According to preliminary central bank statistics, the cumulative increase in total social financing (TSF) in the first five months of 2026 was 17.48 trillion yuan, a decrease of 1.16 trillion yuan from the same period last year. Of which, new renminbi loans to the real economy increased by 9 trillion yuan, a YoY decrease of 1.38 trillion yuan; foreign-currency loans to the real economy converted into renminbi increased by 115.3 billion yuan, a YoY increase of 211.6 billion yuan; entrusted loans decreased by 103.1 billion yuan, a further YoY decrease of 91.8 billion yuan; trust loans increased by 5.7 billion yuan, a YoY decrease of 57 billion yuan; undiscounted bankers' acceptances decreased by 17.2 billion yuan, a further YoY decrease of 151.4 billion yuan; net financing of corporate bonds was 1.67 trillion yuan, a YoY increase of 757.7 billion yuan; net financing of government bonds was 5.67 trillion yuan, a YoY decrease of 634 billion yuan; and domestic equity financing of non-financial enterprises amounted to 230.5 billion yuan, a YoY increase of 79.9 billion yuan. In the first five months, renminbi loans increased by 9.11 trillion yuan. By sector, household loans decreased by 631.4 billion yuan, of which short-term loans decreased by 694.2 billion yuan, and medium and long-term loans increased by 62.8 billion yuan; enterprise sector loans increased by 9.63 trillion yuan, of which short-term loans increased by 3.77 trillion yuan, medium and long-term loans increased by 4.99 trillion yuan, and bill financing increased by 699.9 billion yuan; loans to non-bank financial institutions decreased by 279.7 billion yuan. Central bank data show that at end-May, the broad money (M2) balance was 353.67 trillion yuan, up 8.6% YoY. The narrow money (M1) balance was 114.89 trillion yuan, up 5.5% YoY. Currency in circulation (M0) balance was 14.69 trillion yuan, up 11.9% YoY. In the first five months, net cash injection was 590.7 billion yuan. Financial Statistics Report for May 2026 I. Outstanding Total Social Financing (TSF) Stock Increased by 7.7% YoY Preliminary statistics show that at end-May 2026, outstanding TSF stood at 458.81 trillion yuan, up 7.7% YoY. Of which, outstanding renminbi loans to the real economy were 277.4 trillion yuan, up 5.5% YoY; outstanding foreign-currency loans to the real economy converted into renminbi were 1.14 trillion yuan, down 4.3% YoY; outstanding entrusted loans were 11.22 trillion yuan, unchanged YoY; outstanding trust loans were 4.67 trillion yuan, up 7.1% YoY; outstanding undiscounted bankers' acceptances were 2.13 trillion yuan, down 6.2% YoY; outstanding corporate bonds were 35.69 trillion yuan, up 8.4% YoY; outstanding government bonds were 100.6 trillion yuan, up 15.1% YoY; outstanding domestic equity of non-financial enterprises stood at 12.43 trillion yuan, up 4.7% YoY. In terms of structure, at end-May, outstanding renminbi loans to the real economy accounted for 60.5% of outstanding TSF, down 1.2 percentage points YoY; foreign-currency loans to the real economy converted into renminbi accounted for 0.2%, down 0.1 percentage points YoY; entrusted loans accounted for 2.4%, down 0.2 percentage points YoY; trust loans accounted for 1%, unchanged YoY; undiscounted bankers' acceptances accounted for 0.5%, unchanged YoY; corporate bonds accounted for 7.8%, up 0.1 percentage points YoY; government bonds accounted for 21.9%, up 1.4 percentage points YoY; domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 percentage points YoY. II. In the first five months, the cumulative increase in aggregate social financing was 17.48 trillion yuan Preliminary statistics show that in the first five months of 2026, the cumulative increase in aggregate social financing was 17.48 trillion yuan, representing a decrease of 1.16 trillion yuan compared with the same period last year. Specifically, RMB loans extended to the real economy increased by 9 trillion yuan, a decrease of 1.38 trillion yuan YoY; foreign currency loans to the real economy converted into RMB increased by 115.3 billion yuan, an increase of 211.6 billion yuan YoY; entrusted loans decreased by 103.1 billion yuan, with the decline widening by 91.8 billion yuan YoY; trust loans increased by 5.7 billion yuan, a decrease of 57 billion yuan YoY; undiscounted bankers' acceptances decreased by 17.2 billion yuan, with the decline widening by 151.4 billion yuan YoY; net financing of corporate bonds was 1.67 trillion yuan, an increase of 757.7 billion yuan YoY; net financing of government bonds was 5.67 trillion yuan, a decrease of 634 billion yuan YoY; domestic equity financing by non-financial enterprises amounted to 230.5 billion yuan, an increase of 79.9 billion yuan YoY. III. Broad money (M2) increased by 8.6% At the end of May, broad money (M2) outstanding was 353.67 trillion yuan, up 8.6% YoY. Narrow money (M1) outstanding was 114.89 trillion yuan, up 5.5% YoY. Currency in circulation (M0) outstanding was 14.69 trillion yuan, up 11.9% YoY. In the first five months, net cash injection amounted to 590.7 billion yuan. IV. RMB deposits increased by 15.77 trillion yuan in the first five months At the end of May, outstanding deposits in domestic and foreign currencies reached 352.38 trillion yuan, up 8.7% YoY. At month-end, RMB deposit outstanding was 344.45 trillion yuan, up 8.7% YoY. RMB deposits increased by 15.77 trillion yuan in the first five months. Specifically, household deposits rose by 5.63 trillion yuan, deposits of non-financial enterprises by 1.26 trillion yuan, fiscal deposits by 1.91 trillion yuan, and deposits of non-bank financial institutions by 5.64 trillion yuan. At the end of May, foreign currency deposit outstanding was $1.16 trillion, up 17.5% YoY. In the first five months, foreign currency deposits rose by $103.2 billion. V. RMB loans increased by 9.11 trillion yuan in the first five months At the end of May, outstanding loans in domestic and foreign currencies stood at 284.79 trillion yuan, up 5.4% YoY. At month-end, RMB loan outstanding was 281.02 trillion yuan, up 5.5% YoY. RMB loans increased by 9.11 trillion yuan in the first five months. By sector, household loans decreased by 631.4 billion yuan, of which short-term loans fell by 694.2 billion yuan while medium and long-term loans rose by 62.8 billion yuan; loans to enterprises and public institutions increased by 9.63 trillion yuan, including a 3.77 trillion yuan rise in short-term loans, a 4.99 trillion yuan increase in medium and long-term loans, and a 699.9 billion yuan expansion in bill financing; loans to non-bank financial institutions declined by 279.7 billion yuan. At the end of May, the outstanding foreign currency loan balance stood at $553.2 billion, up 2.6% YoY. Foreign currency loans increased by $8.2 billion in the first five months. VI. In May, the monthly weighted average interest rate for interbank lending in the interbank RMB market was 1.31%, and the monthly weighted average rate for pledged repo was 1.33%. In May, total trading volume in the interbank RMB market, comprising lending, cash bonds, and repos, reached 180.45 trillion yuan, with a daily average of 9.5 trillion yuan, up 7.9% YoY. Specifically, the daily average interbank lending volume grew 18.5% YoY, cash bond trading rose 4.7% YoY, and pledged repo trading increased 8% YoY. In May, the weighted average interbank lending rate was 1.31%, up 0.02 percentage points MoM but down 0.24 percentage points YoY; the weighted average pledged repo rate was 1.33%, up 0.02 percentage points MoM but down 0.23 percentage points YoY. VII. In May, cross-border RMB settlement under the current account amounted to 1.67 trillion yuan, and under direct investment, it was 0.58 trillion yuan. In May, cross-border RMB settlement under the current account totaled 1.67 trillion yuan, of which goods trade, services trade, and other current account items were 1.28 trillion yuan and 0.39 trillion yuan, respectively; cross-border RMB settlement under direct investment totaled 0.58 trillion yuan, consisting of 0.22 trillion yuan in outward direct investment and 0.36 trillion yuan in foreign direct investment. Recommended Reading: ] Latest financial data released: M2 and outstanding aggregate financing at end-February grew 8.7% and 9.0% YoY respectively. See how authoritative experts interpret this! ] Aggregate financing and new RMB loans hit second-highest level for the same period in history in the first two months; February M2 up 8.7% YoY ] In January 2024, new aggregate financing was 6.5 trillion yuan, new loans were 4.92 trillion yuan, and M2 grew 8.7% YoY ] PBOC: December aggregate financing increment was 1.94 trillion yuan, new RMB loans were 1.17 trillion yuan, M2 up 9.7% YoY ] PBOC: November aggregate financing increment was 2.45 trillion yuan, new RMB loans were 1.09 trillion yuan, M2 up 10% YoY ] November financial data released: The volume of aggregate financing continued to grow more YoY, and credit support for the real economy remained solid ] Will trillion-yuan government bonds "prop up" October money and credit data? Market expects overall strong aggregate financing but weak credit; RRR cut expectations still building ] PBOC: October aggregate financing increment was 1.85 trillion yuan, new RMB loans were 738.4 billion yuan, M2 up 10.3% YoY ] PBOC: September aggregate financing increment was 4.12 trillion yuan, new RMB loans were 2.31 trillion yuan, M2 up 10.3% YoY ] PBOC makes heavy-hitting remarks! Talking about China-US interest rate differentials, September financial data, mortgage rates on existing home loans... ] General Administration of Customs: China's imports and exports showed positive trends in the first three quarters; September hit a new single-month high for the year ] PPI and CPI data improved for three consecutive months; experts say price improvement further confirmed, expect the YoY improvement in PPI to continue ] NBS explains: September CPI was stable, PPI YoY decline narrowed for three consecutive months, both rose MoM ] September mobile phone export value doubled MoM; automobile export YoY growth continued to lead ] PBOC: August aggregate financing increment was 3.12 trillion yuan, new RMB loans were 1.36 trillion yuan, M2 up 10.6% YoY ] PBOC: Act when it's time to act, resolutely guard against the risk of exchange rate overshooting! USD/CNH plunged ] PBOC: August aggregate financing scale was 528.2 billion yuan, new RMB loans were 345.9 billion yuan, M2 up 10.7% YoY ] PBOC: June aggregate financing and new RMB loans far exceeded expectations, M2 up 11.3% YoY ] PBOC: May aggregate financing increment was 1.56 trillion yuan, 331.2 billion yuan more than the previous month ] PBOC: May RMB loans increased by 1.36 trillion yuan, with the previous figure at 718.8 billion yuan ] PBOC: May RMB deposits increased by 1.46 trillion yuan, 1.58 trillion yuan less than the same period last year ] PBOC: April aggregate financing increment was 1.22 trillion yuan, new RMB loans were 718.8 billion yuan, M2 up 12.4% YoY ] PBOC: Q1 RMB deposits increased by 15.39 trillion yuan, loans increased by 10.6 trillion yuan

According to PBOC data, preliminary statistics showed that the cumulative aggregate social financing (ASF) increment in the first four months of 2026 was 15.45 trillion yuan, 893 billion yuan less than the same period last year. Specifically, RMB loans to the real economy increased by 8.5 trillion yuan, down 129 billion yuan YoY; foreign currency loans to the real economy increased by 103.6 billion yuan in RMB equivalent, up 213.4 billion yuan YoY; entrusted loans decreased by 94.1 billion yuan, a YoY increase in decline of 99.4 billion yuan; trust loans increased by 300 million yuan, down 45.1 billion yuan YoY; undiscounted bankers' acceptances increased by 51.3 billion yuan, down 199.2 billion yuan YoY; net corporate bond financing was 1.5 trillion yuan, up 739.3 billion yuan YoY; net government bond financing was 4.45 trillion yuan, down 399 billion yuan YoY; domestic equity financing of non-financial enterprises was 200.8 billion yuan, up 65.5 billion yuan YoY. Financial Statistics Report for April 2026 I. Outstanding ASF Up 7.8% YoY Preliminary statistics showed that the outstanding ASF at the end of April 2026 was 45.689 trillion yuan, up 7.8% YoY. Specifically, outstanding RMB loans to the real economy were 27.69 trillion yuan (up 5.6% YoY); outstanding foreign currency loans to the real economy in RMB equivalent were 1.123 billion yuan (down 3.8% YoY); outstanding entrusted loans were 1.123 trillion yuan (down 0.1% YoY); outstanding trust loans were 467 billion yuan (up 7.4% YoY); outstanding undiscounted bankers' acceptances were 220 billion yuan (down 7.9% YoY); outstanding corporate bonds were 3.552 trillion yuan (up 8.3% YoY); outstanding government bonds were 9.937 trillion yuan (up 15.6% YoY); outstanding domestic equity of non-financial enterprises was 1.24 trillion yuan (up 4.6% YoY). In terms of structure, at the end of April, outstanding RMB loans to the real economy accounted for 60.6% of the outstanding ASF in the same period, down 1.3 percentage points YoY; outstanding foreign currency loans to the real economy in RMB equivalent accounted for 0.2%, down 0.1 percentage point YoY; outstanding entrusted loans accounted for 2.5%, down 0.2 percentage points YoY; outstanding trust loans accounted for 1%, flat YoY; outstanding undiscounted bankers' acceptances accounted for 0.5%, down 0.1 percentage point YoY; outstanding corporate bonds accounted for 7.8%, up 0.1 percentage point YoY; outstanding government bonds accounted for 21.7%, up 1.4 percentage points YoY; outstanding domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 percentage point YoY. II. Cumulative ASF Increment in the First Four Months Was 15.45 Trillion Yuan Preliminary statistics showed that the cumulative ASF increment in the first four months of 2026 was 15.45 trillion yuan, 893 billion yuan less than the same period last year. Among them, RMB loans to the real economy increased by 8.5 trillion yuan, down 1.29 trillion yuan YoY; foreign currency loans to the real economy increased by 103.6 billion yuan in RMB equivalent, up 213.4 billion yuan YoY; entrusted loans decreased by 94.1 billion yuan, down 99.4 billion yuan more YoY; trust loans increased by 300 million yuan, down 45.1 billion yuan YoY; undiscounted bankers' acceptances increased by 51.3 billion yuan, down 199.2 billion yuan YoY; net financing through corporate bonds was 1.5 trillion yuan, up 739.3 billion yuan YoY; net financing through government bonds was 4.45 trillion yuan, down 399 billion yuan YoY; domestic stock financing of non-financial enterprises was 200.8 billion yuan, up 65.5 billion yuan YoY. III. Broad Money Grew by 8.6% At the end of April, the balance of broad money (M2) was 35.304 trillion yuan, up 8.6% YoY. The balance of narrow money (M1) was 11.458 trillion yuan, up 5% YoY. The balance of currency in circulation (M0) was 1.475 trillion yuan, up 12.2% YoY. Net cash injection in the first four months was 653 billion yuan. IV. RMB Deposits Increased by 14 Trillion Yuan in the First Four Months At the end of April, the balance of domestic and foreign currency deposits was 35.057 trillion yuan, up 9% YoY. The month-end balance of RMB deposits was 34.268 trillion yuan, up 8.9% YoY. RMB deposits increased by 14 trillion yuan in the first four months. Among them, household deposits increased by 5.74 trillion yuan, non-financial enterprise deposits increased by 1.43 trillion yuan, fiscal deposits increased by 1.2 trillion yuan, and deposits of non-bank financial institutions increased by 4.5 trillion yuan. At the end of April, the balance of foreign currency deposits was $115 billion, up 19.9% YoY. Foreign currency deposits increased by $89.1 billion in the first four months. V. RMB Loans Increased by 8.59 Trillion Yuan in the First Four Months At the end of April, the balance of domestic and foreign currency loans was 28.429 trillion yuan, up 5.5% YoY. The month-end balance of RMB loans was 28.05 trillion yuan, up 5.6% YoY. RMB loans increased by 8.59 trillion yuan in the first four months. By sector, household loans decreased by 490.2 billion yuan, of which short-term loans decreased by 610.2 billion yuan and medium and long-term loans increased by 119.9 billion yuan; loans to enterprises and public institutions increased by 8.99 trillion yuan, of which short-term loans increased by 3.67 trillion yuan, medium and long-term loans increased by 5.01 trillion yuan, and bill financing increased by 142.9 billion yuan; loans to non-bank financial institutions decreased by 193.5 billion yuan. At the end of April, the balance of foreign currency loans was $55.15 billion, up 3.4% YoY. Foreign currency loans increased by $6.5 billion in the first four months. VI. In April, the Monthly Weighted Average Interest Rate of Interbank RMB Market Lending Was 1.29%, and the Monthly Weighted Average Interest Rate of Pledged Bond Repos Was 1.31% In April, the interbank RMB market recorded a combined turnover of 22.562 trillion yuan through lending, cash bond trading, and repos, with a daily average turnover of 1.074 trillion yuan, up 34% YoY. Among them, the daily average turnover of interbank lending was up 46% YoY, the daily average turnover of spot bond trading was up 22.1% YoY, and the daily average turnover of pledged repo was up 36.3% YoY. In April, the weighted average interest rate of interbank lending was 1.29%, down 0.09 and 0.44 percentage points from the previous month and the same period last year, respectively; the weighted average interest rate of pledged repo was 1.31%, down 0.09 and 0.41 percentage points from the previous month and the same period last year, respectively. VII. In April, Cross-Border RMB Settlement under Current Account Reached 1.77 Trillion Yuan, and Cross-Border RMB Settlement under Direct Investment Reached 670 Billion Yuan In April, cross-border RMB settlement under the current account totaled 1.77 trillion yuan, of which goods trade and services trade and other current account items accounted for 1.38 trillion yuan and 390 billion yuan, respectively; cross-border RMB settlement under direct investment totaled 670 billion yuan, of which outbound direct investment and foreign direct investment accounted for 260 billion yuan and 410 billion yuan, respectively. Recommended Reading:

[SMM Morning Meeting Minutes: Overseas Inventories Increase Slightly, LME Zinc Maintains Fluctuating Trend] Last Friday, LME zinc opened at $3,050/mt. In early trading, the price center fluctuated upward, reaching a high of $3,072/mt, then pulled back. During the night session, it once fell to $3,045.5/mt, before fluctuating and rebounding toward the session's close, ultimately settling up at $3,066.5/mt. This represented an increase of $15.5/mt compared to the previous trading day, a gain of 0.51%. Trading volume decreased to 91,783 lots, while open interest fell by 4,145 lots to 221,000 lots.

According to preliminary statistics from the central bank, the cumulative increase in social financing scale for the first three quarters of 2025 was 30.09 trillion yuan, 4.42 trillion yuan more than the same period last year. Specifically, RMB loans issued to the real economy increased by 14.54 trillion yuan, down 851.2 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 94.6 billion yuan, a lesser decline of 111.7 billion yuan YoY; entrusted loans decreased by 57.2 billion yuan, a greater decline of 41.7 billion yuan YoY; trust loans increased by 200.4 billion yuan, down 155.8 billion yuan YoY; undiscounted bankers' acceptances increased by 301.1 billion yuan, up 448.7 billion yuan YoY; net financing of corporate bonds was 1.57 trillion yuan, down 15.1 billion yuan YoY; net financing of government bonds was 11.46 trillion yuan, up 4.28 trillion yuan YoY; and domestic equity financing for non-financial enterprises was 316.8 billion yuan, up 146.3 billion yuan YoY. Data released by the central bank showed that at the end of September, the outstanding balance of loans in local and foreign currencies was 274.33 trillion yuan, up 6.5% YoY. The outstanding balance of RMB loans at month-end was 270.39 trillion yuan, up 6.6% YoY. RMB loans increased by 14.75 trillion yuan in the first three quarters. By sector, household loans increased by 110 billion yuan, of which, short-term loans decreased by 230.4 billion yuan, and medium and long-term loans increased by 133 billion yuan; loans to enterprises (and institutions) increased by 13.44 trillion yuan, of which, short-term loans increased by 453 billion yuan, medium and long-term loans increased by 829 billion yuan, and bill financing increased by 475.2 billion yuan; loans to non-banking financial institutions decreased by 112.1 billion yuan. At the end of September, the outstanding balance of foreign currency loans was $554.4 billion, down 5.3% YoY. Foreign currency loans increased by $12.3 billion in the first three quarters. Data released by the central bank showed that at the end of September, the outstanding balance of broad money (M2) was 335.38 trillion yuan, up 8.4% YoY. The outstanding balance of narrow money (M1) was 113.15 trillion yuan, up 7.2% YoY. The outstanding balance of currency in circulation (M0) was 13.58 trillion yuan, up 11.5% YoY. Net cash injection totaled 761.9 billion yuan in the first three quarters. Report on Financial Statistics for the First Three Quarters of 2025 I. Social Financing Stock Up 8.7% YoY Preliminary statistics indicate that the social financing stock at the end of September 2025 was 437.08 trillion yuan, up 8.7% YoY. Specifically, the outstanding balance of RMB loans issued to the real economy was 267.03 trillion yuan, up 6.4% YoY; the outstanding balance of foreign currency loans issued to the real economy, converted into RMB, was 1.18 trillion yuan, down 18% YoY; the outstanding balance of entrusted loans was 11.17 trillion yuan, down 0.7% YoY; the outstanding balance of trust loans was 4.5 trillion yuan, up 5.7% YoY; the outstanding balance of undiscounted bankers' acceptances was 2.44 trillion yuan, up 4.4% YoY; the outstanding balance of corporate bonds was 33.5 trillion yuan, up 4.5% YoY; the outstanding balance of government bonds was 92.55 trillion yuan, up 20.2% YoY; and the outstanding balance of domestic equity for non-financial enterprises was 12.04 trillion yuan, up 3.8% YoY. Structurally, at month-end September, the outstanding yuan loans issued to the real economy accounted for 61.1% of the outstanding aggregate financing to the real economy (AFRE) in the same period, down 1.3 percentage points YoY; the outstanding foreign currency loans issued to the real economy (converted into yuan) accounted for 0.3%, down 0.1 percentage points YoY; the outstanding entrusted loans accounted for 2.6%, down 0.2 percentage points YoY; the outstanding trust loans accounted for 1%, down 0.1 percentage points YoY; the outstanding bank acceptances not yet discounted accounted for 0.6%, flat YoY; the outstanding enterprise bonds accounted for 7.7%, down 0.3 percentage points YoY; the outstanding government bonds accounted for 21.2%, up 2.1 percentage points YoY; the outstanding domestic equity financing for non-financial enterprises accounted for 2.8%, down 0.1 percentage points YoY. II. Incremental AFRE totaled 30.09 trillion yuan in the first three quarters According to preliminary statistics, the incremental AFRE totaled 30.09 trillion yuan in the first three quarters of 2025, an increase of 4.42 trillion yuan over the same period of the previous year. Specifically, yuan loans issued to the real economy increased by 14.54 trillion yuan, a decrease of 851.2 billion yuan YoY; foreign currency loans issued to the real economy (converted into yuan) decreased by 94.6 billion yuan, a lesser decrease of 111.7 billion yuan YoY; entrusted loans decreased by 57.2 billion yuan, a greater decrease of 41.7 billion yuan YoY; trust loans increased by 200.4 billion yuan, a decrease of 155.8 billion yuan YoY; bank acceptances not yet discounted increased by 301.1 billion yuan, an increase of 448.7 billion yuan YoY; net financing of enterprise bonds was 1.57 trillion yuan, a decrease of 15.1 billion yuan YoY; net financing of government bonds was 11.46 trillion yuan, an increase of 4.28 trillion yuan YoY; domestic equity financing by non-financial enterprises was 316.8 billion yuan, an increase of 146.3 billion yuan YoY. III. Broad money grew by 8.4% At month-end September, the balance of broad money (M2) was 33.538 trillion yuan, up 8.4% YoY. The balance of narrow money (M1) was 11.315 trillion yuan, up 7.2% YoY. The balance of M0 was 1.358 trillion yuan, up 11.5% YoY. Net cash injections totaled 761.9 billion yuan in the first three quarters. IV. RMB deposits increased by 22.71 trillion yuan in the first three quarters At month-end September, the balance of total deposits in domestic and foreign currencies was 33.218 trillion yuan, up 8.3% YoY. The balance of RMB deposits was 32.494 trillion yuan, up 8% YoY. RMB deposits increased by 22.71 trillion yuan in the first three quarters. Specifically, household deposits increased by 12.73 trillion yuan, non-financial enterprise deposits increased by 1.53 trillion yuan, fiscal deposits increased by 1.37 trillion yuan, and non-banking financial institution deposits increased by 4.81 trillion yuan. At month-end September, the balance of foreign currency deposits was $1.02 trillion, up 20% YoY. Foreign currency deposits increased by $165.8 billion in the first three quarters. V. RMB loans increased by 14.75 trillion yuan in the first three quarters At the end of September, the outstanding balance of loans in both local and foreign currencies was 274.33 trillion yuan, up 6.5% YoY. The outstanding balance of RMB loans was 270.39 trillion yuan at month-end, up 6.6% YoY. RMB loans increased by 14.75 trillion yuan in the first three quarters. By sector, household loans increased by 1.1 trillion yuan (short-term loans decreased by 230.4 billion yuan, medium and long-term loans increased by 1.33 trillion yuan); loans to enterprises (and institutions) increased by 13.44 trillion yuan (short-term loans increased by 4.53 trillion yuan, medium and long-term loans increased by 8.29 trillion yuan, bill financing increased by 475.2 billion yuan); loans to non-banking financial institutions decreased by 112.1 billion yuan. At the end of September, the outstanding balance of foreign currency loans stood at $554.4 billion, down 5.3% YoY. Foreign currency loans increased by $12.3 billion in the first three quarters. VI. In September, the monthly weighted average interest rate for interbank RMB lending was 1.45%, and the monthly weighted average interest rate for pledged bond repurchase was 1.46%. In the first three quarters, the total turnover in the interbank RMB market conducted through lending, spot bond trading, and repurchase agreements reached 1,601.03 trillion yuan, with a daily average turnover of 8.56 trillion yuan, up 2.2% YoY. The daily average turnover of interbank lending decreased by 14.5% YoY, spot bond trading increased by 1% YoY, and pledged repurchase increased by 3.5% YoY. In September, the weighted average interest rate for interbank lending was 1.45%, 0.05 percentage points higher than the previous month and 0.33 percentage points lower than the same period last year. The weighted average interest rate for pledged repurchase was 1.46%, 0.05 percentage points higher than the previous month and 0.37 percentage points lower than the same period last year. VII. The balance of national foreign exchange reserves was $3.34 trillion At the end of September, the balance of national foreign exchange reserves was $3.34 trillion. At the end of September, the RMB exchange rate was 7.1055 yuan per US dollar. VIII. In the first three quarters, the cross-border RMB settlement amount under the current account was 13.06 trillion yuan, and the cross-border RMB settlement amount for direct investment was 6.04 trillion yuan. In the first three quarters, the cross-border RMB settlement amount under the current account was 13.06 trillion yuan (goods trade, service trade, and other current account items were 9.97 trillion yuan and 3.09 trillion yuan, respectively); the cross-border RMB settlement amount for direct investment was 6.04 trillion yuan (outbound direct investment and foreign direct investment were 2.17 trillion yuan and 3.87 trillion yuan, respectively). Recommended Reading:

Central bank data showed that the incremental aggregate financing to the real economy in the first eight months of 2025 reached 2.656 trillion yuan, up 466 billion yuan YoY. Specifically, RMB loans issued to the real economy increased by 1.293 trillion yuan, down 485.1 billion yuan YoY; foreign currency loans issued to the real economy (converted into RMB) decreased by 81.6 billion yuan, narrowing by 76.7 billion yuan YoY; entrusted loans decreased by 85.5 billion yuan, widening by 30.7 billion yuan YoY; trust loans increased by 194.2 billion yuan, down 161.4 billion yuan YoY; undiscounted bankers' acceptances decreased by 22.3 billion yuan, narrowing by 256.6 billion yuan YoY; net financing of corporate bonds was 1.56 trillion yuan, down 221.4 billion yuan YoY; net financing of government bonds was 1.027 trillion yuan, up 463 billion yuan YoY; and net financing of domestic equity by non-financial enterprises was 266.9 billion yuan, up 109.3 billion yuan YoY. Central bank data showed that RMB loans increased by 1.346 trillion yuan in the first eight months. By sector, household loans increased by 711 billion yuan, among which short-term loans decreased by 372.5 billion yuan, and medium and long-term loans increased by 108 billion yuan; loans to enterprises (and institutions) increased by 1.222 trillion yuan, among which short-term loans increased by 382 billion yuan, medium and long-term loans increased by 738 billion yuan, and bill financing increased by 877.8 billion yuan; loans to non-banking financial institutions increased by 122.7 billion yuan. Central bank data showed that the broad money (M2) balance was 33.198 trillion yuan at the end of August, up 8.8% YoY. The narrow money (M1) balance was 11.123 trillion yuan, up 6% YoY. The currency in circulation (M0) balance was 1.334 trillion yuan, up 11.7% YoY. Net cash injection totaled 520.8 billion yuan in the first eight months. Report on Financial Statistics for August 2025 I. Broad Money Grew by 8.8% At the end of August, the broad money (M2) balance was 33.198 trillion yuan, up 8.8% YoY. The narrow money (M1) balance was 11.123 trillion yuan, up 6% YoY. The currency in circulation (M0) balance was 1.334 trillion yuan, up 11.7% YoY. Net cash injection totaled 520.8 billion yuan in the first eight months. II. RMB Loans Increased by 1.346 Trillion Yuan in the First Eight Months At the end of August, the balance of loans in both local and foreign currencies was 27.302 trillion yuan, up 6.6% YoY. The balance of RMB loans was 26.91 trillion yuan, up 6.8% YoY. RMB loans increased by 1.346 trillion yuan in the first eight months. By sector, household loans increased by 711 billion yuan, among which short-term loans decreased by 372.5 billion yuan, and medium and long-term loans increased by 108 billion yuan; loans to enterprises (and institutions) increased by 1.222 trillion yuan, among which short-term loans increased by 382 billion yuan, medium and long-term loans increased by 738 billion yuan, and bill financing increased by 877.8 billion yuan; loans to non-banking financial institutions increased by 122.7 billion yuan. At the end of August, the outstanding balance of foreign currency loans was $551.7 billion, down 7.1% YoY. In the first eight months, foreign currency loans increased by $9.6 billion. III. In the first eight months, RMB deposits increased by 20.5 trillion yuan At the end of August, the outstanding balance of deposits in domestic and foreign currencies was 329.96 trillion yuan, up 8.8% YoY. The outstanding balance of RMB deposits at month-end was 322.73 trillion yuan, up 8.6% YoY. In the first eight months, RMB deposits increased by 20.5 trillion yuan. Among them, household deposits increased by 9.77 trillion yuan, deposits of non-financial enterprises increased by 610.6 billion yuan, fiscal deposits increased by 2.21 trillion yuan, and deposits of non-banking financial institutions increased by 5.87 trillion yuan. At the end of August, the outstanding balance of foreign currency deposits was $1.02 trillion, up 19.4% YoY. In the first eight months, foreign currency deposits increased by $165.4 billion. IV. In August, the monthly weighted average interest rate for interbank RMB market lending was 1.4%, and that for pledged bond repurchase was 1.41% In August, the total turnover in the interbank RMB market by means of lending, spot trading, and repurchase was 202.68 trillion yuan, with a daily average turnover of 9.65 trillion yuan, up 16.8% YoY. Among them, the daily average turnover of interbank lending increased by 1.5% YoY, that of spot trading increased by 20.1% YoY, and that of pledged repurchase increased by 17.2% YoY. In August, the weighted average interest rate for interbank lending was 1.4%, 0.05 and 0.37 percentage points lower than the previous month and the same period last year, respectively. The weighted average interest rate for pledged repurchase was 1.41%, 0.05 and 0.38 percentage points lower than the previous month and the same period last year, respectively. V. In August, the amount of cross-border RMB settlement under the current account was 1.47 trillion yuan, and that under direct investment was 0.61 trillion yuan In August, the amount of cross-border RMB settlement under the current account was 1.47 trillion yuan, of which trade in goods, trade in services, and other current account items were 1.11 trillion yuan and 0.36 trillion yuan, respectively. The amount of cross-border RMB settlement under direct investment was 0.61 trillion yuan, of which outbound direct investment and foreign direct investment were 0.24 trillion yuan and 0.37 trillion yuan, respectively. Statistical Report on the Incremental Data of Social Financing Scale for August 2025 Preliminary statistics show that the cumulative increment in social financing scale in the first eight months of 2025 was 26.56 trillion yuan, an increase of 4.66 trillion yuan over the same period last year. Among them, RMB loans issued to the real economy increased by 12.93 trillion yuan, a decrease of 485.1 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 81.6 billion yuan, a decrease of 76.7 billion yuan less YoY; entrusted loans decreased by 85.5 billion yuan, a decrease of 30.7 billion yuan more YoY; trust loans increased by 194.2 billion yuan, an increase of 161.4 billion yuan less YoY; undiscounted bankers' acceptances decreased by 22.3 billion yuan, a decrease of 256.6 billion yuan less YoY; net financing of corporate bonds was 1.56 trillion yuan, a decrease of 221.4 billion yuan YoY; net financing of government bonds was 10.27 trillion yuan, an increase of 4.63 trillion yuan YoY; equity financing by non-financial enterprises in the domestic market was 266.9 billion yuan, an increase of 109.3 billion yuan YoY. Statistical Report on Outstanding Social Financing Stock as of August 2025 Preliminary statistics show that the outstanding social financing stock reached 4,336.6 trillion yuan at the end of August 2025, up 8.8% YoY. Among them, the outstanding RMB loans issued to the real economy stood at 2,654.2 trillion yuan, up 6.6% YoY; the outstanding foreign currency loans issued to the real economy (converted into RMB) was 119 billion yuan, down 21% YoY; the outstanding entrusted loans was 1.115 trillion yuan, down 0.6% YoY; the outstanding trust loans was 449 billion yuan, up 5.5% YoY; the outstanding undiscounted bankers' acceptances was 212 billion yuan, down 4.1% YoY; the outstanding corporate bonds was 3.347 trillion yuan, up 3.7% YoY; the outstanding government bonds was 9.136 trillion yuan, up 21.1% YoY; the outstanding domestic shares of non-financial enterprises was 1.199 trillion yuan, up 3.4% YoY. By structure, at the end of August, the outstanding RMB loans issued to the real economy accounted for 61.2% of the outstanding social financing stock during the same period, down 1.2 percentage points YoY; the outstanding foreign currency loans issued to the real economy (converted into RMB) accounted for 0.3%, down 0.1 percentage points YoY; the outstanding entrusted loans accounted for 2.6%, down 0.2 percentage points YoY; the outstanding trust loans accounted for 1%, down 0.1 percentage points YoY; the outstanding undiscounted bankers' acceptances accounted for 0.5%, down 0.1 percentage points YoY; the outstanding corporate bonds accounted for 7.7%, down 0.4 percentage points YoY; the outstanding government bonds accounted for 21.1%, up 2.2 percentage points YoY; the outstanding domestic shares of non-financial enterprises accounted for 2.8%, down 0.1 percentage points YoY. Recommended Reading:

The financial statistics report for July released by the central bank showed that the incremental aggregate financing to the real economy in China from January to July was 23.99 trillion yuan, an increase of 5.12 trillion yuan compared to the same period last year. Specifically, RMB loans issued to the real economy increased by 12.31 trillion yuan, a decrease of 69.4 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 72.5 billion yuan, a decrease of 24.5 billion yuan less YoY; entrusted loans decreased by 68.9 billion yuan, an increase of 11.6 billion yuan more YoY; trust loans increased by 159.2 billion yuan, a decrease of 148 billion yuan YoY; undiscounted bank acceptance bills decreased by 219.6 billion yuan, a decrease of 124.3 billion yuan less YoY; net corporate bond financing was 1.43 trillion yuan, a decrease of 184.9 billion yuan YoY; net government bond financing was 8.9 trillion yuan, an increase of 4.88 trillion yuan YoY; and domestic equity financing by non-financial enterprises was 221.2 billion yuan, an increase of 76.7 billion yuan YoY. In the first seven months, RMB loans increased by 12.87 trillion yuan (RMB loans increased by 12.92 trillion yuan in H1). By sector, household loans increased by 680.7 billion yuan, including a decrease of 383 billion yuan in short-term loans and an increase of 1.06 trillion yuan in medium and long-term loans; loans to enterprises (institutions) increased by 11.63 trillion yuan, including an increase of 3.75 trillion yuan in short-term loans, an increase of 6.91 trillion yuan in medium and long-term loans, and an increase of 824.7 billion yuan in bill financing; and loans to non-banking financial institutions increased by 235.7 billion yuan. At the end of July, the balance of broad money (M2) was 329.94 trillion yuan, up 8.8% YoY. The balance of narrow money (M1) was 111.06 trillion yuan, up 5.6% YoY. The balance of currency in circulation (M0) was 13.28 trillion yuan, up 11.8% YoY. A net cash injection of 465.1 billion yuan was made in the first seven months. Financial Statistics Report for July 2025 I. Broad Money Grew by 8.8% At the end of July, the balance of broad money (M2) was 329.94 trillion yuan, up 8.8% YoY. The balance of narrow money (M1) was 111.06 trillion yuan, up 5.6% YoY. The balance of currency in circulation (M0) was 13.28 trillion yuan, up 11.8% YoY. A net cash injection of 465.1 billion yuan was made in the first seven months. II. RMB Loans Increased by 12.87 Trillion Yuan in the First Seven Months At the end of July, the balance of RMB and foreign currency loans was 272.48 trillion yuan, up 6.7% YoY. The balance of RMB loans at the month-end was 268.51 trillion yuan, up 6.9% YoY. In the first seven months, RMB loans increased by 12.87 trillion yuan. By sector, household loans increased by 680.7 billion yuan, including a decrease of 383 billion yuan in short-term loans and an increase of 1.06 trillion yuan in medium and long-term loans; loans to enterprises (institutions) increased by 11.63 trillion yuan, including an increase of 3.75 trillion yuan in short-term loans, an increase of 6.91 trillion yuan in medium and long-term loans, and an increase of 824.7 billion yuan in bill financing; and loans to non-banking financial institutions increased by 235.7 billion yuan. At month-end July, the outstanding balance of foreign currency loans was US$555.8 billion, down 8.1% YoY. In the first seven months, foreign currency loans increased by US$13.7 billion. III. RMB deposits increased by RMB18.44 trillion in the first seven months At month-end July, the outstanding balance of domestic and foreign currency deposits was RMB327.83 trillion, up 9% YoY. The outstanding balance of RMB deposits at month-end July was RMB320.67 trillion, up 8.7% YoY. In the first seven months, RMB deposits increased by RMB18.44 trillion. Specifically, household deposits increased by RMB9.66 trillion, non-financial corporate deposits increased by RMB310.9 billion, fiscal deposits increased by RMB2.02 trillion, and deposits of non-banking financial institutions increased by RMB469 billion. At month-end July, the outstanding balance of foreign currency deposits was US$1 trillion, up 20% YoY. In the first seven months, foreign currency deposits increased by US$148.9 billion. IV. In July, the weighted average monthly interbank offered rate in the RMB market was 1.45%, and the weighted average monthly pledged bond repo rate was 1.46%. In July, the total turnover of interbank RMB market transactions through interbank lending, cash bonds, and repos was RMB222.44 trillion, with a daily average turnover of RMB9.67 trillion, up 14.8% YoY. Specifically, the daily average turnover of interbank lending increased by 3.1% YoY, the daily average turnover of cash bonds increased by 2.8% YoY, and the daily average turnover of pledged repos increased by 18.6% YoY. In July, the weighted average interbank offered rate was 1.45%, 0.01 percentage point and 0.36 percentage point lower than the previous month and the same period last year, respectively. The weighted average pledged bond repo rate was 1.46%, 0.04 percentage point and 0.36 percentage point lower than the previous month and the same period last year, respectively. V. In July, the cross-border RMB settlement amount under current accounts was RMB1.57 trillion, and the cross-border RMB settlement amount under direct investment was RMB640 billion. In July, the cross-border RMB settlement amount under current accounts was RMB1.57 trillion, including RMB1.15 trillion for trade in goods, RMB420 billion for trade in services and other current accounts; the cross-border RMB settlement amount under direct investment was RMB640 billion, including RMB220 billion for outward direct investment and RMB420 billion for foreign direct investment. Report on Incremental Statistics of Social Financing Scale in July 2025 According to preliminary statistics, the cumulative incremental social financing scale in the first seven months of 2025 was RMB23.99 trillion, RMB5.12 trillion more than the same period last year. Specifically, RMB loans to the real economy increased by RMB12.31 trillion, RMB69.4 billion less YoY; foreign currency loans to the real economy, converted into RMB, decreased by RMB72.5 billion, RMB24.5 billion less YoY in reduction; entrusted loans decreased by RMB68.9 billion, RMB11.6 billion more YoY in reduction; trust loans increased by RMB159.2 billion, RMB148 billion less YoY in increase; undiscounted bank acceptance bills decreased by RMB219.6 billion, RMB124.3 billion less YoY in reduction; net corporate bond financing was RMB1.43 trillion, RMB184.9 billion less YoY; net government bond financing was RMB8.9 trillion, RMB488 billion more YoY; and domestic equity financing by non-financial enterprises was RMB221.2 billion, RMB76.7 billion more YoY. Report on Statistical Data of Outstanding Social Financing Scale as of July 2025 Preliminary statistics show that as of month-end July 2025, the outstanding social financing scale reached 431.26 trillion yuan, up 9% YoY. Among this, the balance of RMB loans issued to the real economy was 264.79 trillion yuan, up 6.8% YoY; the balance of foreign currency loans issued to the real economy, converted into RMB, was 1.21 trillion yuan, down 23.2% YoY; the balance of entrusted loans was 11.16 trillion yuan, down 0.4% YoY; the balance of trust loans was 4.46 trillion yuan, up 5.9% YoY; the balance of undiscounted bank acceptance bills was 1.92 trillion yuan, down 10.4% YoY; the balance of corporate bonds was 33.39 trillion yuan, up 3.8% YoY; the balance of government bonds was 89.99 trillion yuan, up 21.9% YoY; and the balance of domestic stocks of non-financial enterprises was 11.94 trillion yuan, up 3.2% YoY. From a structural perspective, as of month-end July, the balance of RMB loans issued to the real economy accounted for 61.4% of the outstanding social financing scale in the same period, 1.2 percentage points lower YoY; the balance of foreign currency loans issued to the real economy, converted into RMB, accounted for 0.3%, 0.1 percentage point lower YoY; the balance of entrusted loans accounted for 2.6%, 0.2 percentage point lower YoY; the balance of trust loans accounted for 1%, 0.1 percentage point lower YoY; the balance of undiscounted bank acceptance bills accounted for 0.4%, 0.1 percentage point lower YoY; the balance of corporate bonds accounted for 7.7%, 0.4 percentage point lower YoY; the balance of government bonds accounted for 20.9%, 2.2 percentage points higher YoY; and the balance of domestic stocks of non-financial enterprises accounted for 2.8%, 0.1 percentage point lower YoY. Recommended Readings:

According to preliminary statistics from the People's Bank of China (PBOC), the cumulative increment in aggregate social financing for H1 2025 reached 22.83 trillion yuan, an increase of 4.74 trillion yuan compared to the same period last year. Specifically, RMB loans issued to the real economy increased by 12.74 trillion yuan, up 279.6 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 63.8 billion yuan, with a larger decrease of 55.8 billion yuan YoY; entrusted loans decreased by 51.3 billion yuan, with a smaller decrease of 40.4 billion yuan YoY; trust loans increased by 144.3 billion yuan, with a smaller increase of 165.5 billion yuan YoY; undiscounted bank acceptance bills decreased by 55.7 billion yuan, with a smaller decrease of 180.8 billion yuan YoY; net corporate bond financing reached 1.15 trillion yuan, down 256.2 billion yuan YoY; net government bond financing reached 7.66 trillion yuan, up 4.32 trillion yuan YoY; and domestic stock financing by non-financial enterprises reached 170.7 billion yuan, up 49.3 billion yuan YoY. In H1, RMB loans increased by 12.92 trillion yuan. By sector, household loans increased by 1.17 trillion yuan, including a decrease of 3 billion yuan in short-term loans and an increase of 1.17 trillion yuan in medium and long-term loans; loans to enterprises (and institutions) increased by 11.57 trillion yuan, including an increase of 4.3 trillion yuan in short-term loans, an increase of 7.17 trillion yuan in medium and long-term loans, and a decrease of 46.4 billion yuan in bill financing; and loans to non-banking financial institutions increased by 33.1 billion yuan. PBOC data showed that at the end of June, the balance of broad money (M2) was 330.29 trillion yuan, up 8.3% YoY. The balance of narrow money (M1) was 113.95 trillion yuan, up 4.6% YoY. The balance of currency in circulation (M0) was 13.18 trillion yuan, up 12% YoY. In H1, the net cash injection was 363.3 billion yuan. Financial Statistics Report for H1 2025 I. Broad Money Growth at 8.3% At the end of June, the balance of broad money (M2) was 330.29 trillion yuan, up 8.3% YoY. The balance of narrow money (M1) was 113.95 trillion yuan, up 4.6% YoY. The balance of currency in circulation (M0) was 13.18 trillion yuan, up 12% YoY. In H1, the net cash injection was 363.3 billion yuan. II. RMB Loans Increased by 12.92 Trillion Yuan in H1 At the end of June, the balance of domestic and foreign currency loans was 272.57 trillion yuan, up 6.8% YoY. The balance of RMB loans at the end of the month was 268.56 trillion yuan, up 7.1% YoY. In H1, RMB loans increased by 12.92 trillion yuan. By sector, household loans increased by 1.17 trillion yuan, including a decrease of 3 billion yuan in short-term loans and an increase of 1.17 trillion yuan in medium and long-term loans; loans to enterprises (and institutions) increased by 11.57 trillion yuan, including an increase of 4.3 trillion yuan in short-term loans, an increase of 7.17 trillion yuan in medium and long-term loans, and a decrease of 46.4 billion yuan in bill financing; and loans to non-banking financial institutions increased by 33.1 billion yuan. At month-end June, the balance of foreign currency loans was US$560.9 billion, down 10.6% YoY. In H1, foreign currency loans increased by US$18.8 billion. III. RMB deposits increased by RMB17.94 trillion in H1 At month-end June, the balance of domestic and foreign currency deposits was RMB327.46 trillion, up 8.6% YoY. The balance of RMB deposits at month-end June was RMB320.17 trillion, up 8.3% YoY. RMB deposits increased by RMB17.94 trillion in H1. Specifically, household deposits increased by RMB10.77 trillion, non-financial corporate deposits increased by RMB1.77 trillion, fiscal deposits increased by RMB1.25 trillion, and deposits of non-banking financial institutions increased by RMB2.55 trillion. At month-end June, the balance of foreign currency deposits was US$1.02 trillion, up 21.7% YoY. In H1, foreign currency deposits increased by US$165.5 billion. IV. The monthly weighted average interbank offered rate in the RMB market was 1.46% in June, and the monthly weighted average pledged bond repo rate was 1.5%. In H1, the interbank RMB market saw a total turnover of RMB974.04 trillion through interbank lending, cash bonds, and repos, with a daily average turnover of RMB8.12 trillion, down 4.4% YoY. Specifically, the daily average turnover of interbank lending decreased by 24.7% YoY, the daily average turnover of cash bonds decreased by 2.9% YoY, and the daily average turnover of pledged repos decreased by 3.6% YoY. The weighted average interbank offered rate was 1.46% in June, 0.09 percentage points and 0.41 percentage points lower than the previous month and the same period last year, respectively. The weighted average pledged repo rate was 1.5%, 0.06 percentage points and 0.39 percentage points lower than the previous month and the same period last year, respectively. V. China's foreign exchange reserves stood at US$3.32 trillion At month-end June, China's foreign exchange reserves stood at US$3.32 trillion. At month-end June, the RMB exchange rate was 7.1586 RMB per US dollar. VI. The cross-border RMB settlement amount under current accounts was RMB8.3 trillion in H1, and the cross-border RMB settlement amount under direct investment was RMB4.11 trillion in H1 In H1, the cross-border RMB settlement amount under current accounts was RMB8.3 trillion, including RMB6.38 trillion for trade in goods, RMB1.92 trillion for trade in services, and other current accounts. The cross-border RMB settlement amount under direct investment was RMB4.11 trillion, including RMB1.46 trillion for outward direct investment and RMB2.65 trillion for foreign direct investment. Statistical Report on Incremental Social Financing Scale in H1 2025 Preliminary statistics show that the cumulative incremental social financing scale in H1 2025 was RMB22.83 trillion, an increase of RMB4.74 trillion compared with the same period last year. Among these, RMB loans extended to the real economy increased by 12.74 trillion yuan, up 279.6 billion yuan YoY; foreign currency loans extended to the real economy, converted into RMB, decreased by 63.8 billion yuan, with a larger decrease of 55.8 billion yuan YoY; entrusted loans decreased by 51.3 billion yuan, with a smaller decrease of 40.4 billion yuan YoY; trust loans increased by 144.3 billion yuan, with a smaller increase of 165.5 billion yuan YoY; undiscounted bank acceptance bills decreased by 55.7 billion yuan, with a smaller decrease of 180.8 billion yuan YoY; net corporate bond financing reached 1.15 trillion yuan, down 256.2 billion yuan YoY; net government bond financing reached 7.66 trillion yuan, up 4.32 trillion yuan YoY; and domestic stock financing by non-financial enterprises reached 170.7 billion yuan, up 49.3 billion yuan YoY. Report on the Statistical Data of the Outstanding Social Financing Scale in June 2025 According to preliminary statistics, the outstanding social financing scale at month-end June 2025 was 430.22 trillion yuan, up 8.9% YoY. Among these, the balance of RMB loans extended to the real economy was 265.22 trillion yuan, up 7% YoY; the balance of foreign currency loans extended to the real economy, converted into RMB, was 1.22 trillion yuan, down 26.6% YoY; the balance of entrusted loans was 11.18 trillion yuan, unchanged YoY; the balance of trust loans was 4.45 trillion yuan, up 5.5% YoY; the balance of undiscounted bank acceptance bills was 2.08 trillion yuan, down 7.4% YoY; the balance of corporate bonds was 33.13 trillion yuan, up 3.5% YoY; the balance of government bonds was 88.74 trillion yuan, up 21.3% YoY; and the balance of domestic stocks of non-financial enterprises was 11.89 trillion yuan, up 2.9% YoY. From a structural perspective, the balance of RMB loans extended to the real economy accounted for 61.6% of the outstanding social financing scale in the same period at month-end June, down 1.2 percentage points YoY; the balance of foreign currency loans extended to the real economy, converted into RMB, accounted for 0.3%, down 0.1 percentage point YoY; the balance of entrusted loans accounted for 2.6%, down 0.2 percentage point YoY; the balance of trust loans accounted for 1%, down 0.1 percentage point YoY; the balance of undiscounted bank acceptance bills accounted for 0.5%, down 0.1 percentage point YoY; the balance of corporate bonds accounted for 7.7%, down 0.4 percentage point YoY; the balance of government bonds accounted for 20.6%, up 2.1 percentage points YoY; and the balance of domestic stocks of non-financial enterprises accounted for 2.8%, down 0.1 percentage point YoY. Recommended Readings: 》PBOC: Social Financing Increased by 18.63 Trillion Yuan and New Loans Reached 10.68 Trillion Yuan from January to May, with M2 Up 7.9% YoY in May 》PBOC: Social Financing Increased by 16.34 Trillion Yuan and New Loans Reached 10.06 Trillion Yuan from January to April, with M2 Up 8% YoY in April 》Breaking Down April's Financial Data: Government and Corporate Bonds Boost Social Financing, with a Trending Shift in Credit Structure 》PBOC: Social Financing Increased by 15.18 Trillion Yuan and New RMB Loans Reached 9.78 Trillion Yuan in Q1, with M2 Up 7% YoY in March 》PBOC: Social Financing Increased by 9.29 Trillion Yuan and New RMB Loans Reached 6.14 Trillion Yuan in the First Two Months, with M2 Up 7% YoY in February 》PBOC: Social Financing Increased by 7.06 Trillion Yuan in January, with "Full-Throttle" Credit Extension and M2 Up 7% YoY in January 》PBOC: Cumulative Social Financing Increased by 32.26 Trillion Yuan in 2024, with M2 Up 7.3% YoY in December 》PBOC Makes a Significant Statement!Related to macroeconomic policies and support for the capital market... 》PBOC: New social financing in the first 11 months reached 29.4 trillion yuan, new loans reached 17.1 trillion yuan. M2 increased by 7.1% YoY in November 》PBOC: New social financing in the first 10 months reached 27.06 trillion yuan. M2 increased by 7.5% YoY in October 》Supportive tools for the capital market take effect, with M1 and M2 growth rates stabilizing and rebounding. Recent macroeconomic control ideas have been adaptively transforming 》September financial data released: Factors such as an increase in securities client margins drove a rebound in M2 growth rate, with social financing growth rate remaining generally stable 》PBOC: New social financing in the first 8 months reached 21.9 trillion yuan. M2 increased by 6.3% YoY in August 》PBOC: Maintaining price stability and promoting a mild rebound in prices are important considerations for monetary policy 》PBOC: Social financing increment in the first 7 months was 18.87 trillion yuan, with RMB loans increasing by 13.53 trillion yuan 》August financial data released: Is financial data still being "squeezed"? Expert interpretations are here! 》PBOC: Social financing increment in H1 was 18.1 trillion yuan, with RMB loans increasing by 13.27 trillion yuan. M2 increased by 6.2% YoY in June 》June financial data released: How to view the continued slowdown in the growth rate of some indicators? Authoritative experts discuss the "side effects" of the "scale obsession" in financial aggregates 》PBOC: Cumulative social financing increment in the first 5 months was 14.8 trillion yuan, with RMB loans increasing by 11.14 trillion yuan. M2 increased by 7% YoY in May 》Why is the May financial data worth paying attention to, given the optimization of social financing structure and the possible underestimation of M1 growth rate? 》PBOC: Cumulative social financing increment in the first four months was 12.73 trillion yuan, with RMB loans increasing by 10.19 trillion yuan. M2 increased by 7.2% YoY in April 》New social financing in Q1 reached 12.93 trillion yuan, with new RMB loans reaching 9.46 trillion yuan. M2 increased by 8.3% YoY in March 》With steady growth in social financing and a stable decline in financing costs, what impact did the regulation of idle funds and manual interest adjustments have on April's financial data? 》Latest financial data released: M2 and social financing stock increased by 8.7% and 9.0% YoY respectively at the end of February. Let's see how authoritative experts interpret it! 》Social financing and new RMB loans in the first two months reached the second-highest levels in the same period historically. M2 increased by 8.7% YoY in February 》In January 2024, new social financing reached 6.5 trillion yuan, with new loans reaching 4.92 trillion yuan. M2 increased by 8.7% YoY 》PBOC: Social financing increment in December was 1.94 trillion yuan, with new RMB loans reaching 1.17 trillion yuan. M2 increased by 9.7% YoY 》PBOC: Social financing increment in November was 2.45 trillion yuan, with new RMB loans reaching 1.09 trillion yuan. M2 increased by 10% YoY 》November financial data released: Social financing scale continues to increase YoY, with the strength of credit support for the real economy remaining stable 》Will trillion-yuan government bonds "prop up" October's monetary and credit data?Market expects strong aggregate financing but weak credit growth; RRR cut expectations continue to build PBOC: October aggregate financing increased by 1.85 trillion yuan, new RMB loans reached 738.4 billion yuan, M2 grew 10.3% YoY PBOC: September aggregate financing increased by 4.12 trillion yuan, new RMB loans reached 2.31 trillion yuan, M2 grew 10.3% YoY PBOC makes major announcement! Discusses Sino-US interest rate spread, September financial data, mortgage rate on existing home loans... GAC: China's imports and exports showed positive momentum in first three quarters; September marked the highest monthly value this year PPI and CPI data improved for three consecutive months; experts: price recovery confirmed, expect PPI YoY improvement to continue NBS interpretation: CPI remained stable in September; PPI YoY decline narrowed for three consecutive months, with both MoM increases Mobile phone export value doubled MoM in September; automobile exports maintained leading YoY growth rate PBOC: August aggregate financing increased by 3.12 trillion yuan, new RMB loans reached 136 billion yuan, M2 grew 10.6% YoY PBOC: Will take decisive action when needed to prevent RMB exchange rate overshooting! USD/CNH offshore rate plummets PBOC: August aggregate financing reached 528.2 billion yuan, new RMB loans reached 345.9 billion yuan, M2 grew 10.7% YoY PBOC: June aggregate financing and new RMB loans significantly exceeded expectations, M2 grew 11.3% YoYZ67/>PBOC: May aggregate financing increased by 1.56 trillion yuan, up 331.2 billion yuan from previous month PBOC: May RMB loans increased by 1.36 trillion yuan, compared with 718.8 billion yuan in previous period PBOC: May RMB deposits increased by 1.46 trillion yuan, YoY increase narrowed by 1.58 trillion yuan PBOC: April aggregate financing increased by 1.22 trillion yuan, new RMB loans reached 718.8 billion yuan, M2 grew 12.4% YoY PBOC: Q1 RMB deposits increased by 15.39 trillion yuan, loans increased by 10.6 trillion yuan [Breaking] February M2 growth hits 7-year high; new RMB loans and aggregate financing reach record highs for same period, exceeding expectations! January new RMB loans hit record high! M2 grew 12.6% YoY, new aggregate financing reached 5.98 trillion yuan