Core Insights - The People's Bank of China (PBOC) in Qingyuan has focused on the core demands of foreign enterprises for "risk avoidance, cost reduction, and efficiency improvement," driving the growth of cross-border RMB settlement business since 2025 [1] Group 1: Cross-Border RMB Settlement Growth - As of October 2025, the cross-border RMB settlement scale in Qingyuan reached 22.518 billion yuan, a year-on-year increase of 20.8%, surpassing the provincial average growth rate by 1.9 percentage points [1] - The cross-border RMB settlement accounted for 35.1% of the total foreign and domestic currency payments, an increase of 3.8 percentage points compared to the same period last year [1] - The business has expanded its reach to 74 countries and regions, with 371 enterprises participating, significantly supporting local foreign trade stability and the development of the real economy [1] Group 2: Customized Services and Training - The PBOC organized 17 service meetings with eight key banks to provide tailored solutions for enterprises, addressing over ten queries related to transaction scenarios and settlement practices [2] - A total of 239 enterprises have been served by financial institutions in Qingyuan for cross-border RMB transactions over the past three years [2] - In the first ten months of 2025, the cross-border RMB payment amount in the fields of current account and direct investment reached 18.557 billion yuan, growing by 22.1%, which is 4.6 percentage points higher than the provincial average [2] Group 3: Enhanced Efficiency and Risk Management - The use of RMB for settlements has reduced the fund arrival time from three working days to within one working day, effectively mitigating exchange rate risks [3] - The number of "first-time users" of cross-border RMB settlements increased by 93, generating a business increment of 318 million yuan since 2025 [3] - Qingyuan has engaged in RMB settlement cooperation with 14 RCEP member countries, with a transaction scale exceeding 284 million yuan [3] Group 4: Quality Improvement in Cross-Border Transactions - A high-tech enterprise in Guangdong improved its RMB settlement ratio from 10% in 2022 to over 50% in 2025 after being included in the list of quality enterprises for cross-border RMB [4] - The PBOC has implemented a "white list" management for eligible enterprises, transitioning business processing online and shortening processing time by approximately two working days [4] - In the first ten months of 2025, 39 quality enterprises in Qingyuan processed 15.15 billion yuan in convenient transactions, marking a year-on-year increase of 2.7% [4]

Core Viewpoint - In 2025, Shanxi Province is expected to see stable growth in social financing scale, steady growth in various deposits, reasonable growth in total credit, a further reduction in comprehensive financing costs, and increased support for key areas and weak links, all contributing to high-quality development and comprehensive transformation through effective financial support [1]. Group 1: Social Financing Scale - By the end of 2025, the social financing scale in Shanxi Province is projected to reach 7 trillion yuan, with a year-on-year growth of 7.3% and a net increase of 506.13 billion yuan. Loans and net financing from government bonds directed at the real economy will account for 94.4% of the total increase in social financing [3]. Group 2: Deposits - The balance of various deposits in financial institutions in Shanxi Province is expected to reach 6.5 trillion yuan, reflecting a year-on-year growth of 5.7% and an increase of 347.42 billion yuan since the beginning of the year. Household deposits are projected to reach 4.4 trillion yuan, with a year-on-year growth of 8% and an increase of 324.48 billion yuan, accounting for 93.4% of the total deposit increase [4]. Group 3: Credit Investment - The People's Bank of Shanxi Province will enhance policy transmission mechanisms and utilize various monetary policy tools to maintain ample liquidity and guide financial institutions to increase credit investment. By the end of 2025, the balance of loans in financial institutions is expected to reach 4.9 trillion yuan, with an increase of 336.4 billion yuan since the beginning of the year, reflecting a year-on-year growth of 7.4%, which is 1.2 percentage points faster than the national average [5]. Group 4: Support for Key Areas - The People's Bank of Shanxi Province will leverage policy tools such as re-loans to increase support for key areas and weak links. In 2025, a total of 84.4 billion yuan will be issued in re-loans for agriculture and small enterprises, representing a year-on-year increase of 16 billion yuan. This will drive a 10.5% year-on-year growth in loans to small and micro enterprises, outpacing the overall loan growth rate by 3.1 percentage points [6][7]. Group 5: Cross-Border Financial Services - In 2025, the cross-border RMB settlement amount under current accounts and direct investment in Shanxi Province is expected to reach 65 billion yuan, with RMB settlements accounting for 28.6%, a significant increase of 8.5 percentage points year-on-year. The total cross-border receipts and payments are projected to be 34.34 billion USD, with over 80% coming from goods trade. Cross-border receipts with countries and regions involved in the Belt and Road Initiative are expected to reach 17.3 billion USD, becoming a crucial support for Shanxi's foreign trade [8].

Core Viewpoint - The People's Bank of China released January financial data, indicating a year-on-year growth of 9.0% in broad money (M2) to 347.19 trillion yuan, with a notable increase in social financing scale and various loan categories [1][4]. Group 1: Monetary Supply - As of the end of January, M2 balance was 347.19 trillion yuan, up 9.0% year-on-year, which is 0.5 percentage points higher than the previous month and 2.0 percentage points higher than the same period last year [1]. - Narrow money (M1) balance reached 117.97 trillion yuan, reflecting a year-on-year growth of 4.9% [4]. - Cash in circulation (M0) stood at 14.61 trillion yuan, with a year-on-year increase of 2.7% [4]. Group 2: Social Financing Scale - The total social financing scale stock was 449.11 trillion yuan at the end of January, showing an 8.2% year-on-year increase [1]. - The increment in social financing scale for January was 7.22 trillion yuan, which is 166.2 billion yuan more than the same month last year [3]. Group 3: Loan Distribution - The balance of RMB loans to the real economy was 273.3 trillion yuan, with a year-on-year growth of 6.1% [1]. - The share of RMB loans to the real economy constituted 60.9% of the total social financing scale, down 1.2 percentage points year-on-year [2]. - In January, RMB loans increased by 4.71 trillion yuan, with household loans rising by 456.5 billion yuan and corporate loans increasing by 4.45 trillion yuan [5][6]. Group 4: Deposits - The total balance of deposits in both domestic and foreign currencies was 344.46 trillion yuan, marking a year-on-year growth of 10.1% [4]. - RMB deposits increased by 8.09 trillion yuan in January, with household deposits rising by 2.13 trillion yuan [4]. Group 5: Cross-Border Transactions - The cross-border RMB settlement amount under the current account was 1.49 trillion yuan, with direct investment cross-border RMB settlement amounting to 0.78 trillion yuan [6].

Group 1: Monetary Statistics - As of the end of January, the broad money supply (M2) reached 347.19 trillion yuan, reflecting a year-on-year growth of 9% [5] - The narrow money supply (M1) stood at 117.97 trillion yuan, with a year-on-year increase of 4.9% [5] - The currency in circulation (M0) amounted to 14.61 trillion yuan, showing a year-on-year growth of 2.7% [5] - In January, a net cash injection of 519.1 billion yuan was recorded [5] Group 2: Social Financing Scale - By the end of January, the total social financing scale was 449.11 trillion yuan, marking a year-on-year growth of 8.2% [2] - The balance of RMB loans to the real economy was 273.3 trillion yuan, with a year-on-year increase of 6.1% [2] - 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% [2] - The balance of corporate bonds reached 34.69 trillion yuan, reflecting a year-on-year growth of 6.1% [2] Group 3: Loan and Deposit Statistics - In January, RMB deposits increased by 809 billion yuan, with household deposits rising by 213 billion yuan and non-financial enterprise deposits increasing by 261 billion yuan [6] - The total balance of RMB loans was 276.62 trillion yuan, with an increase of 4.71 trillion yuan in January [7] - The balance of foreign currency loans was 570.1 billion USD, showing a year-on-year growth of 6.6% [7] Group 4: Market Activity - The average weighted interest rate for interbank RMB market lending was 1.4% in January, which is 0.04 percentage points higher than the previous month [8] - The total transaction volume in the interbank RMB market reached 211.96 trillion yuan, with a daily average transaction of 10.09 trillion yuan, reflecting a year-on-year growth of 36.1% [8] Group 5: Cross-Border RMB Settlement - In January, the cross-border RMB settlement amount under the current account was 1.49 trillion yuan, with goods trade accounting for 1.19 trillion yuan [9] - The direct investment cross-border RMB settlement amount was 0.78 trillion yuan, with foreign direct investment contributing 0.51 trillion yuan [9]

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]

Group 1: Social Financing Scale - As of the end of January 2026, the total social financing scale reached 449.11 trillion yuan, marking a year-on-year growth of 8.2% [2] - The balance of RMB loans to the real economy was 273.3 trillion yuan, with a year-on-year increase of 6.1% [2] - 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% [2] Group 2: Structure of Financing - 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 [3] - Government bonds represented 21.4% of the total, up 1.7 percentage points year-on-year [3] - The balance of corporate bonds was 34.69 trillion yuan, reflecting a year-on-year growth of 6.1% [2][3] Group 3: Increment of Social Financing - In January 2026, the increment of social financing was 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year [4] - RMB loans to the real economy increased by 4.9 trillion yuan, which is a decrease of 317.8 billion yuan compared to the previous year [4] - Government bonds net financing reached 9.764 trillion yuan, an increase of 283.1 billion yuan year-on-year [4] Group 4: Monetary Supply - By the end of January, the broad money supply (M2) was 347.19 trillion yuan, with a year-on-year growth of 9% [5] - The narrow money supply (M1) was 117.97 trillion yuan, reflecting a year-on-year increase of 4.9% [5] - Cash in circulation (M0) reached 14.61 trillion yuan, growing by 2.7% year-on-year [5] Group 5: Deposits and Loans - Total deposits in both domestic and foreign currencies reached 344.46 trillion yuan, with a year-on-year growth of 10.1% [6] - RMB loans increased by 4.71 trillion yuan in January, with the balance of RMB loans at 276.62 trillion yuan, up 6.1% year-on-year [7] - Foreign currency loans increased by 251 billion USD, with a year-on-year growth of 6.6% [7] Group 6: Interbank Market Activity - The average weighted interest rate for interbank RMB market lending was 1.4%, which is 0.04 percentage points higher than the previous month [8] - Total transactions in the interbank RMB market reached 211.96 trillion yuan in January, with a daily average transaction of 10.09 trillion yuan, up 36.1% year-on-year [8] Group 7: Cross-Border RMB Settlement - In January, the cross-border RMB settlement amount under the current account was 1.49 trillion yuan [9] - The direct investment cross-border RMB settlement amount was 0.78 trillion yuan, with foreign direct investment accounting for 0.51 trillion yuan [9]

Group 1 - The total social financing stock at the end of January 2026 was 449.11 trillion yuan, showing 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, reflecting a year-on-year decrease of 12.1% [1] Group 2 - The increment of social financing in January 2026 was 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year [3] - RMB loans to the real economy increased by 4.9 trillion yuan, which is a decrease of 317.8 billion yuan compared to the previous year [3] - The net financing of government bonds was 9.764 trillion yuan, an increase of 283.1 billion yuan year-on-year [3] Group 3 - The broad money supply (M2) at the end of January was 347.19 trillion yuan, with a year-on-year growth of 9% [4] - The narrow money supply (M1) was 117.97 trillion yuan, showing a year-on-year increase of 4.9% [4] - The cash in circulation (M0) was 14.61 trillion yuan, reflecting a year-on-year growth of 2.7% [4] Group 4 - The total deposits in RMB at the end of January were 336.77 trillion yuan, with a year-on-year increase of 9.9% [5] - In January, RMB deposits increased by 8.09 trillion yuan, with household deposits rising by 2.13 trillion yuan [5] - The balance of foreign currency deposits was 1.1 trillion USD, showing a year-on-year growth of 23.7% [6] Group 5 - The total balance of loans in RMB at the end of January was 276.62 trillion yuan, with a year-on-year increase of 6.1% [7] - In January, RMB loans increased by 4.71 trillion yuan, with corporate loans rising by 4.45 trillion yuan [7] - The balance of foreign currency loans was 57.01 billion USD, reflecting a year-on-year increase of 6.6% [8] Group 6 - The average weighted interest rate for interbank RMB market lending in January was 1.4%, which is 0.04 percentage points higher than the previous month [8] - The total transaction volume in the interbank RMB market was 211.96 trillion yuan, with a daily average transaction volume of 10.09 trillion yuan, a year-on-year increase of 36.1% [8] - The average weighted interest rate for pledged bond repos was 1.43%, which is 0.03 percentage points higher than the previous month [8] Group 7 - The cross-border RMB settlement amount under the current account in January was 1.49 trillion yuan [9] - The cross-border RMB settlement amount for direct investment was 0.78 trillion yuan, with foreign direct investment accounting for 0.51 trillion yuan [9]

Group 1 - The total social financing scale at the end of January 2026 was 449.11 trillion yuan, showing 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, reflecting a year-on-year decrease of 12.1% [1] Group 2 - The increment of social financing in January 2026 was 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year [3] - The increase in RMB loans to the real economy was 4.9 trillion yuan, which is 317.8 billion yuan less than the previous year [3] - The net financing of government bonds was 9.764 trillion yuan, an increase of 283.1 billion yuan year-on-year [3] Group 3 - The broad money supply (M2) at the end of January was 347.19 trillion yuan, with a year-on-year growth of 9% [4] - The narrow money supply (M1) was 117.97 trillion yuan, showing a year-on-year increase of 4.9% [4] - The cash in circulation (M0) was 14.61 trillion yuan, with a year-on-year growth of 2.7% [4] Group 4 - The total deposits in RMB at the end of January were 336.77 trillion yuan, reflecting a year-on-year increase of 9.9% [5] - In January, RMB deposits increased by 8.09 trillion yuan, with household deposits rising by 2.13 trillion yuan [5] - The balance of foreign currency deposits was 1.1 trillion USD, showing a year-on-year growth of 23.7% [5] Group 5 - The total balance of loans in RMB and foreign currency at the end of January was 280.59 trillion yuan, with a year-on-year growth of 6% [6] - In January, RMB loans increased by 4.71 trillion yuan, with household loans rising by 456.5 billion yuan [6] - The balance of foreign currency loans was 57.01 billion USD, reflecting a year-on-year increase of 6.6% [6] Group 6 - The total transaction volume in the interbank RMB market in January was 211.96 trillion yuan, with a daily average transaction of 10.09 trillion yuan, a year-on-year increase of 36.1% [7] - The weighted average interest rate for interbank borrowing was 1.4%, which is 0.04 percentage points higher than the previous month [7] - The weighted average interest rate for pledged bond repos was 1.43%, which is 0.03 percentage points higher than the previous month [7] Group 7 - The cross-border RMB settlement amount under the current account in January was 1.49 trillion yuan, with goods trade accounting for 1.19 trillion yuan [8] - The cross-border RMB settlement amount for direct investment was 0.78 trillion yuan, with foreign direct investment accounting for 0.51 trillion yuan [8]

Core Viewpoint - The central bank released the financial statistics report for January 2026, highlighting significant cross-border RMB settlement amounts in various categories [1] Group 1: Cross-Border RMB Settlement - In January, the total cross-border RMB settlement amount under the current account reached 1.49 trillion yuan, with goods trade, service trade, and other current accounts accounting for 1.19 trillion yuan and 0.3 trillion yuan respectively [1] - The cross-border RMB settlement amount for direct investment was 0.78 trillion yuan, with outbound direct investment and foreign direct investment contributing 0.27 trillion yuan and 0.51 trillion yuan respectively [1]

Group 1 - In 2025, Dalian's social financing scale increased by 61.8 billion yuan, marking the highest growth in nearly eight years [1][3] - The average interest rate for newly issued corporate loans in Dalian was 2.91%, a year-on-year decrease of 0.49 percentage points [3] - Loans to technology-based small and medium-sized enterprises, green loans, inclusive loans, and loans for the elderly care industry grew by 31.8%, 9.1%, 16.9%, and 25.3% respectively [3] Group 2 - In 2025, Dalian's total foreign-related income and expenditure increased by 3% year-on-year, with a net inflow of funds for eight consecutive quarters [3] - The actual cross-border RMB payments in Dalian amounted to 213.07 billion yuan, accounting for approximately 38.5% of the city's cross-border income and expenditure [3] - Dalian's cross-border RMB settlement scale represented 64% of the total in Liaoning Province, indicating strong vitality and resilience among business entities [3] Group 3 - The People's Bank of China implemented a one-time credit repair policy to support individuals with damaged credit who are actively repaying their debts [4] - In January, Dalian provided over 60,000 credit report inquiries, 1.5 times more than the same period last year, with a peak of nearly 3,000 inquiries in a single day [4] - Citizens eligible for the repair policy reported successful removal of overdue records from their credit reports, leading to the restoration of personal credit [4]