PBoC Financial Statistics

Data Monetary Policy

Source: People’s Bank of China
Source Link: http://www.pbc.gov.cn/
Frequency: Monthly
Next Release(s): October 14th, 2025 4:00 AM

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China’s M2 money supply rose 8.8% YoY (vs 8.7% YoY expected) in August 2025, unchanged from July, while RMB loan growth slowed to 6.8% YoY (vs 6.9% YoY expected), reflecting softer credit expansion despite steady liquidity growth.
- Narrow money (M1) rose 6.0% YoY, while cash in circulation (M0) accelerated to +11.7% YoY, with ¥520.8 billion net cash invested YTD.
- RMB loans increased ¥590 billion (vs ¥800 billion expected) in August and ¥13.46 trillion YTD, led by enterprise lending (+¥12.22 trillion), while household loans rose only ¥711 billion as short-term credit contracted.
- RMB deposits expanded ¥20.5 trillion YTD, with household deposits (+¥9.77 trillion) and non-bank financial institutions (+¥5.87 trillion) the main drivers.
- Foreign currency loans fell -7.1% YoY, while foreign currency deposits surged +19.4% YoY, highlighting ongoing FX liquidity shifts.
- Interbank rates remained low: lending averaged 1.4% (-5 bps MoM; -37 bps YoY) and repo 1.41% (-5 bps MoM; -38 bps YoY), supporting ample liquidity conditions.
- Social financing stock reached ¥433.66 trillion (+8.8% YoY), with government bonds (+21.1% YoY) the strongest contributor, while corporate bond growth slowed (+3.7% YoY) and trust loans picked up (+5.5% YoY).
- Cumulative social financing rose ¥26.56 trillion YTD, up ¥4.66 trillion YoY, driven mainly by record government bond issuance (+¥10.27 trillion, +¥4.63 trillion YoY).
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China’s M2 money supply rose 8.8% YoY (vs 8.2% YoY expected) in July 2025, a strong acceleration from 8.3% YoY in June.
- RMB loan growth was 6.9% YoY in July, down from 7.1% YoY in June and below expectations of 7.0% YoY.
- On a YTD basis, total RMB loans were at ¥12.87 trillion, a decline of ¥0.05 trillion from the June YTD total.
- RMB deposits are up ¥18.44 trillion on a YTD basis, up ¥0.5 trillion from the June YTD total.
- Interbank lending rates averaged 1.45% (-1 bps MoM; -36 bps YoY) and pledged repo rates averaged 1.46% (-4 bps MoM; -36 bps YoY).
- Social financing stock reached ¥431.26 trillion (+9.0% YoY), an increase of ¥1.16 trillion over the June YTD total, with government bonds up +21.9% YoY and corporate bonds up +3.8% YoY.
- Cumulative social financing rose ¥23.99 trillion YTD, +¥5.12 trillion vs last year, mainly due to strong government bond issuance (+¥8.9 trillion, +¥4.88 trillion YoY).
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China’s M2 money supply was up 8.3% YoY in June, a significant acceleration from 7.9% YoY in May and above expectations of an 8.1% YoY increase.
- RMB loan growth was 7.1% YoY (vs 7.0% YoY expected) with the total balance of loans up to ¥268.56 trillion.
- New RMB loans in H1 totaled ¥12.92 trillion, with ¥11.57 trillion issued to enterprises and only ¥1.17 trillion to households; short-term household lending declined.
- Foreign currency loans dropped -10.6% YoY to $560.9 billion, though there was a net H1 increase of $18.8 billion.
- RMB deposits rose 8.3% YoY to ¥320.17 trillion, slowing from 8.1% YoY previously, with ¥10.77 trillion from households and ¥1.77 trillion from non-financial enterprises.
- Interbank RMB lending rates in June fell to 1.46% (-9 bps MoM) and pledged repo rates declined to 1.50% (-6 bps MoM), indicating looser liquidity conditions.
- Government bond net issuance totaled ¥7.66 trillion in H1 (+¥4.32 trillion YoY), accounting for the bulk of the ¥22.83 trillion increase in social financing.
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China’s M2 money supply rose 7.9% YoY in May, slightly below April’s 8.0% YoY pace and below the projection of an 8.1% YoY increase.
- RMB loan growth was 7.1% YoY (vs 7.2% YoY expected), with CNY 10.68 trillion in new loans year-to-date; household loans increased modestly while corporate loans drove most of the rise.
- Total new yuan loans in May was CNY 620 billion, up from CNY 280 billion but below expectations of CNY 850 billion in new loans.
- Total social financing in May was CNY 2,290 billion, up from CNY 1,160 billion and in line with expectations.
- Foreign currency loans fell -16.3% YoY to $539.4 billion, with a YTD decline of $2.7 billion.
- RMB deposits rose 8.1% YoY to CNY 316.96 trillion, led by CNY 8.3 trillion in household deposit growth.
- Interbank lending rates declined to 1.55% (-18 bps MoM), and pledged repo rates fell to 1.56% (-16 bps MoM).
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China’s M2 money supply was up 8.0% YoY in April, up from 7.0% YoY in March and above expectations of 7.3% YoY.
- Total loan growth was 7.2% YoY, slightly slower than 7.4% YoY previously and below expectations of 7.4% YoY.
- The total amount of new yuan loans at CNY 280 billion, down from CNY 3,640 billion in March and below the forecast of CNY 700 billion.
- The balance of foreign currency loans was $533.3 billion, down -18.1% YoY, as the total has fallen -$8.8 billion in the first four months of the year.
- Total social financing was up 8.7% YoY (up from 8.4% YoY previously) to CNY 424.0 trillion, increasing CNY 1,040 billion over the month.
- The balance of CNY loans to the real economy was up 7.1% YoY, and the balance of foreign currency loans to the real economy is down -33.9% YoY.
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China’s M2 money supply was up 7.0% YoY in March, unchanged from February and slightly below expectations of a 7.1% YoY increase.
- Total loan growth in China was 7.4% YoY, up from 7.3% YoY previously and slightly ahead of expectations of 7.3% YoY.
- The total amount of new yuan loans at CNY 3,640 billion, up from CNY 1,010 billion in February and slightly ahead of the forecast of CNY 3 billion.
- The balance of foreign currency loans was $535.7 billion, a drop of -20.1% YoY.
- Total social financing was up 8.4% YoY (vs 8.2% YoY previously) to CNY 422.96 trillion, a month-over-month increase of CNY 5.67 trillion.
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China’s M2 money supply was up 7.0% YoY in February, in line with expectations and unchanged from January.
- Total loan growth was 7.3% YoY, slightly below expectations of growth of 7.3% YoY and down from 7.5% YoY previously.
- New loans in February totaled CNY1.01 trillion, slightly below expectations of CNY1.28 trillion.
- Total RMB deposits were up 7.0% YoY, and total deposits including foreign currencies were up 7.1% YoY.
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China’s M2 money supply increased 7.3% YoY in December, in line with expectations and up from 7.1% YoY in November. Total loan growth was 7.6% YoY, also in line with expectations. Total yuan loan growth for 2024 was CNY18.09 trillion, an increase of CNY990 billion in December.

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