Group 1 - The total social financing scale stock reached 440.07 trillion yuan at the end of November 2025, showing a year-on-year growth of 8.5% [1][9] - The balance of RMB loans to the real economy was 267.42 trillion yuan, with a year-on-year increase of 6.3% [1][9] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.13 trillion yuan, reflecting a year-on-year decrease of 16.5% [1][9] Group 2 - The cumulative increase in social financing scale for the first eleven months of 2025 was 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year [3][11] - The net financing of government bonds was 13.15 trillion yuan, an increase of 3.61 trillion yuan year-on-year [3][11] - The net financing of corporate bonds was 2.24 trillion yuan, which is an increase of 3.125 trillion yuan year-on-year [3][11] Group 3 - The broad money supply (M2) reached 336.99 trillion yuan at the end of November, with a year-on-year growth of 8% [4][12] - The narrow money supply (M1) was 112.89 trillion yuan, showing a year-on-year increase of 4.9% [4][12] - The cash in circulation (M0) was 13.74 trillion yuan, with a year-on-year growth of 10.6% [4][12] Group 4 - The total deposits in RMB increased by 24.73 trillion yuan in the first eleven months, with household deposits rising by 12.06 trillion yuan [4][13] - The balance of foreign currency deposits was 1.06 trillion USD, reflecting a year-on-year increase of 28.3% [5][13] - The total balance of loans in RMB was 271 trillion yuan at the end of November, with a year-on-year growth of 6.4% [6][14] Group 5 - The weighted average interest rate for interbank RMB market lending in November was 1.42%, which is 0.03 percentage points higher than the previous month [7][14] - The total transaction volume in the interbank RMB market was 187.7 trillion yuan in November, with a daily average transaction of 9.38 trillion yuan [7][14] - The cross-border RMB settlement amount under the current account was 1.49 trillion yuan in November [8][14]

Core Viewpoint - The People's Bank of China reported that as of November 2025, the total social financing stock increased by 8.5% year-on-year, indicating a stable growth in the financial support for the real economy [4]. Group 1: Social Financing Scale - As of November 2025, the total social financing stock was 440.07 trillion yuan, with a year-on-year growth of 8.5% [4]. - The balance of RMB loans to the real economy was 267.42 trillion yuan, growing by 6.3% year-on-year [4]. - The balance of foreign currency loans to the real economy, converted to RMB, was 1.13 trillion yuan, showing a decline of 16.5% year-on-year [4]. - The balance of entrusted loans was 11.32 trillion yuan, increasing by 1% year-on-year [4]. - The balance of trust loans was 4.6 trillion yuan, with a year-on-year growth of 7.4% [4]. - The balance of corporate bonds was 34.08 trillion yuan, up by 5.6% year-on-year [4]. - The balance of government bonds reached 94.24 trillion yuan, marking an 18.8% increase year-on-year [4]. - The balance of non-financial corporate domestic stocks was 12.14 trillion yuan, growing by 4% year-on-year [4]. Group 2: Financing Structure - By the end of November, RMB loans accounted for 60.8% of the total social financing stock, down by 1.3 percentage points year-on-year [5]. - The proportion of foreign currency loans was 0.3%, unchanged year-on-year [5]. - Entrusted loans made up 2.6% of the total, down by 0.2 percentage points year-on-year [5]. - Trust loans represented 1% of the total, down by 0.1 percentage points year-on-year [5]. - The share of corporate bonds was 7.7%, down by 0.3 percentage points year-on-year [5]. - Government bonds accounted for 21.4%, up by 1.8 percentage points year-on-year [5]. - Non-financial corporate domestic stocks made up 2.8%, down by 0.1 percentage points year-on-year [5]. Group 3: Monetary Supply - By the end of November, the broad money supply (M2) was 336.99 trillion yuan, with an 8% year-on-year growth [7]. - The narrow money supply (M1) was 112.89 trillion yuan, increasing by 4.9% year-on-year [7]. - The currency in circulation (M0) was 13.74 trillion yuan, showing a 10.6% year-on-year growth [7]. Group 4: Deposits and Loans - By the end of November, the total deposits in RMB and foreign currencies reached 334.46 trillion yuan, growing by 8% year-on-year [8]. - The RMB deposit balance was 326.96 trillion yuan, with a year-on-year increase of 7.7% [8]. - In the first eleven months, RMB loans increased by 15.36 trillion yuan, with a year-on-year growth of 6.4% [9]. - The balance of foreign currency loans was 542.9 billion USD, showing a decline of 1.6% year-on-year [9]. Group 5: Interbank Market - In November, the weighted average interest rate for interbank RMB market lending was 1.42%, up by 0.03 percentage points from the previous month [10]. - The weighted average interest rate for pledged bond repos was 1.44%, also up by 0.04 percentage points from the previous month [10]. Group 6: Cross-Border Transactions - In November, the cross-border RMB settlement amount under the current account was 1.49 trillion yuan [11]. - The direct investment cross-border RMB settlement amount was 0.71 trillion yuan [11].

Group 1 - The total social financing scale reached 440.07 trillion yuan by the end of November 2025, showing a year-on-year growth of 8.5% [1] - The balance of RMB loans to the real economy was 267.42 trillion yuan, with a year-on-year increase of 6.3% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.13 trillion yuan, reflecting a year-on-year decrease of 16.5% [1] Group 2 - The cumulative increase in social financing for the first eleven months of 2025 was 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year [3] - The net financing from corporate bonds was 2.24 trillion yuan, an increase of 3.125 trillion yuan year-on-year [3] - Government bond net financing reached 13.15 trillion yuan, which is 3.61 trillion yuan more than the previous year [3] Group 3 - The broad money supply (M2) was 336.99 trillion yuan at the end of November, with a year-on-year growth of 8% [4] - The narrow money supply (M1) was 112.89 trillion yuan, showing a year-on-year increase of 4.9% [4] - The cash in circulation (M0) was 13.74 trillion yuan, reflecting a year-on-year growth of 10.6% [4] Group 4 - The total RMB deposits increased by 24.73 trillion yuan in the first eleven months, with household deposits rising by 12.06 trillion yuan [5] - The balance of foreign currency deposits was 1.06 trillion USD, showing a year-on-year increase of 28.3% [5] - The total balance of deposits in both domestic and foreign currencies was 334.46 trillion yuan, with a year-on-year growth of 8% [5] Group 5 - The total RMB loans increased by 15.36 trillion yuan in the first eleven months, with household loans rising by 533.3 billion yuan [6] - The balance of foreign currency loans was 542.9 billion USD, reflecting a year-on-year decrease of 1.6% [6] - The balance of total loans (both RMB and foreign currency) was 274.84 trillion yuan, with a year-on-year growth of 6.3% [6] Group 6 - The weighted average interest rate for interbank RMB market lending in November was 1.42%, which is 0.03 percentage points higher than the previous month [7] - The total transaction volume in the interbank RMB market was 187.7 trillion yuan, with an average daily transaction of 9.38 trillion yuan [7] - The average interest rate for pledged bond repos was 1.44%, which is 0.04 percentage points higher than the previous month [7] Group 7 - The cross-border RMB settlement amount under the current account in November was 1.49 trillion yuan, with goods trade accounting for 1.19 trillion yuan [8] - The direct investment cross-border RMB settlement amount was 0.71 trillion yuan, with foreign direct investment contributing 0.45 trillion yuan [8] - The settlement amounts indicate a robust engagement in cross-border transactions, reflecting the growing use of RMB in international trade [8]

Group 1: Social Financing Scale - As of the end of October 2025, the total social financing scale reached 437.72 trillion yuan, marking a year-on-year growth of 8.5% [1] - The balance of RMB loans to the real economy was 267.01 trillion yuan, with a year-on-year increase of 6.3% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.15 trillion yuan, showing a year-on-year decline of 16.9% [1] Group 2: Structure of Financing - By the end of October, RMB loans accounted for 61% of the total social financing scale, down 1.3 percentage points year-on-year [2] - The proportion of government bonds increased by 2 percentage points to 21.3% year-on-year [2] - The share of corporate bonds decreased by 0.3 percentage points to 7.7% year-on-year [2] Group 3: Financing Increment - The cumulative increment of social financing for the first ten months of 2025 was 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year [3] - RMB loans to the real economy increased by 14.52 trillion yuan, which was a decrease of 1.16 trillion yuan year-on-year [3] - Government bonds net financing reached 11.95 trillion yuan, an increase of 3.72 trillion yuan year-on-year [3] Group 4: Monetary Supply - By the end of October, the broad money supply (M2) was 335.13 trillion yuan, reflecting a year-on-year growth of 8.2% [4] - The narrow money supply (M1) was 112 trillion yuan, with a year-on-year increase of 6.2% [4] - The cash in circulation (M0) reached 13.55 trillion yuan, showing a year-on-year growth of 10.6% [4] Group 5: Deposits - By the end of October, the total deposits in both domestic and foreign currencies amounted to 332.92 trillion yuan, with a year-on-year increase of 8.3% [5] - RMB deposits increased by 23.32 trillion yuan in the first ten months of 2025 [5] - Foreign currency deposits reached 1.04 trillion USD, marking a year-on-year growth of 24.3% [5] Group 6: Loans - By the end of October, the total loans in both domestic and foreign currencies were 274.54 trillion yuan, with a year-on-year increase of 6.3% [6] - RMB loans increased by 14.97 trillion yuan in the first ten months of 2025 [6] - Foreign currency loans decreased by 3% year-on-year, with an increase of 125 million USD in the first ten months [6] Group 7: Interbank Market - 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, reflecting a year-on-year growth of 0.9% [7] - The weighted average interest rate for interbank lending was 1.39%, lower than the previous month and the same period last year [7] - The weighted average rate for pledged bond repos was 1.4%, also lower than the previous month and the same period last year [7] Group 8: Cross-Border RMB Settlement - In October, the cross-border RMB settlement amount under the current account was 1.41 trillion yuan [8] - The direct investment cross-border RMB settlement amount was 0.65 trillion yuan [8] - The breakdown included 1.09 trillion yuan for goods trade and 0.32 trillion yuan for service trade [8]

Core Insights - The total social financing stock reached 437.72 trillion yuan at the end of October 2025, reflecting a year-on-year growth of 8.5% [1] - The broad money supply (M2) increased by 8.2% year-on-year, reaching 335.13 trillion yuan [4] - The total amount of RMB loans increased by 14.97 trillion yuan in the first ten months of 2025, with a year-on-year growth of 6.5% [6] Financing Structure - RMB loans to the real economy accounted for 61% of the total social financing stock, down 1.3 percentage points year-on-year [2] - The proportion of foreign currency loans to the real economy remained stable at 0.3% year-on-year [2] - Government bonds saw a significant increase, with a balance of 93.03 trillion yuan, reflecting a year-on-year growth of 19.2% [1] Monthly and Year-to-Date Trends - In the first ten months of 2025, the cumulative increase in social financing was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [3] - The average monthly weighted interest rate for interbank RMB market lending was 1.39%, lower than both the previous month and the same period last year [7] - The total amount of cross-border RMB settlements under current accounts reached 1.41 trillion yuan in October [8] Deposits and Loans - RMB deposits increased by 23.32 trillion yuan in the first ten months, with household deposits rising by 11.39 trillion yuan [5] - The balance of foreign currency deposits reached 1.04 trillion USD, showing a year-on-year increase of 24.3% [5] - The balance of loans from non-bank financial institutions decreased by 185 billion yuan [6]

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 total social financing increment for the first eight months of 2025 reached 26.56 trillion yuan, an increase of 4.66 trillion yuan compared to the same period last year [1] - The balance of social financing stock at the end of August 2025 was 433.66 trillion yuan, reflecting a year-on-year growth of 8.8% [2] - The broad money supply (M2) at the end of August 2025 was 331.98 trillion yuan, also showing a year-on-year increase of 8.8% [4][5] Social Financing Increment - The increment in RMB loans to the real economy was 12.93 trillion yuan, a decrease of 485.1 billion yuan year-on-year [1] - Foreign currency loans to the real economy decreased by 81.6 billion yuan, a reduction of 76.7 billion yuan year-on-year [1] - Corporate bond net financing was 1.56 trillion yuan, down 221.4 billion yuan year-on-year [1] Social Financing Stock - The balance of RMB loans to the real economy was 265.42 trillion yuan, with a year-on-year increase of 6.6% [2] - The balance of foreign currency loans was 1.19 trillion yuan, showing a year-on-year decline of 21% [2] - The balance of government bonds was 91.36 trillion yuan, reflecting a year-on-year growth of 21.1% [2] Loan and Deposit Growth - RMB loans increased by 13.46 trillion yuan in the first eight months, with household loans rising by 711 billion yuan [6] - RMB deposits increased by 20.5 trillion yuan in the same period, with household deposits growing by 9.77 trillion yuan [8] - The balance of foreign currency deposits was 1.02 trillion USD, a year-on-year increase of 19.4% [9] Market Activity - The average weighted interest rate for interbank RMB market lending was 1.4%, lower than the previous month and the same period last year [10] - The total transaction volume in the interbank RMB market reached 202.68 trillion yuan in August, with a daily average transaction growth of 16.8% year-on-year [10] - The cross-border RMB settlement amount for current accounts in August was 1.47 trillion yuan [10]