Core Insights - The People's Bank of China reported that in the first ten months of this year, RMB loans increased by 14.97 trillion yuan, with corporate loans accounting for 13.79 trillion yuan [1] Group 1: Loan Statistics - As of the end of October, the total RMB loan balance reached 270.61 trillion yuan, reflecting a year-on-year growth of 6.5% [1] - In the first ten months, household loans increased by 739.6 billion yuan, while corporate loans rose by 13.79 trillion yuan, with medium to long-term loans contributing 8.32 trillion yuan [1] Group 2: Money Supply - By the end of October, the broad money supply (M2) stood at 335.13 trillion yuan, showing a year-on-year increase of 8.2% [1] - The narrow money supply (M1) reached 112 trillion yuan, with a year-on-year growth of 6.2% [1] - The currency in circulation (M0) amounted to 13.55 trillion yuan, reflecting a year-on-year increase of 10.6% [1] Group 3: Deposit Statistics - In the first ten months, RMB deposits increased by 23.32 trillion yuan, with household deposits rising by 11.39 trillion yuan [1]

Core Insights - The People's Bank of China reported that by the end of October 2025, the total social financing scale reached 437.72 trillion yuan, marking an 8.5% year-on-year increase [1] - The report indicates a mixed performance in various lending categories, with significant growth in government bonds and a decline in foreign currency loans [1][4] Financing Structure - By the end of October, the balance of RMB loans to the real economy accounted for 61% of the total social financing scale, down 1.3 percentage points year-on-year [2] - The balance of foreign currency loans accounted for 0.3%, remaining stable year-on-year, while the proportion of entrusted loans and trust loans also saw slight declines [2] Financing Increment - In the first ten months of 2025, the cumulative increment of social financing was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [3] - 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 previous year [3] Deposit and Loan Trends - In the first ten months, RMB deposits increased by 23.32 trillion yuan, with household deposits contributing 11.39 trillion yuan [4] - By the end of October, the balance of RMB loans was 270.61 trillion yuan, reflecting a year-on-year growth of 6.5% [4] Interbank Market Activity - 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, showing a year-on-year increase of 0.9% [5] - The weighted average interest rate for interbank borrowing was 1.39%, lower than both the previous month and the same period last year [5]

Group 1 - The People's Bank of China reported that as of the end of October, the broad money supply (M2) reached 335.13 trillion yuan, with a year-on-year growth of 8.2% [1] - The narrow money supply (M1) stood at 112 trillion yuan, showing a year-on-year increase of 6.2% [1] - The amount of cash in circulation (M0) was 13.55 trillion yuan, reflecting a year-on-year growth of 10.6% [1] Group 2 - In the first ten months of the year, new RMB loans increased by 14.97 trillion yuan, with household loans rising by 739.6 billion yuan and corporate loans increasing by 13.79 trillion yuan [1] - The increase in corporate loans included a rise of 4.34 trillion yuan in short-term loans and 8.32 trillion yuan in medium to long-term loans [1] - The chief economist of China Minsheng Bank noted that the M2 growth rate slightly decreased by 0.2 percentage points compared to the previous month, but remained 0.7 percentage points higher than the same period last year [1][2] Group 3 - The "M2-M1 spread" widened to 2 percentage points, indicating a continued trend of funds being converted into demand deposits, which reflects increased business activity and a gradual recovery in personal investment and consumption demand [2] - The October loan data showed a year-on-year decrease, attributed to the traditional off-peak season for credit, highlighting the importance of observing social financing to assess overall financial support [2]

Group 1 - The total social financing scale at the end of October 2025 was 437.72 trillion yuan, an increase of 8.5% year-on-year [1] - The balance of RMB loans to the real economy was 267.01 trillion yuan, growing by 6.3% year-on-year [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.15 trillion yuan, showing a decline of 16.9% year-on-year [1] Group 2 - The cumulative increase in social financing for the first ten months of 2025 was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [2] - The balance of broad money (M2) at the end of October was 335.13 trillion yuan, with a year-on-year growth of 8.2% [2] - The balance of narrow money (M1) was 112 trillion yuan, reflecting a year-on-year increase of 6.2% [2] Group 3 - The increase in RMB deposits for the first ten months was 23.32 trillion yuan, with household deposits rising by 11.39 trillion yuan [3] - The balance of RMB loans at the end of October was 270.61 trillion yuan, marking a year-on-year growth of 6.5% [3] - Corporate loans increased by 13.79 trillion yuan, with short-term loans rising by 4.34 trillion yuan and medium to long-term loans increasing by 8.32 trillion yuan [3]

Group 1 - The total social financing stock at the end of October 2025 was 437.72 trillion yuan, representing a year-on-year growth of 8.5% [2] - The total amount of social financing increased by 30.9 trillion yuan in the first ten months of 2025, which is 3.83 trillion yuan more than the same period last year [4] - The broad money supply (M2) at the end of October was 335.13 trillion yuan, with a year-on-year increase of 8.2% [5] Group 2 - The balance of RMB loans to the real economy was 267.01 trillion yuan at the end of October, showing a year-on-year growth of 6.3% [2] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.15 trillion yuan, reflecting a year-on-year decline of 16.9% [2] - The balance of corporate bonds was 33.68 trillion yuan, with a year-on-year increase of 4.9% [2] Group 3 - In the first ten months, RMB loans increased by 14.97 trillion yuan, with household loans rising by 739.6 billion yuan [7] - The net financing of government bonds was 11.95 trillion yuan, which is 3.72 trillion yuan more than the same period last year [4] - The balance of foreign currency deposits was 1.04 trillion USD, showing a year-on-year growth of 24.3% [6] Group 4 - The average weighted interest rate for interbank RMB market lending in October was 1.39%, lower than the previous month and the same period last year [8] - The total amount of cross-border RMB settlements under the current account in October was 1.41 trillion yuan [8] - The total amount of direct investment cross-border RMB settlements was 0.65 trillion yuan [8]

Core Insights - The central bank's data indicates that 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] - In the first ten months, a net cash injection of 728.4 billion yuan was recorded [1]

Core Insights - The People's Bank of China released the financial statistics report for October 2025, indicating significant growth in various monetary aggregates [1] Monetary Aggregates - As of the end of October, the broad money supply (M2) stood at 335.13 trillion yuan, reflecting a year-on-year growth of 8.2% [1] - The narrow money supply (M1) reached 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] Cash Injection - In the first ten months of the year, a net cash injection of 728.4 billion yuan was recorded [1]

Monetary Supply and Growth - As of the end of September, the broad money supply (M2) reached 335.38 trillion yuan, reflecting a year-on-year growth of 8.4% [1] - The narrow money supply (M1) stood at 113.15 trillion yuan, with a year-on-year increase of 7.2% [1] - The currency in circulation (M0) amounted to 13.58 trillion yuan, showing a year-on-year growth of 11.5% [1] - In the first three quarters, a net cash injection of 761.9 billion yuan was recorded [1] Social Financing and Loans - The total social financing scale increased by 30.09 trillion yuan in the first three quarters, surpassing the previous year's figure by 4.42 trillion yuan [2] - The balance of loans to the real economy reached 267.03 trillion yuan by the end of September, with a year-on-year growth of 6.4% [3] - In the first three quarters, RMB loans increased by 14.75 trillion yuan, with household loans rising by 1.1 trillion yuan and corporate loans increasing by 13.44 trillion yuan [4] Deposits and Financial Market Rates - By the end of September, the total balance of RMB deposits was 324.94 trillion yuan, reflecting a year-on-year growth of 8% [5] - The average interbank borrowing rate in September was 1.45%, down 0.33 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] Currency Exchange Rates - As of the end of September, the CFETS RMB exchange rate index was 96.77, a decrease of 4.63% compared to the end of last year [8] - The RMB appreciated by 1.17% against the US dollar but depreciated by 9.71% against the euro and 3.40% against the Japanese yen [8]

Core Insights - The People's Bank of China reported that as of the end of September, the broad money supply (M2) reached 335.38 trillion yuan, reflecting a year-on-year growth of 8.4% [1] - The narrow money supply (M1) stood at 113.15 trillion yuan, with a year-on-year increase of 7.2% [1] - The currency in circulation (M0) amounted to 13.58 trillion yuan, showing a year-on-year growth of 11.5% [1] - In the first three quarters, a net cash injection of 761.9 billion yuan was recorded [1] Monetary Trends - The "scissors gap" between M1 and M2 has narrowed significantly this year, with the gap reducing to 1.2 percentage points in September, indicating increased business activity and a recovery in personal investment and consumption demand [1] - In terms of loan data, total new RMB loans increased by 14.75 trillion yuan in the first three quarters [2] - Household loans rose by 1.1 trillion yuan, with short-term loans decreasing by 230.4 billion yuan and medium to long-term loans increasing by 1.33 trillion yuan [1] - Corporate loans increased by 13.44 trillion yuan, with short-term loans rising by 4.53 trillion yuan and medium to long-term loans increasing by 8.29 trillion yuan [1] Economic Support - The chief economist of China Minsheng Bank noted that credit issuance typically increases seasonally at the end of the quarter, but efforts are made to balance scale and efficiency, maintaining a steady overall credit scale in September [1] - The financial system's support for the real economy remains robust, with loan interest rates remaining low for an extended period, indicating ample supply of credit resources and high satisfaction of financing needs in the real economy [2]

Core Insights - As of the end of September, the broad money supply (M2) reached 335.38 trillion yuan, reflecting a year-on-year growth of 8.4% [1] - The narrow money supply (M1) stood at 113.15 trillion yuan, with a year-on-year increase of 7.2% [1] - The currency in circulation (M0) amounted to 13.58 trillion yuan, showing a year-on-year growth of 11.5% [1] - In the first three quarters, a net cash injection of 761.9 billion yuan was recorded [1]