Preliminary statistics from the People's Bank of China show that in the first seven months of 2026, the cumulative increase in total social financing was 22.25 trillion yuan, 1.74 trillion yuan less than a year earlier. Specifically, RMB loans to the real economy increased by 10.17 trillion yuan, which was 2.14 trillion yuan less than the increase a year earlier; foreign-currency loans to the real economy, in RMB terms, increased by 169.4 billion yuan, which was 241.9 billion yuan more than the increase a year earlier; entrusted loans decreased by 81 billion yuan, which was 12.1 billion yuan larger than the decrease a year earlier; trust loans decreased by 67.2 billion yuan, which was 226.4 billion yuan larger than the decrease a year earlier; undiscounted bankers' acceptances decreased by 178.6 billion yuan, which was 41 billion yuan smaller than the decrease a year earlier; net financing through corporate bonds was 2.52 trillion yuan, which was 1.1 trillion yuan more than a year earlier; net financing through government bonds was 7.76 trillion yuan, which was 1.15 trillion yuan less than a year earlier; and domestic equity financing by non-financial enterprises was 406.1 billion yuan, which was 184.7 billion yuan more than a year earlier. RMB loans increased by 10.38 trillion yuan in the first seven months. By sector, household loans decreased by 827.1 billion yuan, of which short-term loans decreased by 928.1 billion yuan and medium and long-term loans increased by 101 billion yuan; loans to enterprises (including public institutions) increased by 11 trillion yuan, of which short-term loans increased by 4.34 trillion yuan, medium and long-term loans increased by 5.32 trillion yuan, and bill financing increased by 1.19 trillion yuan; loans to non-banking financial institutions decreased by 394.4 billion yuan. At end-July, the outstanding balance of broad money (M2) was 355.51 trillion yuan, up 7.7% YoY. The outstanding balance of narrow money (M1) was 115.46 trillion yuan, up 4% YoY. The outstanding balance of currency in circulation (M0) was 14.82 trillion yuan, up 11.6% YoY. Net cash injection in the first seven months was 725.5 billion yuan.
Financial Statistics Report for July 2026
1. Stock of Total Social Financing Rose 7.4% YoY
Preliminary statistics show that at end-July 2026, the stock of total social financing was 463.27 trillion yuan, up 7.4% YoY. Specifically, the outstanding balance of RMB loans to the real economy was 278.57 trillion yuan, up 5.2% YoY; the outstanding balance of foreign-currency loans to the real economy, in RMB terms, was 1.19 trillion yuan, down 1.7% YoY; entrusted loan balances were 11.24 trillion yuan, up 0.7% YoY; trust loan balances were 4.6 trillion yuan, up 3.2% YoY; undiscounted bankers' acceptance balances were 1.97 trillion yuan, up 2.7% YoY; corporate bond balances were 36.47 trillion yuan, up 9.2% YoY; government bond balances were 102.68 trillion yuan, up 14.1% YoY; and the balance of domestic equity financing by non-financial enterprises was 12.6 trillion yuan, up 5.5% YoY.
In terms of structure, at end-July, outstanding RMB loans to the real economy accounted for 60.1% of the stock of total social financing in the same period, down 1.3 percentage points YoY; foreign-currency loans to the real economy, in RMB terms, accounted for 0.3%, flat YoY; entrusted loans accounted for 2.4%, down 0.2 percentage points YoY; trust loans accounted for 1%, flat YoY; undiscounted bankers' acceptances accounted for 0.4%, flat YoY; corporate bonds accounted for 7.9%, up 0.2 percentage points YoY; government bonds accounted for 22.2%, up 1.3 percentage points YoY; and domestic equity financing by non-financial enterprises accounted for 2.7%, down 0.1 percentage points YoY.
II. The cumulative increment of aggregate financing to the real economy in the first seven months was 22.25 trillion yuan
Preliminary statistics show that in the first seven months of 2026, the cumulative increment of aggregate financing to the real economy was 22.25 trillion yuan, 1.74 trillion yuan less than the same period last year. Of this, RMB loans to the real economy increased by 10.17 trillion yuan, 2.14 trillion yuan less than the same period last year; foreign currency loans to the real economy, in RMB terms, increased by 169.4 billion yuan, 241.9 billion yuan more than the same period last year; entrusted loans decreased by 81 billion yuan, 12.1 billion yuan more of a decrease than the same period last year; trust loans decreased by 67.2 billion yuan, 226.4 billion yuan more of a decrease than the same period last year; undiscounted bankers' acceptances decreased by 178.6 billion yuan, 41 billion yuan less of a decrease than the same period last year; net corporate bond financing was 2.52 trillion yuan, 1.1 trillion yuan more than the same period last year; net government bond financing was 7.76 trillion yuan, 1.15 trillion yuan less than the same period last year; domestic equity financing by non-financial enterprises was 406.1 billion yuan, 184.7 billion yuan more than the same period last year.
III. Broad money (M2) grew 7.7%
At the end of July, the balance of broad money (M2) was 35.551 trillion yuan, up 7.7% YoY. The balance of narrow money (M1) was 11.546 trillion yuan, up 4% YoY. The balance of currency in circulation (M0) was 1.482 trillion yuan, up 11.6% YoY. In the first seven months, net cash injection was 725.5 billion yuan.
IV. RMB deposits increased by 1.779 trillion yuan in the first seven months
At the end of July, the balance of domestic and foreign currency deposits was 35.449 trillion yuan, up 8.1% YoY. At month-end, the balance of RMB deposits was 34.647 trillion yuan, up 8.1% YoY.
In the first seven months, RMB deposits increased by 1.779 trillion yuan. Of this, household deposits increased by 695 billion yuan, deposits of non-financial enterprises increased by 157 billion yuan, fiscal deposits increased by 195 billion yuan, and deposits of non-banking financial institutions increased by 576 billion yuan.
At the end of July, the balance of foreign currency deposits was $1.18 trillion, up 17.9% YoY. In the first seven months, foreign currency deposits increased by $121.2 billion.
V. RMB loans increased by 1.038 trillion yuan in the first seven months
At the end of July, the balance of domestic and foreign currency loans was 28.607 trillion yuan, up 5% YoY. At month-end, the balance of RMB loans was 28.229 trillion yuan, up 5.1% YoY.
In the first seven months, RMB loans increased by 1.038 trillion yuan. By sector, household loans decreased by 827.1 billion yuan, of which short-term loans decreased by 928.1 billion yuan and medium and long-term loans increased by 101 billion yuan; loans to enterprises and public institutions increased by 1.1 trillion yuan, of which short-term loans increased by 434 billion yuan, medium and long-term loans increased by 532 billion yuan, and bill financing increased by 119 billion yuan; loans to non-banking financial institutions decreased by 394.4 billion yuan.
At end-July, outstanding foreign currency loans stood at $556.9 billion, up 0.2% YoY. Foreign currency loans increased by $11.9 billion in the first seven months.
VI. In July, the monthly weighted average interest rate for interbank lending in the interbank RMB market was 1.4%, and the monthly weighted average pledged bond repo rate was 1.42%
In July, total trading in the interbank RMB market through interbank lending, cash bonds and repos reached 192.86 trillion yuan, with average daily trading of 8.39 trillion yuan, down 13.3% YoY. Among these, average daily trading in interbank lending, cash bonds and pledged repos fell 24.3%, 6.1% and 14.5% YoY, respectively.
In July, the weighted average interbank lending rate was 1.4%, down 0.01 percentage point MoM and 0.05 percentage point YoY; the weighted average pledged repo rate was 1.42%, down 0.01 percentage point MoM and 0.04 percentage point YoY.
VII. In July, cross-border RMB settlement under the current account amounted to 1.75 trillion yuan, and cross-border RMB settlement under direct investment amounted to 0.63 trillion yuan
In July, cross-border RMB settlement under the current account amounted to 1.75 trillion yuan, of which goods trade was 1.32 trillion yuan and services trade and other current account items were 0.43 trillion yuan; cross-border RMB settlement under direct investment amounted to 0.63 trillion yuan, of which outward direct investment and foreign direct investment were 0.22 trillion yuan and 0.41 trillion yuan, respectively.
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