Group 1 - The total social financing stock reached 437.08 trillion yuan by the end of September 2025, showing a year-on-year growth of 8.7% [2][3] - The balance of RMB loans to the real economy was 267.03 trillion yuan, increasing by 6.4% year-on-year, while foreign currency loans decreased by 18% [2][3] - The government bond balance grew significantly by 20.2% year-on-year, reaching 92.55 trillion yuan [2][3] Group 2 - The cumulative increase in social financing for the first three quarters of 2025 was 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [4] - RMB loans to the real economy increased by 14.54 trillion yuan, which is a decrease of 8.51 billion yuan compared to the previous year [4] - The net financing of government bonds was 11.46 trillion yuan, an increase of 4.28 trillion yuan year-on-year [4] Group 3 - The broad money supply (M2) reached 335.38 trillion yuan by the end of September, with an annual growth of 8.4% [5] - The narrow money supply (M1) was 113.15 trillion yuan, growing by 7.2% year-on-year [5] - Cash in circulation (M0) increased by 11.5% year-on-year, totaling 13.58 trillion yuan [5] Group 4 - RMB deposits increased by 22.71 trillion yuan in the first three quarters, with household deposits rising by 12.73 trillion yuan [6][7] - The total balance of foreign currency deposits was 1.02 trillion USD, reflecting a year-on-year growth of 20% [8] Group 5 - By the end of September, the total balance of RMB and foreign currency loans was 274.33 trillion yuan, with RMB loans increasing by 14.75 trillion yuan [9] - The balance of foreign currency loans was 554.4 billion USD, showing a year-on-year decline of 5.3% [10] Group 6 - The national foreign exchange reserves stood at 3.34 trillion USD by the end of September [11] - The cross-border RMB settlement amount under the current account reached 13.06 trillion yuan in the first three quarters [11]

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 - 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 government bonds increased by 20.2% year-on-year, reaching 92.55 trillion yuan, while the balance of corporate bonds grew by 4.5% [1][2] 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 and corporate loans increasing by 13.44 trillion yuan [7] - The total balance of deposits in RMB and foreign currencies reached 332.18 trillion yuan, with RMB deposits growing by 8% year-on-year [5][6] Foreign Exchange and Cross-Border Transactions - The foreign exchange reserves stood at 3.34 trillion USD as of September, with the RMB exchange rate at 7.1055 yuan per USD [10] - 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 [11]

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 [2][3] Group 1: Social Financing Scale - The total social financing scale increased by 30.09 trillion yuan in the first three quarters of 2025, which is 4.42 trillion yuan more than the same period last year [4] - The breakdown of financing includes a 14.54 trillion yuan increase in RMB loans to the real economy, a decrease of 946 million yuan in foreign currency loans, and a 2004 million yuan increase in trust loans [4] Group 2: Monetary Supply - The broad money supply (M2) reached 335.38 trillion yuan, reflecting an 8.4% year-on-year increase, while narrow money supply (M1) grew by 7.2% to 113.15 trillion yuan [5] - The cash in circulation (M0) increased by 11.5% to 13.58 trillion yuan, with a net cash injection of 761.9 billion yuan in the first three quarters [5] Group 3: Deposits - By the end of September, the total deposits in both domestic and foreign currencies amounted to 332.18 trillion yuan, marking an 8.3% increase year-on-year [6] - RMB deposits specifically increased by 22.71 trillion yuan in the first three quarters, with household deposits rising by 12.73 trillion yuan [6] Group 4: Loans - The total balance of RMB loans reached 270.39 trillion yuan, with a year-on-year growth of 6.6%, and an increase of 14.75 trillion yuan in the first three quarters [8] - Household loans increased by 1.1 trillion yuan, while corporate loans rose by 13.44 trillion yuan, indicating a strong demand for financing [8] Group 5: Foreign Exchange Reserves - As of September, the national foreign exchange reserves stood at 3.34 trillion USD, with the RMB exchange rate at 7.1055 yuan per USD [10] Group 6: Cross-Border Transactions - In the first three quarters, the cross-border RMB settlement amount reached 13.06 trillion yuan, with direct investment settlements totaling 6.04 trillion yuan [11]

Core Insights - The People's Bank of China released financial statistics for the first half of 2025, indicating a significant increase in social financing and loans to the real economy compared to the previous year [1][2]. Group 1: Social Financing and Loans - The total social financing increment for the first half of 2025 reached 22.83 trillion yuan, an increase of 4.74 trillion yuan year-on-year [1]. - The increase in RMB loans to the real economy was 12.74 trillion yuan, which is 279.6 billion yuan more than the previous year [1]. - Foreign currency loans to the real economy decreased by 63.8 billion yuan, a decline of 55.8 billion yuan year-on-year [1]. - Trust loans increased by 144.3 billion yuan, but this was a decrease of 165.5 billion yuan compared to the previous year [1]. - Net financing through corporate bonds was 1.15 trillion yuan, down 256.2 billion yuan year-on-year, while government bonds saw a net financing of 7.66 trillion yuan, an increase of 432 billion yuan [1]. Group 2: Monetary Statistics - As of June 2025, the total social financing stock was 430.22 trillion yuan, reflecting an 8.9% year-on-year growth [2]. - The balance of RMB loans to the real economy was 265.22 trillion yuan, with a year-on-year increase of 7% [2]. - The balance of foreign currency loans was 1.22 trillion yuan, showing a decline of 26.6% year-on-year [2]. - The broad money supply (M2) stood at 330.29 trillion yuan, with an 8.3% year-on-year growth [4]. Group 3: Deposits and Interest Rates - The total balance of deposits (both RMB and foreign currency) was 327.46 trillion yuan, with an 8.6% year-on-year increase [7]. - The average weighted interest rate for interbank RMB market lending was 1.46%, lower than both the previous month and the same month last year [9]. - The average weighted interest rate for pledged bond repos was 1.5%, also lower than the previous month and year [9]. Group 4: Foreign Exchange and Cross-Border Transactions - The national foreign exchange reserves were reported at 3.32 trillion USD as of June 2025 [9]. - The cross-border RMB settlement amount under current accounts reached 8.3 trillion yuan, with direct investment cross-border RMB settlements amounting to 4.11 trillion yuan [9].

Key Points - The central bank reported that in the first half of the year, RMB loans increased by 12.92 trillion yuan, and the cumulative social financing scale increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [2][13] Monetary Growth - As of the end of June, the broad money (M2) balance was 330.29 trillion yuan, with a year-on-year growth of 8.3%. The narrow money (M1) balance was 113.95 trillion yuan, growing by 4.6% year-on-year. The currency in circulation (M0) was 13.18 trillion yuan, with a year-on-year increase of 12% [2] RMB Loans - By the end of June, the balance of RMB loans was 268.56 trillion yuan, reflecting a year-on-year growth of 7.1%. In the first half of the year, RMB loans increased by 12.92 trillion yuan, with household loans increasing by 1.17 trillion yuan and corporate loans increasing by 11.57 trillion yuan [3] RMB Deposits - The balance of RMB deposits reached 320.17 trillion yuan by the end of June, with a year-on-year growth of 8.3%. In the first half of the year, RMB deposits increased by 17.94 trillion yuan, with household deposits increasing by 10.77 trillion yuan [5] Foreign Currency Loans and Deposits - The balance of foreign currency loans was 560.9 billion USD, showing a year-on-year decrease of 10.6%. In the first half of the year, foreign currency loans increased by 18.8 billion USD. The balance of foreign currency deposits was 1.02 trillion USD, with a year-on-year growth of 21.7% [4][6] Interbank Market Rates - In June, the weighted average interest rate for interbank RMB market lending was 1.46%, lower than the previous month and the same period last year. The weighted average interest rate for pledged bond repurchase was 1.5%, also lower than the previous month and the same period last year [6] Foreign Exchange Reserves - By the end of June, the national foreign exchange reserves stood at 3.32 trillion USD, with the RMB exchange rate at 1 USD to 7.1586 RMB [7] Cross-Border RMB Settlement - In the first half of the year, the cross-border RMB settlement amount under current accounts was 8.3 trillion yuan, with direct investment cross-border RMB settlement amounting to 4.11 trillion yuan [8]

Core Points - As of the end of June, the national foreign exchange reserves amounted to 3.32 trillion USD [1] - The exchange rate of the RMB against the USD was 7.1586 RMB per USD at the end of June [1]

4月13日，央行公布2025年3月以及一季度金融统计数据报告。 一、广义货币增长7% 3月末，广义货币(M2)余额326.06万亿元,同比增长7%。狭义货币(M1)余额113.49万亿元,同比增长 1.6%。流通中货币(M0)余额13.07万亿元,同比增长11.5%。一季度净投放现金2498亿元。 二、一季度人民币贷款增加9.78万亿元 3月末，本外币贷款余额269.26万亿元，同比增长6.9%。月末人民币贷款余额265.41万亿元，同比增 长7.4%。 一季度人民币贷款增加9.78万亿元。分部门看，住户贷款增加1.04万亿元，其中，短期贷款增加1603 亿元，中长期贷款增加8832亿元；企（事）业单位贷款增加8.66万亿元，其中，短期贷款增加3.51万 亿元，中长期贷款增加5.58万亿元，票据融资减少5442亿元；非银行业金融机构贷款减少866亿元。 3月末，外币贷款余额5357亿美元，同比下降20.1%。一季度外币贷款减少64亿美元。 六、一季度经常项下跨境人民币结算金额为3.96万亿元，直接投资跨境人民币结算金额为2.09万亿元 三、一季度人民币存款增加12.99万亿元 一季度，经常项下跨境人民币结算金 ...

Monetary Supply - As of the end of March, the broad money (M2) balance reached 326.06 trillion yuan, with a year-on-year growth of 7% [2] - The narrow money (M1) balance was 113.49 trillion yuan, showing a year-on-year increase of 1.6% [2] - The currency in circulation (M0) balance stood at 13.07 trillion yuan, reflecting a year-on-year growth of 11.5% [2] - In the first quarter, a net cash injection of 249.8 billion yuan was recorded [2] Loan Growth - By the end of March, the total balance of RMB loans was 265.41 trillion yuan, with a year-on-year growth of 7.4% [3] - In the first quarter, RMB loans increased by 9.78 trillion yuan [3] - Household loans rose by 1.04 trillion yuan, with short-term loans increasing by 160.3 billion yuan and medium to long-term loans by 883.2 billion yuan [3] - Corporate loans increased by 8.66 trillion yuan, with short-term loans rising by 3.51 trillion yuan and medium to long-term loans by 5.58 trillion yuan [3] - Foreign currency loans decreased by 20.1% year-on-year, with a total balance of 53.57 billion USD [4] Deposit Growth - The total balance of RMB deposits was 315.22 trillion yuan, with a year-on-year growth of 6.7% [5] - In the first quarter, RMB deposits increased by 12.99 trillion yuan [6] - Household deposits rose by 9.22 trillion yuan, while non-financial corporate deposits increased by 1.74 trillion yuan [6] - Foreign currency deposits reached 95.98 billion USD, reflecting a year-on-year increase of 15.3% [7] Interbank Market Activity - The average weighted interest rate for interbank RMB market lending in March was 1.85%, lower than the previous month and the same period last year [8][9] - The total transaction volume in the interbank RMB market for the first quarter was 431.39 trillion yuan, with an average daily transaction of 7.31 trillion yuan, down 17.7% year-on-year [8] Foreign Exchange Reserves - As of the end of March, the national foreign exchange reserves amounted to 3.24 trillion USD [10] Cross-Border RMB Settlement - In the first quarter, the cross-border RMB settlement amount under the current account was 3.96 trillion yuan, with direct investment cross-border RMB settlement amounting to 2.09 trillion yuan [11]