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).