China’s M2 rose +9.0% YoY (vs +8.4% YoY expected) in January, while total social financing stock grew +8.2% YoY, indicating steady liquidity and credit expansion.

• Social financing stock reached ¥449.11T (+8.2% YoY), including RMB loans to the real economy ¥273.3T (+6.1% YoY vs +6.2% YoY expected) and foreign currency loans ¥1.09T (-12.1% YoY), showing continued reliance on domestic lending over foreign borrowing.

• January social financing increased ¥7.22T (+¥166.2B YoY), with RMB loans contributing ¥4.9T (-¥317.8B YoY) and government bond financing ¥976.4B (+¥283.1B YoY), highlighting stronger public financing support.

• Government bonds outstanding totaled ¥95.9T (+17.3% YoY) and accounted for 21.4% of financing (+1.7pp YoY), while RMB loan share declined to 60.9% (-1.2pp YoY), indicating a shift in financing composition.

• RMB deposits rose ¥8.09T in January, with balances ¥336.77T (+9.9% YoY); household deposits +¥2.13T and corporate deposits +¥2.61T, reflecting broad deposit accumulation.

• RMB loans increased ¥4.71T in January; household loans +¥456.5B and enterprise loans +¥4.45T, showing credit growth concentrated in corporate borrowing.

• Interbank lending rates averaged 1.4% (+0.04pp MoM; -0.46pp YoY) and repo rates 1.43% (+0.03pp MoM; -0.73pp YoY), suggesting slightly firmer monthly but looser annual funding conditions.

• Cross-border RMB settlement totaled ¥1.49T for current account and ¥0.78T for direct investment, indicating ongoing international RMB transaction activity.

China’s M2 money supply rose +8.5% YoY (vs +8.0% YoY expected) to ¥340.29T at end-December 2025, signaling steady broad liquidity growth alongside continued credit expansion.

• The stock of social financing (TSF) ended 2025 at ¥442.12T (+8.3% YoY), including RMB loans to the real economy of ¥268.4T (+6.3% YoY) and foreign currency loans of ¥1.05T (-18.0% YoY).

• Government bonds outstanding reached ¥94.92T (+17.1% YoY) and accounted for 21.5% of TSF (+1.6pp YoY), while RMB loan share fell to 60.7% (-1.1pp YoY), indicating a shift in the composition of financing.

• Corporate bonds outstanding were ¥34.24T (+6.0% YoY), while entrusted loans were ¥11.35T (+1.3% YoY), trust loans were ¥4.67T (+8.6% YoY), and undiscounted bank acceptances were ¥2.15T (-0.3% YoY), showing mixed growth across non loan channels.

• The cumulative increase in TSF in 2025 was ¥35.6T, up ¥3.34T from the prior year; net government bond financing was ¥13.84T (+¥2.54T YoY) while RMB loans to the real economy rose ¥15.91T (-¥1.13T YoY).

• Broad money (M2) rose +8.5% YoY to ¥340.29T, while M1 rose +3.8% YoY to ¥115.51T and M0 rose +10.2% YoY to ¥14.13T, with net cash injection of ¥1.31T over the year.

• RMB deposits increased ¥26.41T in 2025 (households +¥14.64T, non financial enterprises +¥2.31T, fiscal deposits +¥0.658T, non bank financial institutions +¥6.41T), and foreign currency deposits rose to US$1.07T (+25% YoY).

• RMB loans increased ¥16.27T in 2025, led by enterprise lending (+¥15.47T), while household loans rose only +¥0.442T as short term household loans fell -¥0.835T and medium to long term household loans rose +¥1.28T.

• Interbank conditions eased in December, with the weighted average interbank lending rate at 1.36% (-0.06pp MoM, -0.21pp YoY) and pledged repo at 1.40% (-0.04pp MoM, -0.25pp YoY).

China’s M2 money supply rose +8.0% YoY in November 2025 to ¥336.99 trillion, down from +8.2% YoY in October, indicating steady liquidity growth alongside continued expansion in credit and bond financing.

• Outstanding loan growth was +6.4% YoY in November, reaching ¥271 trillion. slightly lower than +6.5% YoY in October.

• The stock of social financing reached ¥440.07 trillion (+8.5% YoY), with overall growth increasingly driven by government bond issuance rather than loan expansion.

• The balance of RMB loans to the real economy stood at ¥267.42 trillion (+6.3% YoY), while foreign currency loans declined to ¥1.13 trillion (-16.5% YoY), maintaining a clear divergence between domestic and FX credit.

• Government bond balances rose to ¥94.24 trillion (+18.8% YoY) and accounted for 21.4% of total social financing, up 1.8 ppts YoY, making them the largest single contributor to credit growth.

• Corporate bonds outstanding increased to ¥34.08 trillion (+5.6% YoY), while entrusted loans (+1.0% YoY), trust loans (+7.4% YoY), and undiscounted bank acceptances (+0.4% YoY) posted modest gains.

• Cumulative social financing in Jan–Nov totaled ¥33.39 trillion, up ¥3.99 trillion YoY, led by net government bond financing of ¥13.15 trillion and higher corporate bond issuance.

• RMB deposits increased ¥24.73 trillion in the first eleven months, driven mainly by households (+¥12.06 trillion) and non-bank financial institutions (+¥6.74 trillion), while foreign currency deposits rose +28.3% YoY to US$1.06 trillion.

• RMB loans expanded ¥15.36 trillion in Jan–Nov, almost entirely from enterprise lending (+¥14.4 trillion), while household short-term loans fell -¥732.8 billion, pointing to uneven sectoral loan demand.

• Interbank conditions remained stable, with the weighted average interbank lending rate at 1.42% and pledged repo at 1.44% in November, both slightly higher MoM but lower YoY, alongside cross-border RMB settlement totaling ¥2.20 trillion across current account and direct investment flows.

China’s broad M2 money supply rose +8.2% YoY (vs +8.1% YoY expected) in October 2025 to ¥335.13 trillion, down from +8.4% YoY in September, signaling stable overall liquidity conditions alongside firm growth in cash circulation and narrow money.

• The balance of RMB loans was ¥270.61 trillion yuan, up 6.5% YoY (vs 6.6% YoY expected), slightly slower than 6.6% YoY in September.
• The stock of social financing reached ¥437.72 trillion (+8.5% YoY), with RMB loans to the real economy up +6.3% YoY to ¥267.01 trillion and foreign currency loans down -16.9% YoY to ¥1.15 trillion.
• Government bond balances increased +19.2% YoY to ¥93.03 trillion, the strongest contributor to credit expansion, while corporate bonds rose +4.9% YoY to ¥33.68 trillion.
• Non-loan credit channels were mixed: trust loans grew +5.6% YoY and entrusted loans +1% YoY, while undiscounted bank acceptance bills declined -2.2% YoY.
• Cumulative social financing in Jan–Oct totaled ¥30.9 trillion, up ¥3.83 trillion YoY, driven largely by higher government bond net issuance (+¥3.72 trillion YoY) and stronger bill financing (+¥298.8 billion YoY).
• RMB deposits increased ¥23.32 trillion in the first ten months, led by households (+¥11.39 trillion) and non-bank financial institutions (+¥6.66 trillion), while foreign currency deposits rose +24.3% YoY to US$1.04 trillion.
• RMB loans expanded by ¥14.97 trillion in Jan–Oct, supported by enterprise lending (+¥13.79 trillion), whereas household short-term loans contracted -¥517 billion.
• Interbank funding costs continued to ease, with the weighted average lending rate at 1.39% and pledged repo at 1.40%, both down from September.
• Cross-border RMB settlements reached ¥1.41 trillion under the current account and ¥0.65 trillion in direct investment flows, indicating active trade and investment use of the currency.

China’s broad M2 money supply rose +8.4% YoY (vs +8.5% YoY expected) to ¥335.38 trillion at the end of September 2025, down from +8.8% YoY in August, showing stable liquidity growth supported by household savings and robust fiscal financing.

• The total social financing stock increased +8.7% YoY to ¥437.08 trillion, with strong government bond growth (+20.2% YoY) offsetting weaker corporate lending (+4.5% YoY) and falling foreign currency loans (-18% YoY).
• Total loan growth was +6.6% YoY (vs +6.7% YoY expected) in September, down from +6.8% YoY in August, as the credit expansion continues to slowly decelerate.
• RMB loans to the real economy expanded +6.4% YoY to ¥267.03 trillion, while trust loans rose +5.7% YoY and undiscounted bank acceptance bills were up +4.4% YoY.
• RMB loans rose ¥14.75 trillion in Jan-Sep, with enterprise lending (+¥13.44 trillion) the main driver and short-term household loans contracting ¥230 billion.
• The cumulative increase in social financing during Jan-Sep reached ¥30.09 trillion, up ¥4.42 trillion YoY, driven mainly by government bond net issuance of ¥11.46 trillion (+¥4.28 trillion YoY).
• Narrow money (M1) grew +7.2% YoY, and cash in circulation (M0) rose +11.5% YoY; net cash injection totaled ¥761.9 billion in the first three quarters.
• RMB deposits increased ¥22.71 trillion, led by household deposits (+¥12.73 trillion) and non-bank financial institutions (+¥4.81 trillion); foreign currency deposits climbed +20% YoY to US$1.02 trillion.
• Interbank lending rates remained low: the weighted average stood at 1.45% in September and pledged repo at 1.46%, both down roughly 0.35 ppts YoY, indicating ample liquidity.
• Foreign exchange reserves stood at US$3.34 trillion at the end of September, while the RMB exchange rate was 7.1055 per US dollar.
• Cross-border RMB settlements totaled ¥19.10 trillion in Jan-Sep, including ¥13.06 trillion under current accounts and ¥6.04 trillion from direct investments.

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).

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).

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.