Group 1 - The People's Bank of China reported that the broad money supply (M2) reached 347.19 trillion yuan at the end of January, reflecting a year-on-year growth of 9%, which is 0.5 percentage points higher than the previous month and 2 percentage points higher than the same period last year, indicating a moderately loose monetary policy [1] - The increase in M2 growth rate is attributed to a base effect, as January 2025 saw an addition of approximately 5 trillion yuan, which is considered low compared to recent years, and is also linked to positive trends in the capital market at the beginning of the year [1] - Narrow money supply (M1) stood at 117.97 trillion yuan at the end of January, with a year-on-year increase of 4.9%, while the currency in circulation (M0) amounted to 14.61 trillion yuan, growing by 2.7%, with a net cash injection of 519.1 billion yuan in January [1] Group 2 - Several banks reported that the approval pace for loans in the infrastructure sector has significantly accelerated in the first quarter of this year, with a substantial year-on-year increase in loan disbursement [2] - In January, new renminbi loans increased by 4.71 trillion yuan, with household loans rising by 456.5 billion yuan, including a short-term loan increase of 109.7 billion yuan and a medium-to-long-term loan increase of 346.9 billion yuan [2] - Corporate loans increased by 4.45 trillion yuan, with short-term loans rising by 2.05 trillion yuan and medium-to-long-term loans increasing by 3.18 trillion yuan, while bill financing decreased by 873.9 billion yuan [2]

Group 1 - The People's Bank of China reported that the broad money supply (M2) reached 347.19 trillion yuan at the end of January, reflecting a year-on-year growth of 9%, which is 0.5 percentage points higher than the previous month and 2 percentage points higher than the same period last year, indicating a moderately loose monetary policy [1] - The increase in M2 growth rate is attributed to a base effect, as January 2025 saw an addition of approximately 5 trillion yuan, which is considered low compared to recent years. Additionally, the positive performance of the capital market at the beginning of the year is also a contributing factor [1] - Narrow money supply (M1) stood at 117.97 trillion yuan at the end of January, with a year-on-year increase of 4.9%, while the currency in circulation (M0) amounted to 14.61 trillion yuan, reflecting a year-on-year growth of 2.7%. A net cash injection of 519.1 billion yuan was recorded in January [1] Group 2 - Several banks reported an accelerated approval pace for infrastructure loans in the first quarter of this year, with a significant year-on-year increase in loan disbursement. In January, new renminbi loans increased by 4.71 trillion yuan [2] - Household loans increased by 456.5 billion yuan in January, with short-term loans rising by 109.7 billion yuan and medium to long-term loans increasing by 346.9 billion yuan. Meanwhile, corporate loans rose by 4.45 trillion yuan, with short-term loans up by 2.05 trillion yuan and medium to long-term loans increasing by 3.18 trillion yuan, while bill financing decreased by 873.9 billion yuan [2] - Non-bank financial institution loans decreased by 188.2 billion yuan [2]

Group 1 - The People's Bank of China reported that in January 2026, RMB loans increased by 4.71 trillion yuan, maintaining reasonable growth, while the social financing scale increased by 7.22 trillion yuan, setting a historical record for the same period, which is 166.2 billion yuan more than the same period last year [1] - By the end of January, the RMB loan balance reached 276.62 trillion yuan, with a year-on-year growth of 6.1%. Household loans increased by 456.5 billion yuan, with short-term loans rising by 109.7 billion yuan and medium to long-term loans increasing by 346.9 billion yuan. Corporate loans increased by 4.45 trillion yuan, with short-term loans up by 2.05 trillion yuan and medium to long-term loans up by 3.18 trillion yuan, while bill financing decreased by 873.9 billion yuan [1] - The total social financing scale at the end of January was 449.11 trillion yuan, with a year-on-year growth of 8.2%. The RMB loan balance to the real economy was 273.3 trillion yuan, also reflecting a year-on-year growth of 6.1% [1] Group 2 - At the end of January, the broad money supply (M2) balance was 347.19 trillion yuan, showing a year-on-year increase of 9%. The narrow money supply (M1) balance was 117.97 trillion yuan, with a year-on-year growth of 4.9%. The currency in circulation (M0) balance was 14.61 trillion yuan, increasing by 2.7% year-on-year [2] - In January, a net cash injection of 519.1 billion yuan was recorded [2]

Monetary Policy Operations - The People's Bank of China conducted a 1,450 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.4% on February 13 [1] - Additionally, a 10,000 billion yuan term reverse repurchase operation was carried out, resulting in a net injection of 6,135 billion yuan after accounting for maturing operations [1] Interbank Rates - The Shanghai Interbank Offered Rate (Shibor) for overnight loans fell below 1.3%, with the overnight Shibor decreasing by 9.70 basis points to 1.2710% [1] - The 7-day Shibor decreased by 8.80 basis points to 1.4300%, while the 14-day Shibor fell by 7.20 basis points to 1.5110% [1] Repo Market Activity - In the repo market, overnight rates decreased, while 7-day and 14-day rates saw a drop in price but an increase in transaction volume [3] - The weighted average rates for DR001 and R001 fell by 9.8 basis points and 14.9 basis points, respectively, with transaction volumes decreasing significantly [3][4] Market Conditions - The overall funding environment on February 13 was balanced, with overnight demand relatively low and rates fluctuating around 1.40% for overnight deposits [6] - As the Spring Festival approached, market activity decreased, with rates for various maturities showing mixed movements [7] Social Financing and Monetary Supply - As of the end of January 2026, the total social financing stock was 449.11 trillion yuan, reflecting an 8.2% year-on-year increase [11] - The broad money supply (M2) stood at 347.19 trillion yuan, growing by 9% year-on-year, while the narrow money supply (M1) was 117.97 trillion yuan, up by 4.9% [11]

Core Insights - The central point of the report is the significant growth in China's financial statistics for January 2026, indicating a robust increase in social financing and monetary supply compared to the previous year. Group 1: Social Financing - The total social financing scale increased by 7.22 trillion yuan in January 2026, which is 166.2 billion yuan more than the same period last year [4] - The outstanding social financing scale reached 449.11 trillion yuan by the end of January, reflecting a year-on-year growth of 8.2% [2] - The balance of RMB loans to the real economy was 273.3 trillion yuan, growing by 6.1% year-on-year [2] Group 2: Monetary Supply - The broad money supply (M2) stood at 347.19 trillion yuan at the end of January, with a year-on-year increase of 9% [5] - The narrow money supply (M1) was 117.97 trillion yuan, showing a year-on-year growth of 4.9% [5] - The cash in circulation (M0) reached 14.61 trillion yuan, up by 2.7% year-on-year [5] Group 3: Deposits and Loans - RMB deposits increased by 8.09 trillion yuan in January, with the total RMB deposit balance at 336.77 trillion yuan, reflecting a 9.9% year-on-year growth [6] - The total balance of loans in both RMB and foreign currencies was 280.59 trillion yuan, with RMB loans increasing by 4.71 trillion yuan in January [8] - Foreign currency loans amounted to 570.1 billion USD, marking a year-on-year increase of 6.6% [9] Group 4: Interest Rates and Transactions - The average weighted interest rate for interbank RMB market lending was 1.4%, which is 0.04 percentage points higher than the previous month [10] - The total transaction volume in the interbank RMB market reached 211.96 trillion yuan in January, with a daily average transaction growth of 36.1% year-on-year [10] Group 5: Cross-Border Transactions - The cross-border RMB settlement amount under the current account was 1.49 trillion yuan in January, with direct investment cross-border RMB settlement at 0.78 trillion yuan [11]

Core Insights - The People's Bank of China reported that by the end of January 2026, the total social financing scale was 449.11 trillion yuan, reflecting a year-on-year growth of 8.2% [1] - The balance of RMB loans to the real economy was 273.3 trillion yuan, with a year-on-year increase of 6.1% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.09 trillion yuan, showing a year-on-year decline of 12.1% [1] Financing Structure - By the end of January, RMB loans accounted for 60.9% of the total social financing scale, down 1.2 percentage points year-on-year [2] - The proportion of foreign currency loans was 0.2%, down 0.1 percentage points year-on-year [2] - The balance of government bonds increased by 17.3% year-on-year, reaching 95.9 trillion yuan [1][2] Financing Increment - The increment in social financing for January was 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year [2] - RMB loans increased by 4.9 trillion yuan, which is a decrease of 317.8 billion yuan compared to the previous year [2] - Government bonds net financing reached 9.764 trillion yuan, an increase of 2.831 trillion yuan year-on-year [2] Monetary Supply - The broad money supply (M2) was 347.19 trillion yuan, with a year-on-year growth of 9% [3] - The narrow money supply (M1) was 117.97 trillion yuan, reflecting a year-on-year increase of 4.9% [3] - The cash in circulation (M0) was 14.61 trillion yuan, with a year-on-year growth of 2.7% [3] Loan Balances - By the end of January, the total loan balance in both domestic and foreign currencies was 280.59 trillion yuan, with a year-on-year growth of 6% [4] - RMB loans increased by 4.71 trillion yuan in January, with household loans rising by 456.5 billion yuan [4] - Foreign currency loans reached 570.1 billion USD, showing a year-on-year increase of 6.6% [5]

Group 1 - The People's Bank of China released the financial statistics report for January 2026, indicating a broad money (M2) balance of 347.19 trillion yuan, representing a year-on-year growth of 9% [1] - The narrow money (M1) balance stood at 117.97 trillion yuan, with a year-on-year increase of 4.9% [1] - The currency in circulation (M0) reached 14.61 trillion yuan, showing a year-on-year growth of 2.7% [1] - In January, a net cash injection of 519.1 billion yuan was recorded [1]

Group 1: Social Financing and Loans - As of the end of January 2026, the total social financing scale was 449.11 trillion yuan, a year-on-year increase of 8.2% [1] - The balance of RMB loans to the real economy was 273.3 trillion yuan, growing by 6.1% year-on-year [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.09 trillion yuan, showing a year-on-year decrease of 12.1% [1] - The increment of social financing in January 2026 was 7.22 trillion yuan, which was 166.2 billion yuan more than the same period last year [2] - RMB loans to the real economy increased by 4.9 trillion yuan in January, which was a decrease of 317.8 billion yuan compared to the previous year [2] - The net financing of corporate bonds was 503.3 billion yuan, an increase of 57.9 billion yuan year-on-year [2] Group 2: Monetary Supply - As of the end of January 2026, the broad money supply (M2) was 347.19 trillion yuan, reflecting a year-on-year growth of 9% [2] - The narrow money supply (M1) was 117.97 trillion yuan, with a year-on-year increase of 4.9% [2] - The cash in circulation (M0) was 14.61 trillion yuan, showing a year-on-year growth of 2.7% [2] - In January, a net cash injection of 519.1 billion yuan was recorded [2] Group 3: Deposits - The total balance of deposits in both domestic and foreign currencies was 344.46 trillion yuan at the end of January, marking a year-on-year increase of 10.1% [3] - The balance of RMB deposits was 336.77 trillion yuan, with a year-on-year growth of 9.9% [3] - In January, RMB deposits increased by 8.09 trillion yuan, with household deposits rising by 2.13 trillion yuan and non-financial enterprise deposits increasing by 2.61 trillion yuan [3] - The balance of foreign currency deposits was 1.1 trillion USD, reflecting a year-on-year increase of 23.7% [3] Group 4: Loan Distribution - The total balance of loans in both domestic and foreign currencies was 280.59 trillion yuan at the end of January, with a year-on-year growth of 6% [3] - The balance of RMB loans was 276.62 trillion yuan, increasing by 6.1% year-on-year [3] - In January, RMB loans increased by 4.71 trillion yuan, with household loans rising by 456.5 billion yuan [3] - The balance of foreign currency loans was 57.01 billion USD, showing a year-on-year increase of 6.6% [3]

Group 1 - The central bank reported that as of the end of January, the broad money supply (M2) was 347.19 trillion yuan, a year-on-year increase of 9% [1] - The narrow money supply (M1) was 117.97 trillion yuan, with a year-on-year growth of 4.9% [1] - The cash in circulation (M0) reached 14.61 trillion yuan, growing by 2.7% year-on-year [1] - In January, a net cash injection of 519.1 billion yuan was recorded [1] Group 2 - In January, the total amount of social financing increased by 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year [2] - The increase in RMB loans to the real economy was 4.9 trillion yuan, which is a decrease of 317.8 billion yuan compared to the previous year [2] - The net financing of corporate bonds was 503.3 billion yuan, an increase of 57.9 billion yuan year-on-year [2] - The net financing of government bonds was 976.4 billion yuan, which is 283.1 billion yuan more than the previous year [2] Group 3 - The total RMB deposits increased by 8.09 trillion yuan in January, with household deposits rising by 2.13 trillion yuan [2][4] - The total balance of RMB deposits reached 336.77 trillion yuan, reflecting a year-on-year growth of 9.9% [2] - The foreign currency deposit balance was 1.1 trillion USD, showing a year-on-year increase of 23.7% [2] Group 4 - The total RMB loans increased by 4.71 trillion yuan in January, with household loans rising by 456.5 billion yuan [3][4] - The balance of RMB loans was 276.62 trillion yuan, reflecting a year-on-year growth of 6.1% [3] - The balance of foreign currency loans was 570.1 billion USD, with an increase of 251 billion USD in January [4] Group 5 - The average weighted interest rate for interbank RMB market lending was 1.4%, which is 0.04 percentage points higher than the previous month [4] - The total transaction volume in the interbank RMB market reached 211.96 trillion yuan in January, with a daily average transaction of 10.09 trillion yuan [4] - The average weighted interest rate for pledged bond repos was 1.43%, which is 0.03 percentage points higher than the previous month [4] Group 6 - The cross-border RMB settlement amount under the current account was 1.49 trillion yuan in January [5] - The direct investment cross-border RMB settlement amount was 0.78 trillion yuan, with foreign direct investment accounting for 0.51 trillion yuan [5]

Group 1 - The central bank reported that the broad money supply (M2) reached 347.19 trillion yuan at the end of January, reflecting a year-on-year growth of 9%, surpassing the median forecast of 8.4% from the Zhitong Finance C50 sentiment index [1] - The narrow money supply (M1) amounted to 117.97 trillion yuan, with a year-on-year increase of 4.9% [1] - The currency in circulation (M0) stood at 14.61 trillion yuan, showing a year-on-year growth of 2.7% [1] - In January, a net cash injection of 519.1 billion yuan was recorded [1]