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]

从货币供应看，1月末，广义货币（M2）余额347.19万亿元，同比增长9%。狭义货币（M1）余额 117.97万亿元，同比增长4.9%。流通中货币（M0）余额14.61万亿元，同比增长2.7%。 另外，1月份，我国人民币存款增加8.09万亿元。其中，住户存款增加2.13万亿元，非金融企业存款增加 2.61万亿元。 新华社北京2月13日电（记者吴雨、任军）中国人民银行2月13日发布的金融统计数据报告显示，2026年 1月份我国人民币贷款增加4.71万亿元，保持合理增长；社会融资规模增量为7.22万亿元，创历史同期新 高。 中国人民银行的数据显示，1月末，我国人民币贷款余额276.62万亿元，同比增长6.1%。分部门看，1月 份，住户贷款增加4565亿元，其中短期贷款增加1097亿元；企（事）业单位贷款增加4.45万亿元，其中 中长期贷款增加3.18万亿元。 【纠错】 【责任编辑:赵阳】 同日发布的社融数据显示，1月末我国社会融资规模存量为449.11万亿元，同比增长8.2%。1月份社会融 资规模增量为7.22万亿元，比上年同期多1662亿元。 ...

Group 1 - The central bank released January financial data, showing that by the end of January 2026, the broad money supply (M2) reached 347.19 trillion yuan, with a year-on-year growth of 9.0%, which is 0.5 percentage points higher than the previous month and 2.0 percentage points higher than the same period last year [1] - Market experts indicate that the year-on-year growth of M2 in January reflects an increase compared to the previous month, attributed to a base effect where approximately 500 billion yuan was added to M2 in January 2025, resulting in a relatively low base for comparison [1] - The positive performance of the capital market at the beginning of the year also contributed to the increase in M2, although it is expected that as the base effect diminishes, the growth trend of M2 will stabilize [1]

Group 1 - The total social financing stock at the end of January 2026 was 449.11 trillion yuan, with a year-on-year growth of 8.2% [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 [4] - The balance of broad money (M2) at the end of January was 347.19 trillion yuan, reflecting a year-on-year increase of 9% [5] Group 2 - The balance of RMB loans to the real economy was 273.3 trillion yuan, growing by 6.1% year-on-year [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 government bonds reached 95.9 trillion yuan, with a significant year-on-year increase of 17.3% [2] Group 3 - In January, RMB deposits increased by 8.09 trillion yuan, with household deposits rising by 2.13 trillion yuan [6] - The balance of foreign currency deposits was 1.1 trillion USD, marking a year-on-year growth of 23.7% [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 [7] Group 4 - 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] - 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, reflecting a year-on-year growth of 36.1% [8] - The cross-border RMB settlement amount under the current account was 1.49 trillion yuan in January [8]

Core Insights - The financial data for 2025 indicates a robust performance, with new loans totaling 16.27 trillion yuan, reflecting the effectiveness of moderately loose monetary policies and sustained credit demand from businesses and households [1][2] - The total social financing scale increased by 35.6 trillion yuan, with M2 money supply exceeding 340 trillion yuan and RMB loan balance surpassing 270 trillion yuan, showcasing a solid financial system supporting economic stability and internal demand [1] Monetary Policy Impact - The past year saw precise monetary policy actions, including a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point cut in policy interest rates, which have led to reasonable growth in social financing and maintained low loan interest rates [1][3] - By December 2025, the weighted average interest rate for newly issued corporate loans was around 3.1%, a decrease of 2.5 percentage points since the second half of 2018, reducing financing costs for businesses [1] Loan Distribution and Economic Trends - In 2025, new loans to enterprises amounted to 15.47 trillion yuan, indicating that over 90% of new loans were aligned with corporate needs, with more than half of these being medium to long-term loans, reflecting stable expectations for future development [2] - Key sectors attracting loans included technology (11.5% growth), green initiatives (23% growth), inclusive finance (10.3% growth), elderly care (60.2% growth), and digital fields (14.6% growth), all surpassing the overall loan growth rate [2] Structural Policy Enhancements - Continuous optimization of structural monetary policy tools has been observed, including increased quotas for loans supporting technological innovation and agricultural financing, as well as the introduction of risk-sharing tools for technology innovation bonds [3] - The financial sector is supporting rapid growth in industries such as humanoid robotics, biomedicine, and high-end equipment manufacturing, contributing to the high-quality development of the economy [3] Future Outlook - The People's Bank of China has committed to maintaining a moderately loose monetary policy in 2026, focusing on counter-cyclical adjustments to expand domestic demand and optimize supply, thereby fostering a stable economic growth environment [3] - As financial support quality improves, the alignment between financial supply and high-quality development of the real economy is expected to strengthen, contributing to a positive economic trajectory [3]

Key Points - The total social financing scale at the end of 2025 is 442.12 trillion yuan, with a year-on-year growth of 8.3% [1] - The balance of RMB loans to the real economy is 268.4 trillion yuan, increasing by 6.3% year-on-year [1] - The balance of foreign currency loans to the real economy, converted to RMB, is 1.05 trillion yuan, showing an 18% decline year-on-year [1] - The balance of entrusted loans is 11.35 trillion yuan, with a year-on-year increase of 1.3% [1] - The balance of trust loans is 4.67 trillion yuan, reflecting an 8.6% year-on-year growth [1] - The balance of corporate bonds is 34.24 trillion yuan, increasing by 6% year-on-year [1] - The balance of government bonds is 94.92 trillion yuan, with a significant year-on-year growth of 17.1% [1] - The balance of non-financial corporate domestic stocks is 12.2 trillion yuan, showing a 4.1% year-on-year increase [1] Financing Structure - RMB loans to the real economy account for 60.7% of the total social financing scale, down by 1.1 percentage points year-on-year [2] - The proportion of foreign currency loans to the real economy is 0.2%, down by 0.1 percentage points year-on-year [2] - The proportion of entrusted loans is 2.6%, down by 0.1 percentage points year-on-year [2] - The proportion of trust loans remains stable at 1.1% [2] - The proportion of corporate bonds is 7.7%, down by 0.2 percentage points year-on-year [2] - The proportion of government bonds is 21.5%, up by 1.6 percentage points year-on-year [2] Annual Financing Increment - The total annual increment of social financing is 35.6 trillion yuan, which is 3.34 trillion yuan more than the previous year [11] - RMB loans to the real economy increased by 15.91 trillion yuan, which is a decrease of 1.13 trillion yuan compared to the previous year [11] - The net financing of corporate bonds is 2.39 trillion yuan, an increase of 482.5 billion yuan year-on-year [11] - The net financing of government bonds is 13.84 trillion yuan, which is 2.54 trillion yuan more than the previous year [11] - Non-financial corporate domestic stock financing reached 476.3 billion yuan, an increase of 186.3 billion yuan year-on-year [11] Monetary Growth - The balance of broad money (M2) is 340.29 trillion yuan, with a year-on-year growth of 8.5% [3] - The balance of narrow money (M1) is 115.51 trillion yuan, increasing by 3.8% year-on-year [3] - The balance of currency in circulation (M0) is 14.13 trillion yuan, reflecting a year-on-year growth of 10.2% [3] Deposit Growth - The total balance of deposits in RMB and foreign currencies is 336.14 trillion yuan, with a year-on-year growth of 9% [12] - The balance of RMB deposits is 328.64 trillion yuan, increasing by 8.7% year-on-year [12] - The annual increase in RMB deposits is 26.41 trillion yuan, with household deposits increasing by 14.64 trillion yuan [12] Loan Growth - The total balance of loans in RMB and foreign currencies is 275.74 trillion yuan, with a year-on-year growth of 6.2% [14] - The annual increase in RMB loans is 16.27 trillion yuan, with corporate loans increasing by 15.47 trillion yuan [14] - The balance of foreign currency loans is 545 billion USD, showing a year-on-year increase of 0.5% [15] Foreign Exchange Reserves - The national foreign exchange reserves stand at 3.36 trillion USD [16] Cross-Border RMB Settlement - The total amount of cross-border RMB settlements under current accounts is 17.86 trillion yuan [17] - The direct investment cross-border RMB settlement amount is 8.46 trillion yuan [17]

Core Insights - The Bank of Korea has announced a comprehensive revision of its monetary and liquidity statistics, excluding highly volatile beneficiary securities from the broad money (M2) measure, aligning with international standards set by the IMF [1][3] Group 1: Monetary Supply Changes - Since January 2023, the growth of Korea's monetary supply has been below the long-term average, with the new M2 figure for October reported at 4,056.8 trillion KRW (approximately 2.82 trillion USD), down from 4,466.3 trillion KRW under the previous standard [1][2] - The year-on-year growth rate of M2 has decreased from 8.7% under the old standard to 5.2% under the new standard [1][2] Group 2: Rationale and Context - The adjustments come amid criticism that the Bank of Korea's loose monetary policy has led to excess liquidity, contributing to the depreciation of the Korean won and rising housing prices [1][2] - The new framework is expected to enhance the international comparability of Korea's monetary statistics, as similar exclusions of beneficiary securities are being adopted by major developed countries like the United States [2][3]

Group 1 - The core viewpoint of the articles highlights the significant increase in China's RMB loans and deposits in the first 11 months of the year, indicating a robust financial environment [1][2] - In the first 11 months, RMB loans increased by 15.36 trillion yuan, with corporate loans accounting for 14.4 trillion yuan of this total [1] - By the end of November, the total RMB loan balance reached 271 trillion yuan, reflecting a year-on-year growth of 6.4% [1] Group 2 - Household loans increased by 533.3 billion yuan in the first 11 months, while corporate medium- and long-term loans rose by 8.49 trillion yuan [1] - The broad money supply (M2) reached 336.99 trillion yuan at the end of November, with a year-on-year growth of 8% [1] - The total social financing stock was 440.07 trillion yuan at the end of November, showing a year-on-year increase of 8.5% [2]

Core Insights - The People's Bank of China reported that the total social financing stock reached 440.07 trillion yuan by the end of November 2025, marking an 8.5% year-on-year increase [1][2] - The total social financing increment 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 [1][4] - The broad money supply (M2) stood at 336.99 trillion yuan at the end of November, reflecting an 8% year-on-year growth [1][5] Social Financing Stock - By the end of November, the stock of social financing was 440.07 trillion yuan, with a year-on-year growth of 8.5% [2] - The breakdown of financing includes: - RMB loans to the real economy: 267.42 trillion yuan, up 6.3% - Foreign currency loans (in RMB equivalent): 1.13 trillion yuan, down 16.5% - Entrusted loans: 11.32 trillion yuan, up 1% - Trust loans: 4.6 trillion yuan, up 7.4% - Undiscounted bank acceptance bills: 2.3 trillion yuan, up 0.4% - Corporate bonds: 34.08 trillion yuan, up 5.6% - Government bonds: 94.24 trillion yuan, up 18.8% - Non-financial corporate domestic stock: 12.14 trillion yuan, up 4% [2] Financing Structure - The structure of financing as of November shows: - RMB loans to the real economy accounted for 60.8% of the total social financing stock, down 1.3 percentage points year-on-year - Foreign currency loans accounted for 0.3%, unchanged year-on-year - Entrusted loans accounted for 2.6%, down 0.2 percentage points - Trust loans accounted for 1%, down 0.1 percentage points - Undiscounted bank acceptance bills accounted for 0.5%, down 0.1 percentage points - Corporate bonds accounted for 7.7%, down 0.3 percentage points - Government bonds accounted for 21.4%, up 1.8 percentage points - Non-financial corporate domestic stock accounted for 2.8%, down 0.1 percentage points [3] Increment in Social Financing - The total increment in social financing for the first eleven months was 33.39 trillion yuan, which is 3.99 trillion yuan more than the previous year [4] - Key components include: - RMB loans to the real economy increased by 14.93 trillion yuan, down 1.28 trillion yuan year-on-year - Foreign currency loans decreased by 1.368 billion yuan, down 1.873 billion yuan year-on-year - Entrusted loans increased by 895 billion yuan, up 1.453 trillion yuan year-on-year - Trust loans increased by 3.003 trillion yuan, down 823 billion yuan year-on-year - Undiscounted bank acceptance bills increased by 1.605 trillion yuan, up 3.568 trillion yuan year-on-year - Corporate bonds net financing was 2.24 trillion yuan, up 3.125 trillion yuan year-on-year - Government bonds net financing was 13.15 trillion yuan, up 3.61 trillion yuan year-on-year - Non-financial corporate domestic stock financing was 420.4 billion yuan, up 178.8 billion yuan year-on-year [4] Money Supply - The broad money supply (M2) was 336.99 trillion yuan at the end of November, with an 8% year-on-year increase [5] - The narrow money supply (M1) was 112.89 trillion yuan, up 4.9% year-on-year - The currency in circulation (M0) was 13.74 trillion yuan, reflecting a 10.6% year-on-year growth - A net cash injection of 917.5 billion yuan occurred in the first eleven months [5] Deposits and Loans - By the end of November, the total deposits (in both domestic and foreign currencies) reached 334.46 trillion yuan, up 8% year-on-year [6] - The RMB deposit balance was 326.96 trillion yuan, up 7.7% year-on-year - In the first eleven months, RMB deposits increased by 24.73 trillion yuan, with household deposits rising by 12.06 trillion yuan [6] - The total loan balance (in both domestic and foreign currencies) was 274.84 trillion yuan, up 6.3% year-on-year [7] - RMB loans increased by 15.36 trillion yuan in the first eleven months, with household loans increasing by 533.3 billion yuan [7] Interbank Market - In November, the weighted average interest rate for interbank RMB market lending was 1.42%, up 0.03 percentage points from the previous month but down 0.13 percentage points year-on-year [9] - The total transaction volume in the interbank RMB market was 187.7 trillion yuan, with an average daily transaction of 9.38 trillion yuan, down 1.2% year-on-year [9] Cross-Border RMB Settlement - In November, the cross-border RMB settlement amount under the current account was 1.49 trillion yuan, with direct investment cross-border RMB settlement amounting to 0.71 trillion yuan [10]

Core Insights - The People's Bank of China reported that by the end of November 2025, the total social financing scale reached 440.07 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][2] Group 1: Social Financing and Loans - The total social financing stock increased by 8.5% year-on-year to 440.07 trillion yuan as of November 2025 [1] - The balance of RMB loans to the real economy was 267.42 trillion yuan, up 6.3% year-on-year [1] - Foreign currency loans, converted to RMB, decreased by 16.5% year-on-year to 1.13 trillion yuan [1] - The increase in RMB loans for the first eleven months was 15.36 trillion yuan, with household loans rising by 533.3 billion yuan [3] Group 2: Breakdown of Financing Components - Trust loans increased by 7.4% year-on-year to 4.6 trillion yuan, while entrusted loans rose by 1% to 11.32 trillion yuan [1] - Corporate bond balance reached 34.08 trillion yuan, reflecting a 5.6% year-on-year increase [1] - Government bonds saw a significant increase of 18.8% year-on-year, totaling 94.24 trillion yuan [1] - Non-financial corporate domestic stock financing amounted to 12.14 trillion yuan, up 4% year-on-year [1] Group 3: Monetary Aggregates - As of November 2025, the broad money supply (M2) was 336.99 trillion yuan, growing by 8% year-on-year [2] - The narrow money supply (M1) reached 112.89 trillion yuan, with a year-on-year increase of 4.9% [2] - The cash in circulation (M0) was 13.74 trillion yuan, reflecting a 10.6% year-on-year growth [2]