8月末，本外币贷款余额273.02万亿元，同比增长6.6%。月末人民币贷款余额269.1万亿元，同比增长 6.8%。 前八个月人民币贷款增加13.46万亿元。分部门看，住户贷款增加7110亿元，其中，短期贷款减少3725 亿元，中长期贷款增加1.08万亿元；企（事）业单位贷款增加12.22万亿元，其中，短期贷款增加3.82万 亿元，中长期贷款增加7.38万亿元，票据融资增加8778亿元；非银行业金融机构贷款增加1227亿元。 8月末，外币贷款余额5517亿美元，同比下降7.1%。前八个月外币贷款增加96亿美元。 来源：中国人民银行 2025年8月金融统计数据报告 一、广义货币增长8.8% 8月末，广义货币(M2)余额331.98万亿元，同比增长8.8%。狭义货币(M1)余额111.23万亿元，同比增长 6%。流通中货币(M0)余额13.34万亿元，同比增长11.7%。前八个月净投放现金5208亿元。 二、前八个月人民币贷款增加13.46万亿元 三、前八个月人民币存款增加20.5万亿元 8月末，本外币存款余额329.96万亿元，同比增长8.8%。月末人民币存款余额322.73万亿元，同比增长 8.6%。 前八个 ...

Group 1 - The People's Bank of China reported that the weighted average interest rate for new corporate loans in August was approximately 3.1%, slightly down from the previous month and about 40 basis points lower than the same period last year [2][3] - The weighted average interest rate for new personal housing loans was also around 3.1%, which is 25 basis points lower compared to the same month last year, indicating historically low rates [3] - In the first eight months of the year, the total increase in RMB loans amounted to 13.46 trillion yuan, demonstrating a solid support for the real economy [3] Group 2 - As of the end of August, the broad money supply (M2) balance reached 331.98 trillion yuan, reflecting a year-on-year growth of 8.8%, indicating ample liquidity in the market [3] - The growth rate of social financing remained at a high level, suggesting sustained financial support for economic activities [3]

Group 1: Monetary Statistics - The broad money supply (M2) increased by 8.8% year-on-year, reaching 331.98 trillion yuan by the end of August [2] - The narrow money supply (M1) grew by 6% year-on-year, totaling 111.23 trillion yuan, while the currency in circulation (M0) rose by 11.7% to 13.34 trillion yuan [2] - A net cash injection of 520.8 billion yuan occurred in the first eight months of the year [2] Group 2: Loan Statistics - The total balance of RMB loans reached 269.1 trillion yuan, with a year-on-year growth of 6.8%, and an increase of 13.46 trillion yuan in the first eight months [3] - Household loans increased 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 rose by 12.22 trillion yuan, with short-term loans increasing by 3.82 trillion yuan and medium to long-term loans increasing by 7.38 trillion yuan [3] Group 3: Deposit Statistics - The total balance of RMB deposits reached 322.73 trillion yuan, growing by 8.6% year-on-year, with an increase of 20.5 trillion yuan in the first eight months [5] - Household deposits rose by 9.77 trillion yuan, while non-financial corporate deposits increased by 610.6 billion yuan [5] - Foreign currency deposits amounted to 1.02 trillion USD, reflecting a year-on-year growth of 19.4% [6] Group 4: Interbank Market Activity - The average weighted interest rate for interbank RMB lending was 1.4%, lower than the previous month and the same period last year [7] - The total transaction volume in the interbank RMB market reached 202.68 trillion yuan in August, with a daily average transaction of 9.65 trillion yuan, marking a year-on-year increase of 16.8% [7] - The average weighted interest rate for pledged bond repos was 1.41%, also lower than the previous month and the same period last year [7] Group 5: Cross-Border RMB Settlement - The cross-border RMB settlement amount for current account transactions was 1.47 trillion yuan in August, with goods trade accounting for 1.11 trillion yuan [8] - Direct investment cross-border RMB settlement amounted to 0.61 trillion yuan, with outbound direct investment at 0.24 trillion yuan and foreign direct investment at 0.37 trillion yuan [8]

来源：中国人民银行 2025年8月金融统计数据报告 一、广义货币增长 8.8 % 8 月末 ，广义货币 (M2)余额 331.98 万亿元 ， 同比增长 8.8 % 。 狭义货币 (M1)余 额 111.23 万亿元 ， 同比增长 6 % 。 流通中货币 (M0)余额 13.34 万亿元 ， 同比 增长 11.7 %。 前 八 个月净投放 现金 5208 亿元。 二、前 八 个月人民币贷款增加 13.46 万亿元 8 月末，本外币贷款余额 273.02 万亿元，同比增长 6.6 % 。 月末人民币贷款余额 269.1 万亿元，同比增长 6.8 % 。 前 八 个月人民币贷款增加 13.46 万亿元。分部门看，住户贷款增加 7110 亿元，其 中，短期贷款减少 3725 亿元，中长期贷款增加 1.08万 亿元；企（事）业单位贷款增加 12.22 万亿元，其中，短期贷款增加 3.82 万亿元，中长期贷款增加 7.38 万亿元，票据融资 增加 8778 亿元；非银行业金融机构贷款增加 1227 亿元。 8 月末，外币贷款余额 5517 亿美元，同比 下降 7.1 %。 前 八 个月外币贷款 增加 96 亿美元。 三 ...

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]

Report Industry Investment Rating - Not provided Core Viewpoints - On August 13, all the current-month contracts of the four major stock index futures rose. IF increased by 0.97%, IH by 0.33%, IC by 1.57%, and IM by 1.63% [1] - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 23,189 lots, IH by 9,330 lots, IC by 27,828 lots, and IM by 55,257 lots. In terms of positions, the total positions of IF increased by 10,150 lots, IH by 6,610 lots, IC by 11,324 lots, and IM by 32,273 lots [2] Summary by Related Catalogs 1. Stock Index Futures Data Tracking - **Closing Prices and Fluctuations**: On August 13, the closing prices of various stock index futures and their underlying indexes showed different increases. For example, the CSI 300 index closed at 4,176.58, up 0.79%; IF2508 closed at 4,181.2, up 0.97% [1] - **Basis**: Different contracts of IF, IH, IC, and IM had different basis values. For example, the basis of IF2508 was 4.62, and that of IF2509 was -5.78 [1] - **Trading Volume and Turnover**: The trading volume and turnover of each contract also varied. For example, the turnover of IF2509 was 929.2 billion yuan, and the trading volume was 74,450 lots [1] - **Position Changes**: The positions of each contract changed. For example, the position of IF2508 decreased by 5,986 lots, while that of IF2509 increased by 11,069 lots [1] 2. Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [6] 3. Important Drivers - The central bank announced that at the end of July, China's broad - money (M2) balance was 329.94 trillion yuan, a year - on - year increase of 8.8%; narrow - money (M1) balance was 111.06 trillion yuan, an increase of 5.6%; currency in circulation (M0) balance was 13.28 trillion yuan, an increase of 11.8%. In the first seven months, the net cash injection was 465.1 billion yuan. In the first seven months, RMB loans increased by 12.87 trillion yuan, and RMB deposits increased by 18.44 trillion yuan. The cumulative increase in social financing scale in the first seven months was 23.99 trillion yuan, 5.12 trillion yuan more than the same period last year [6] - The Shanghai Composite Index rose 0.48%, the Shenzhen Component Index rose 1.76%, and the ChiNext Index rose 3.62%. The A - share trading volume throughout the day was 2.18 trillion yuan, reaching the second - highest level this year. The market volume exceeded 2 trillion yuan, and the Shanghai Composite Index had an eight - day consecutive increase [6] 4. Positions of the Top 20 Members in Futures - The positions of the top 20 members in different contracts of IF, IH, IC, and IM changed. For example, in IF2508, the long positions decreased by 4,663 lots, and the short positions decreased by 4,513 lots [5]

Core Viewpoint - The People's Bank of China (PBOC) has maintained a moderately loose monetary policy, supporting the real economy through high levels of social financing and broad money (M2) growth as of the end of July [1] Group 1: Credit Growth - In the first seven months, RMB loans increased by 12.87 trillion yuan, with a loan balance of 268.51 trillion yuan at the end of July, reflecting a year-on-year growth of 6.9% [2] - The fluctuations in credit data during June and July are attributed to financial institutions' half-year reporting and the settlement period for enterprises, as well as the significant impact of local government debt swaps on loan data [2][3] - The impact of debt resolution and risk mitigation factors on current loan growth exceeds 1 percentage point, with local government debt swaps affecting loans by approximately 2.6 trillion yuan since last November [3] Group 2: Loan Interest Rates - Loan interest rates have remained low, with new corporate loan rates around 3.2% and new personal housing loan rates at approximately 3.1%, both down by about 45 and 30 basis points year-on-year, respectively [4] - The decline in financing costs reflects adequate monetary and credit conditions, indicating that the real economy's financing needs are being met [4] Group 3: Monetary Aggregates - As of the end of July, M2 stood at 329.94 trillion yuan, growing by 8.8% year-on-year, while M1 was 111.06 trillion yuan, with a year-on-year increase of 5.6% [7] - The narrowing gap between M1 and M2 indicates improved liquidity and efficiency in fund circulation, aligning with the recovery of economic activities [7] Group 4: Economic Outlook - The cumulative social financing scale for the first seven months reached 23.99 trillion yuan, exceeding the previous year's figure by 5.12 trillion yuan, with a total stock of 431.26 trillion yuan at the end of July, reflecting a year-on-year growth of 9% [7] - The macroeconomic indicators have performed better than expected in the first half of the year, supporting the reasonable growth of monetary credit and meeting the effective financing needs of the real economy [7]

据初步统计，前7个月，我国社会融资规模增量累计为23.99万亿元，比上年同期多5.12万亿元，其中， 对实体经济发放的人民币贷款增加12.31万亿元。截至7月末，我国社会融资规模存量为431.26万亿元， 同比增长9%，其中，对实体经济发放的人民币贷款余额为264.79万亿元，同比增长6.8%。 在货币供应量方面，截至7月末，我国广义货币余额329.94万亿元，同比增长8.8%；狭义货币余额 111.06万亿元，同比增长5.6%；流通中货币余额13.28万亿元，同比增长11.8%。前7个月净投放现金 4651亿元。 本报北京8月13日电 （记者吴秋余）中国人民银行发布的最新数据显示：今年前7个月，我国人民币贷 款增加12.87万亿元，截至7月末，我国本外币贷款余额272.48万亿元，同比增长6.7%，人民币贷款余额 268.51万亿元，同比增长6.9%，金融支持实体经济有力有效。 在贷款规模保持合理增长的同时，信贷结构持续优化，出现不少亮点。截至7月末，我国普惠小微贷款 余额为35.05万亿元，同比增长11.8%，制造业中长期贷款余额为14.79万亿元，同比增长8.5%，以上贷 款增速均高于同期各项贷款增速。 ...

Core Insights - The People's Bank of China released the financial statistics report for July 2025, indicating significant growth in various monetary aggregates [1] Monetary Aggregates - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, with a year-on-year increase of 5.6% [1] - The currency in circulation (M0) amounted to 13.28 trillion yuan, showing a year-on-year growth of 11.8% [1] Cash Injection - In the first seven months of the year, a net cash injection of 465.1 billion yuan was recorded [1]

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]