿元，同比少增1.28万亿元；对实体经济发放的外币贷款 折合人民币减少1368亿元，同比少减1873亿元；委托贷款增加895亿元，同比多增1453亿元；信托贷款 增加3003亿元，同比少增823亿元；未贴现的银行承兑汇票增加1605亿元，同比多增3568亿元；企业债 券净融资2.24万亿元，同比多3125亿元；政府债券净融资13.15万亿元，同比多3.61万亿元；非金融企业 境内股票融资4204亿元，同比多1788亿元。 三、广义货币增长8% 11月末，广义货币(M2)余额336.99万亿元，同比增长8%。狭义货币(M1)余额112.89万亿元，同比增 长4.9%。流通中货币(M0)余额13.74万亿元，同比增长10.6%。前十一个月净投放现金9175亿元。 四、前十一个月人民币存款增加24.73万亿元 中国经济网北京12月12日讯 央行网站今日公布的《2025年11月金融统计数据报告》显示，2025年 11月末社会融资规模存量为440.07万亿元，同比增长8.5 ...

一、社会融资规模存量同比增长8.5% 初步统计，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。其中，对实体经济发放的人民币贷款余额为267.42万亿 元，同比增长6.3%；对实体经济发放的外币贷款折合人民币余额为1.13万亿元，同比下降16.5%；委托贷款余额为11.32万亿元，同比 增长1%；信托贷款余额为4.6万亿元，同比增长7.4%；未贴现的银行承兑汇票余额为2.3万亿元，同比增长0.4%；企业债券余额为 34.08万亿元，同比增长5.6%；政府债券余额为94.24万亿元，同比增长18.8%；非金融企业境内股票余额为12.14万亿元，同比增长 4%。 从结构看，11月末对实体经济发放的人民币贷款余额占同期社会融资规模存量的60.8%，同比低1.3个百分点；对实体经济发放的外币 贷款折合人民币余额占比0.3%，同比持平；委托贷款余额占比2.6%，同比低0.2个百分点；信托贷款余额占比1%，同比低0.1个百分 点；未贴现的银行承兑汇票余额占比0.5%，同比低0.1个百分点；企业债券余额占比7.7%，同比低0.3个百分点；政府债券余额占比 21.4%，同比高1.8个百分点；非金融企 ...

本文来自：中国人民银行 12月12日，央行公布11月金融数据。 11月末，本外币贷款余额274.84万亿元，同比增长6.3%。月末人民币贷款余额271万亿元，同比增长 6.4%。前十一个月人民币贷款增加15.36万亿元。 社会融资规模存量同比增长8.5% 初步统计，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。 其中，对实体经济发放的人民币贷款余额为267.42万亿元，同比增长6.3%；对实体经济发放的外币贷款 折合人民币余额为1.13万亿元，同比下降16.5%；委托贷款余额为11.32万亿元，同比增长1%；信托贷款 余额为4.6万亿元，同比增长7.4%；未贴现的银行承兑汇票余额为2.3万亿元，同比增长0.4%；企业债券 余额为34.08万亿元，同比增长5.6%；政府债券余额为94.24万亿元，同比增长18.8%；非金融企业境内 股票余额为12.14万亿元，同比增长4%。 从结构看，11月末对实体经济发放的人民币贷款余额占同期社会融资规模存量的60.8%，同比低1.3个百 分点；对实体经济发放的外币贷款折合人民币余额占比0.3%，同比持平；委托贷款余额占比2.6%，同 比低0.2个 ...

Core Viewpoint - The People's Bank of China reported that as of November 2025, the total social financing stock increased by 8.5% year-on-year, indicating a stable growth in the financial support for the real economy [4]. Group 1: Social Financing Scale - As of November 2025, the total social financing stock was 440.07 trillion yuan, with a year-on-year growth of 8.5% [4]. - The balance of RMB loans to the real economy was 267.42 trillion yuan, growing by 6.3% year-on-year [4]. - The balance of foreign currency loans to the real economy, converted to RMB, was 1.13 trillion yuan, showing a decline of 16.5% year-on-year [4]. - The balance of entrusted loans was 11.32 trillion yuan, increasing by 1% year-on-year [4]. - The balance of trust loans was 4.6 trillion yuan, with a year-on-year growth of 7.4% [4]. - The balance of corporate bonds was 34.08 trillion yuan, up by 5.6% year-on-year [4]. - The balance of government bonds reached 94.24 trillion yuan, marking an 18.8% increase year-on-year [4]. - The balance of non-financial corporate domestic stocks was 12.14 trillion yuan, growing by 4% year-on-year [4]. Group 2: Financing Structure - By the end of November, RMB loans accounted for 60.8% of the total social financing stock, down by 1.3 percentage points year-on-year [5]. - The proportion of foreign currency loans was 0.3%, unchanged year-on-year [5]. - Entrusted loans made up 2.6% of the total, down by 0.2 percentage points year-on-year [5]. - Trust loans represented 1% of the total, down by 0.1 percentage points year-on-year [5]. - The share of corporate bonds was 7.7%, down by 0.3 percentage points year-on-year [5]. - Government bonds accounted for 21.4%, up by 1.8 percentage points year-on-year [5]. - Non-financial corporate domestic stocks made up 2.8%, down by 0.1 percentage points year-on-year [5]. Group 3: Monetary Supply - By the end of November, the broad money supply (M2) was 336.99 trillion yuan, with an 8% year-on-year growth [7]. - The narrow money supply (M1) was 112.89 trillion yuan, increasing by 4.9% year-on-year [7]. - The currency in circulation (M0) was 13.74 trillion yuan, showing a 10.6% year-on-year growth [7]. Group 4: Deposits and Loans - By the end of November, the total deposits in RMB and foreign currencies reached 334.46 trillion yuan, growing by 8% year-on-year [8]. - The RMB deposit balance was 326.96 trillion yuan, with a year-on-year increase of 7.7% [8]. - In the first eleven months, RMB loans increased by 15.36 trillion yuan, with a year-on-year growth of 6.4% [9]. - The balance of foreign currency loans was 542.9 billion USD, showing a decline of 1.6% year-on-year [9]. Group 5: Interbank Market - In November, the weighted average interest rate for interbank RMB market lending was 1.42%, up by 0.03 percentage points from the previous month [10]. - The weighted average interest rate for pledged bond repos was 1.44%, also up by 0.04 percentage points from the previous month [10]. Group 6: Cross-Border Transactions - In November, the cross-border RMB settlement amount under the current account was 1.49 trillion yuan [11]. - The direct investment cross-border RMB settlement amount was 0.71 trillion yuan [11].

【大河财立方消息】12月12日，央行发布2025年11月金融统计数据报告。 一、社会融资规模存量同比增长8.5% 初步统计，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。其中，对实体经济发放的 人民币贷款余额为267.42万亿元，同比增长6.3%；对实体经济发放的外币贷款折合人民币余额为1.13万 亿元，同比下降16.5%；委托贷款余额为11.32万亿元，同比增长1%；信托贷款余额为4.6万亿元，同比 增长7.4%；未贴现的银行承兑汇票余额为2.3万亿元，同比增长0.4%；企业债券余额为34.08万亿元，同 比增长5.6%；政府债券余额为94.24万亿元，同比增长18.8%；非金融企业境内股票余额为12.14万亿 元，同比增长4%。 从结构看，11月末对实体经济发放的人民币贷款余额占同期社会融资规模存量的60.8%，同比低1.3个百 分点；对实体经济发放的外币贷款折合人民币余额占比0.3%，同比持平；委托贷款余额占比2.6%，同 比低0.2个百分点；信托贷款余额占比1%，同比低0.1个百分点；未贴现的银行承兑汇票余额占比0.5%， 同比低0.1个百分点；企业债券余额占比7.7%，同 ...

Core Insights - In November, both offshore (CNH) and onshore (CNY) RMB appreciated against the USD, with the average daily price difference (absolute value of CNY-CNH) decreasing by 4 basis points to 48 basis points [1][3] - The CFETS RMB exchange rate index and the indices referencing the BIS and SDR currency baskets increased by 0.32%, 0.58%, and 0.22% respectively compared to the end of the previous month [1][3] - The issuance of offshore RMB bonds increased significantly, with 123 bonds issued totaling 2146.27 billion RMB, a rise of 192.28% from the previous month [5] Offshore RMB Foreign Exchange Market - As of November 28, the CNH/USD exchange rate closed at 7.0713, appreciating by 0.72% from the end of the previous month, while the CNY/USD exchange rate closed at 7.0794, appreciating by 0.48% [3] - The average daily price difference between CNY and CNH was recorded at 48 basis points, a decrease of 4 basis points from the previous month [3] Offshore RMB Bond Market - The offshore RMB bond market saw an increase in issuance, with 123 bonds issued in November, up by 46 from the previous month, and the total issuance amount reaching 2146.27 billion RMB [5] Offshore RMB Money Market - By the end of November, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year periods were 1.0415%, 1.5806%, 1.7921%, and 1.9554% respectively, with the overnight rate decreasing by 20 basis points [6] - The average interest rate differentials between offshore and onshore borrowing rates showed mixed trends, with some periods experiencing slight decreases and others increases [6] Offshore RMB Derivatives Market - The 1-year CNH swap points were recorded at -1351 basis points, an increase of 98 basis points from the previous month, while the CNY 1-year swap points decreased by 9 basis points to -1296 basis points [4] - The trading volume for USD/CNH futures contracts on the Hong Kong Stock Exchange increased by 9.3% to 1.899 million contracts, while the trading volume for options contracts decreased significantly by 82.6% [4] Dynamics of Foreign Institutions in Domestic Interbank Market - As of the end of November, the total number of foreign institutions participating in the domestic interbank foreign exchange market reached 242, an increase of 3 from the previous month [7] - The total transaction volume of foreign institutions in the domestic interbank foreign exchange market was 25277.30 billion RMB, reflecting a decrease of 8.9% [8]

Core Insights - The offshore (CNH) and onshore (CNY) RMB exchange rates appreciated in October, with the average daily price difference (absolute value of CNY-CNH) decreasing by 16 basis points to 51 basis points [1][3] - The CFETS RMB exchange rate index, referencing the BIS currency basket and SDR currency basket, increased by 0.87%, 1.19%, and 1.13% respectively compared to the end of the previous month [1][3] Offshore RMB Deposits - As of September 2025, offshore RMB deposits in Hong Kong increased by 3.5% to 1,001.77 billion yuan, while Taiwan's deposits decreased by 0.6% to 119.91 billion yuan [2] Offshore RMB Foreign Exchange Market - On October 31, the CNH/USD exchange rate closed at 7.1224, appreciating by 0.09%, while the CNY/USD exchange rate closed at 7.1135, appreciating by 0.07% [3] - The average daily price difference (absolute value of CNY-CNH) was 51 basis points, a decrease of 16 basis points from the previous month [3] Offshore RMB Bond Market - In October, 77 offshore RMB bonds were issued, a decrease of 44 bonds from the previous month, with a total issuance amount of 73.43 billion yuan, down 74.8% [5] Offshore RMB Money Market - By the end of October, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year were 1.2421%, 1.4988%, 1.7085%, and 1.9183% respectively, with decreases of 57 basis points, 12 basis points, and 5 basis points [6] - The average interest rate spread (HIBOR-SHIBOR) for various tenors increased for overnight and 7-day periods, while remaining stable for 1-year [6] Dynamics of Foreign Institutions in Domestic Interbank Market - As of the end of October, the total number of foreign institutions participating in the domestic interbank foreign exchange market reached 239, an increase of 2 from the previous month [7] Trading Volume in Domestic Interbank Market - In October, the total trading volume of foreign institutions in the domestic interbank foreign exchange market was 27,746.55 billion yuan, a decrease of 16.1% [8] - The trading volume in the domestic interbank bond market totaled 9,411.06 billion yuan, a decrease of 2.5% [8]

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]