The central bank: In Q1, social financing increased by 15.18 trillion, new RMB loans reached 9.78 trillion, and M2 grew by 7% YoY in March.

According to preliminary statistics from the central bank, the cumulative increase in social financing scale in Q1 2025 reached 15.18 trillion yuan, 2.37 trillion yuan more than the same period last year. Among them, RMB loans issued to the real economy increased by 9.7 trillion yuan, up 586.2 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 96.7 billion yuan, down 249 billion yuan YoY; entrusted loans increased by 5.5 billion yuan, up 105 billion yuan YoY; trust loans increased by 53.1 billion yuan, down 145.2 billion yuan YoY; unaccepted bank bills increased by 530 billion yuan, down 20.2 billion yuan YoY; net financing of corporate bonds was 525.1 billion yuan, down 472.9 billion yuan YoY; net financing of government bonds was 3.87 trillion yuan, up 2.52 trillion yuan YoY; domestic equity financing of non-financial enterprises was 96.2 billion yuan, up 19.9 billion yuan YoY. RMB loans increased by 978 billion yuan in Q1. By sector, household loans increased by 104 billion yuan, of which short-term loans increased by 160.3 billion yuan, and medium and long-term loans increased by 883.2 billion yuan; loans to enterprises (institutions) increased by 866 billion yuan, of which short-term loans increased by 351 billion yuan, medium and long-term loans increased by 558 billion yuan, and bill financing decreased by 544.2 billion yuan; loans to non-bank financial institutions decreased by 86.6 billion yuan. Central bank data shows that at the end of March, the balance of broad money (M2) was 3,260.6 trillion yuan, up 7% YoY. The balance of narrow money (M1) was 1,134.9 trillion yuan, up 1.6% YoY. The balance of currency in circulation (M0) was 130.7 trillion yuan, up 11.5% YoY. Net cash injection in Q1 was 249.8 billion yuan. Financial Statistics Report for March 2025 I. Broad Money Growth of 7% At the end of March, the balance of broad money (M2) was 3,260.6 trillion yuan, up 7% YoY. The balance of narrow money (M1) was 1,134.9 trillion yuan, up 1.6% YoY. The balance of currency in circulation (M0) was 130.7 trillion yuan, up 11.5% YoY. Net cash injection in Q1 was 249.8 billion yuan. II. RMB Loans Increased by 978 Billion Yuan in Q1 At the end of March, the balance of loans in domestic and foreign currencies was 2,692.6 trillion yuan, up 6.9% YoY. The balance of RMB loans at the end of the month was 2,654.1 trillion yuan, up 7.4% YoY. RMB loans increased by 978 billion yuan in Q1. By sector, household loans increased by 104 billion yuan, of which short-term loans increased by 160.3 billion yuan, and medium and long-term loans increased by 883.2 billion yuan; loans to enterprises (institutions) increased by 866 billion yuan, of which short-term loans increased by 351 billion yuan, medium and long-term loans increased by 558 billion yuan, and bill financing decreased by 544.2 billion yuan; loans to non-bank financial institutions decreased by 86.6 billion yuan. At the end of March, the balance of foreign currency loans was 535.7 billion US dollars, down 20.1% YoY. Foreign currency loans decreased by 6.4 billion US dollars in Q1. III. RMB Deposits Increased by 1.299 Trillion Yuan in Q1 At the end of March, the balance of deposits in domestic and foreign currencies was 3,221.1 trillion yuan, up 6.9% YoY. The balance of RMB deposits at the end of the month was 3,152.2 trillion yuan, up 6.7% YoY. RMB deposits increased by 1.299 trillion yuan in Q1. Among them, household deposits increased by 922 billion yuan, non-financial enterprise deposits increased by 174 billion yuan, fiscal deposits increased by 819 billion yuan, and deposits of non-bank financial institutions increased by 309 billion yuan. At the end of March, the balance of foreign currency deposits was 959.8 billion US dollars, up 15.3% YoY. Foreign currency deposits increased by 106.9 billion US dollars in Q1. IV. The Monthly Weighted Average Interest Rate of Interbank RMB Market Lending in March Was 1.85%, and the Monthly Weighted Average Interest Rate of Pledged Bond Repo Was 1.87% In Q1, the total turnover of the interbank RMB market in terms of lending, spot bonds, and repos was 4,313.9 trillion yuan, with a daily average turnover of 731 billion yuan, down 17.7% YoY. Among them, the daily average turnover of interbank lending decreased by 38.8% YoY, the daily average turnover of spot bonds decreased by 4.5% YoY, and the daily average turnover of pledged repos decreased by 19.6% YoY. In March, the weighted average interest rate of interbank lending was 1.85%, 0.1 and 0.03 percentage points lower than the previous month and the same period last year, respectively. The weighted average interest rate of pledged repos was 1.87%, 0.13 and 0.04 percentage points lower than the previous month and the same period last year, respectively. V. National Foreign Exchange Reserve Balance of 3.24 Trillion US Dollars At the end of March, the national foreign exchange reserve balance was 3.24 trillion US dollars. At the end of March, the RMB exchange rate was 7.1782 yuan per US dollar. VI. Cross-border RMB Settlement Amount Under the Current Account in Q1 Was 396 Billion Yuan, and Cross-border RMB Settlement Amount Under Direct Investment Was 209 Billion Yuan In Q1, the cross-border RMB settlement amount under the current account was 396 billion yuan, of which goods trade, service trade, and other current accounts were 312 billion yuan and 84 billion yuan, respectively; the cross-border RMB settlement amount under direct investment was 209 billion yuan, of which outward direct investment and foreign direct investment were 76 billion yuan and 133 billion yuan, respectively. Social Financing Scale Increment Statistics Report for Q1 2025 Preliminary statistics show that the cumulative increase in social financing scale in Q1 2025 was 15.18 trillion yuan, 2.37 trillion yuan more than the same period last year. Among them, RMB loans issued to the real economy increased by 9.7 trillion yuan, up 586.2 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 96.7 billion yuan, down 249 billion yuan YoY; entrusted loans increased by 5.5 billion yuan, up 105 billion yuan YoY; trust loans increased by 53.1 billion yuan, down 145.2 billion yuan YoY; unaccepted bank bills increased by 530 billion yuan, down 20.2 billion yuan YoY; net financing of corporate bonds was 525.1 billion yuan, down 472.9 billion yuan YoY; net financing of government bonds was 3.87 trillion yuan, up 2.52 trillion yuan YoY; domestic equity financing of non-financial enterprises was 96.2 billion yuan, up 19.9 billion yuan YoY. Social Financing Scale Stock Statistics Report for March 2025 Preliminary statistics show that the social financing scale stock at the end of March 2025 was 4,229.6 trillion yuan, up 8.4% YoY. Among them, the balance of RMB loans issued to the real economy was 2,621.8 trillion yuan, up 7.2% YoY; the balance of foreign currency loans issued to the real economy, converted into RMB, was 119 billion yuan, down 34.5% YoY; the balance of entrusted loans was 1.124 trillion yuan, up 0.6% YoY; the balance of trust loans was 435 billion yuan, up 6.2% YoY; the balance of unaccepted bank bills was 267 billion yuan, down 12.1% YoY; the balance of corporate bonds was 3.259 trillion yuan, up 2.4% YoY; the balance of government bonds was 8.496 trillion yuan, up 19.4% YoY; the balance of domestic equity of non-financial enterprises was 1.182 trillion yuan, up 2.7% YoY. From a structural perspective, at the end of March, the balance of RMB loans issued to the real economy accounted for 62% of the social financing scale stock in the same period, down 0.7 percentage points YoY; the balance of foreign currency loans issued to the real economy, converted into RMB, accounted for 0.3%, down 0.2 percentage points YoY; the balance of entrusted loans accounted for 2.7%, down 0.2 percentage points YoY; the balance of trust loans accounted for 1%, down 0.1 percentage points YoY; the balance of unaccepted bank bills accounted for 0.6%, down 0.2 percentage points YoY; the balance of corporate bonds accounted for 7.7%, down 0.5 percentage points YoY; the balance of government bonds accounted for 20.1%, up 1.9 percentage points YoY; the balance of domestic equity of non-financial enterprises accounted for 2.8%, down 0.1 percentage points YoY. Recommended Reading: 》Central Bank: New Social Financing in January Reached 706 Billion Yuan, Credit Issuance "Fully Fired," M2 Up 7% YoY 》Central Bank: Cumulative Social Financing Increment in 2024 Was 3.226 Trillion Yuan, M2 Up 7.3% YoY in December 》Central Bank's Heavyweight Statement! Regarding Macroeconomic Policies, Supporting the Capital Market... 》Central Bank: New Social Financing in the First 11 Months Reached 2.94 Trillion Yuan, New Loans Reached 1.71 Trillion Yuan, M2 Up 7.1% YoY in November 》Central Bank: New Social Financing in the First 10 Months Reached 2.706 Trillion Yuan, M2 Up 7.5% YoY in October 》Supporting Capital Market Tools, M1 and M2 Growth Rates Stabilized and Rebounded, Recent Macro Control Thinking Has Been Adaptively Transformed 》September Financial Data Released: Factors Such as Increased Securities Customer Margin Led to M2 Growth Rate Rebound, Social Financing Growth Rate Generally Stable 》Central Bank: New Social Financing in the First 8 Months Reached 2.19 Trillion Yuan, M2 Up 6.3% YoY in August 》Central Bank: Maintaining Price Stability and Promoting Mild Price Rebound as Important Considerations for Monetary Policy 》Central Bank: Social Financing Increment in the First 7 Months Reached 1.887 Trillion Yuan, RMB Loans Increased by 1.353 Trillion Yuan 》August Financial Data Released, Is Financial Data Still "Squeezing Water"? Expert Interpretation is Here! 》Central Bank: Social Financing Increment in the First Half of the Year Reached 1.81 Trillion Yuan, RMB Loans Increased by 1.327 Trillion Yuan, M2 Up 6.2% YoY in June 》June Financial Data Released, How to View the Continued Slowdown in Some Indicators? Authoritative Experts Talk About the "Side Effects" of Financial Total "Scale Complex" 》Central Bank: Cumulative Social Financing Increment in the First 5 Months Reached 1.48 Trillion Yuan, RMB Loans Increased by 1.114 Trillion Yuan, M2 Up 7% YoY in May 》Social Financing Structure Optimized, M1 Growth Rate May Be Underestimated, Why is May Financial Data Worth Paying Attention to? 》Central Bank: Cumulative Social Financing Increment in the First Four Months Reached 1.273 Trillion Yuan, RMB Loans Increased by 1.019 Trillion Yuan, M2 Up 7.2% YoY in April 》New Social Financing in Q1 Reached 1.293 Trillion Yuan, New RMB Loans Reached 946 Billion Yuan, M2 Up 8.3% YoY in March 》Social Financing Growth Steady, Financing Costs Steady with a Downward Trend, After Regulating Capital Idling and Manual Interest Supplementation, What Impact Does It Have on April Financial Data? 》Latest Financial Data Released, M2 and Social Financing Stock at the End of February Increased by 8.7% and 9.0% YoY, Respectively, See How Authoritative Experts Interpret It! 》Social Financing and New RMB Loans in the First Two Months Reached the Second Highest Level in History for the Same Period, M2 Up 8.7% YoY in February 》New Social Financing in January 2024 Reached 650 Billion Yuan, New Loans Reached 492 Billion Yuan, M2 Up 8.7% YoY 》Central Bank: Social Financing Increment in December Reached 194 Billion Yuan, New RMB Loans Reached 117 Billion Yuan, M2 Up 9.7% YoY 》Central Bank: Social Financing Increment in November Reached 245 Billion Yuan, New RMB Loans Reached 109 Billion Yuan, M2 Up 10% YoY 》November Financial Data Released: Social Financing Scale Continued to Increase YoY, Credit Support for the Real Economy Remained Solid 》Will Trillion Yuan National Debt "Support" October Monetary and Credit Data? Market Expects Overall Social Financing Strong, Credit Weak, RRR Cut Expectations Still Fermenting 》Central Bank: Social Financing Increment in October Reached 185 Billion Yuan, New RMB Loans Reached 738.4 Billion Yuan, M2 Up 10.3% YoY 》Central Bank: Social Financing Increment in September Reached 412 Billion Yuan, New RMB Loans Reached 231 Billion Yuan, M2 Up 10.3% YoY 》Central Bank's Heavyweight Statement! Talking About China-US Interest Rate Differential, September Financial Data, Mortgage Rate on Existing Home Loans... 》General Administration of Customs: China's Import and Export in the First Three Quarters Were Positive and Improved, September Hit the Highest Monthly Level of the Year 》PPI and CPI Data Improved for Three Consecutive Months, Experts: Price Improvement Further Confirmed, Expected PPI YoY Improvement Trend to Continue 》National Bureau of Statistics Interpretation: September CPI Operated Steadily, PPI YoY Decline Narrowed for Three Consecutive Months, Both Increased MoM 》September Mobile Phone Export Value Doubled MoM, Auto Export YoY Growth Rate Continued to Lead 》Central Bank: Social Financing Increment in August Reached 312 Billion Yuan, New RMB Loans Reached 136 Billion Yuan, M2 Up 10.6% YoY 》Central Bank: Act When Necessary, Resolutely Prevent Exchange Rate Overshooting Risks!The US dollar plunged against the offshore yuan. The central bank: August's social financing scale was 528.2 billion yuan, with new RMB loans of 345.9 billion yuan, and M2 up 10.7% YoY. The central bank: June's social financing and new RMB loans significantly exceeded expectations, with M2 up 11.3% YoY. The central bank: May's social financing increment was 1.56 trillion yuan, 331.2 billion yuan more than the previous month. The central bank: May's RMB loans increased by 1.36 trillion yuan, with the previous value at 718.8 billion yuan. The central bank: May's RMB deposits increased by 1.46 trillion yuan, 1.58 trillion yuan less YoY. The central bank: April's social financing increment was 1.22 trillion yuan, with new RMB loans of 718.8 billion yuan, and M2 up 12.4% YoY. The central bank: Q1 RMB deposits increased by 15.39 trillion yuan, and loans increased by 10.6 trillion yuan. [Breaking] February's M2 growth rate hit a seven-year high, with new RMB loans and social financing both reaching record highs for the same period! Exceeding expectations! January's new RMB loans hit a record high! M2 up 12.6% YoY, with new social financing of 5.98 trillion yuan.

SMM

The central bank: In Q1, social financing increased by 15.18 trillion, new RMB loans reached 9.78 trillion, and M2 grew by 7% YoY in March.

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