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.