【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 ...

Group 1: Monetary Statistics - As of the end of August, the broad money supply (M2) reached 331.98 trillion yuan, reflecting a year-on-year growth of 8.8% [1][2] - The narrow money supply (M1) stood at 111.23 trillion yuan, with a year-on-year increase of 6% [1][2] - The currency in circulation (M0) amounted to 13.34 trillion yuan, showing a year-on-year growth of 11.7% [1][2] - A net cash injection of 520.8 billion yuan occurred in the first eight months [2] Group 2: Loan Statistics - The total balance of RMB loans reached 269.1 trillion yuan by the end of August, with a year-on-year growth of 6.8% [3] - In the first eight months, RMB loans increased by 1.346 trillion yuan [3] - Household loans rose by 711 billion yuan, with short-term loans decreasing by 372.5 billion yuan and medium to long-term loans increasing by 1.08 trillion yuan [3] - Corporate loans increased by 1.222 trillion yuan, with short-term loans up by 382 billion yuan and medium to long-term loans up by 738 billion yuan [3] Group 3: Deposit Statistics - The total balance of RMB deposits reached 322.73 trillion yuan by the end of August, reflecting a year-on-year growth of 8.6% [4] - In the first eight months, RMB deposits increased by 2.05 trillion yuan [4] - Household deposits rose by 977 billion yuan, while non-financial corporate deposits increased by 610.6 billion yuan [4] Group 4: Interbank Market Activity - The average weighted interest rate for interbank RMB lending in August was 1.4%, down 0.05 percentage points from the previous month and 0.37 percentage points from the same period last year [5] - The total transaction volume in the interbank RMB market reached 202.68 trillion yuan in August, with an average daily transaction of 9.65 trillion yuan, marking a year-on-year increase of 16.8% [5] Group 5: Cross-Border RMB Settlement - In August, the cross-border RMB settlement amount for current account transactions was 1.47 trillion yuan, with goods trade accounting for 1.11 trillion yuan [6] - The direct investment cross-border RMB settlement amount was 0.61 trillion yuan, with outbound direct investment at 0.24 trillion yuan and foreign direct investment at 0.37 trillion yuan [6]

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]

Core Viewpoint - In July, the interbank RMB market in China saw a total transaction volume of 222.44 trillion yuan, with an average daily transaction of 9.67 trillion yuan, reflecting a year-on-year growth of 14.8% [1] Group 1: Transaction Volume - The total transaction volume in July reached 222.44 trillion yuan [1] - The average daily transaction was 9.67 trillion yuan, which is a year-on-year increase of 14.8% [1] Group 2: Breakdown of Transactions - The average daily transaction volume for interbank lending increased by 3.1% year-on-year [1] - The average daily transaction volume for cash bonds rose by 2.8% year-on-year [1] - The average daily transaction volume for pledged repos grew by 18.6% year-on-year [1] Group 3: Interest Rates - The weighted average interest rate for interbank 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 [1] - The weighted average interest rate for pledged repos was 1.46%, which is a decrease of 0.04 percentage points from the previous month and 0.36 percentage points from the same period last year [1]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 449.2 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 234.4 billion yuan after 214.8 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) fell below 1.4%, with the 7-day and 14-day rates also declining. Specifically, the overnight Shibor decreased by 10.10 basis points to 1.3660%, the 7-day Shibor dropped by 5.10 basis points to 1.5450%, and the 14-day Shibor fell by 0.40 basis points to 1.6310% [1][2] Group 2 - In the interbank pledged repo market, the overnight rates fell by nearly 10 basis points, while the transaction volume for the 7-day products increased, with the R007 transaction volume accounting for 16.3%. The weighted average rates for DR001 and R001 decreased by 9.9 basis points and 9.2 basis points, respectively, while the rates for DR007 and R007 fell by 1.6 basis points and 1.4 basis points [6] - As of July 29, there were 62 interbank certificates of deposit issued, with an actual issuance amount of 109.06 billion yuan. The overall trading sentiment for primary certificates was weak, with significant fluctuations in the current bonds [11]