Central Bank: From January to April, aggregate financing to the real economy increased by RMB 16.34 trillion, new RMB loans reached RMB 10.06 trillion, and M2 was up 8% YoY in April.

According to preliminary statistics,China's aggregate financing to the real economy (AFRE) increased by 16.34 trillion yuan from January to April, up 3.61 trillion yuan YoY, compared to 15.18 trillion yuan from January to March. Specifically, RMB loans issued to the real economy increased by 9.78 trillion yuan, up 339.7 billion yuan YoY. Foreign currency loans issued to the real economy, converted into RMB, decreased by 109.8 billion yuan, with a larger decrease of 231.1 billion yuan YoY. Entrusted loans increased by 5.3 billion yuan, up 95.9 billion yuan YoY. Trust loans increased by 45.4 billion yuan, with a smaller increase of 167.2 billion yuan YoY. Undiscounted bankers' acceptances increased by 250.6 billion yuan, up 149.4 billion yuan YoY. Net corporate bond financing reached 759.1 billion yuan, down 409.5 billion yuan YoY. Net government bond financing reached 4.85 trillion yuan, up 3.58 trillion yuan YoY. Domestic equity financing by non-financial enterprises reached 135.3 billion yuan, up 40.4 billion yuan YoY.China's new RMB loans reached 10.06 trillion yuan from January to April, with an estimate of 10.47 trillion yuan, compared to 9.77 trillion yuan from January to March. RMB loans increased by 10.06 trillion yuan in the first four months. By the end of April, the balance of RMB and foreign currency loans was 269.54 trillion yuan, up 6.8% YoY. The balance of RMB loans was 265.7 trillion yuan, up 7.2% YoY. By sector, household loans increased by 518.4 billion yuan, including a decrease of 241.6 billion yuan in short-term loans and an increase of 760.1 billion yuan in medium and long-term loans. Loans to enterprises (institutions) increased by 9.27 trillion yuan, including an increase of 3.03 trillion yuan in short-term loans, an increase of 5.83 trillion yuan in medium and long-term loans, and an increase of 289.9 billion yuan in bill financing. Loans to non-banking financial institutions increased by 76.8 billion yuan. By the end of April, the balance of foreign currency loans was 533.3 billion US dollars, down 18.1% YoY. Foreign currency loans decreased by 8.8 billion US dollars in the first four months. According to data from the People's Bank of China, by the end of April, the balance of broad money (M2) was 325.17 trillion yuan, up 8% YoY. The balance of narrow money (M1) was 109.14 trillion yuan, up 1.5% YoY. The balance of currency in circulation (M0) was 13.14 trillion yuan, up 12% YoY. Net cash injection in the first four months was 319.3 billion yuan.

Financial Statistics Report for April 2025

I. Broad Money Growth of 8%

By the end of April, the balance of broad money (M2) was 325.17 trillion yuan, up 8% YoY. The balance of narrow money (M1) was 109.14 trillion yuan, up 1.5% YoY. The balance of currency in circulation (M0) was 13.14 trillion yuan, up 12% YoY. Net cash injection in the first four months was 319.3 billion yuan.

II. RMB Loans Increased by 10.06 Trillion Yuan in the First Four Months

By the end of April, the balance of RMB and foreign currency loans was 269.54 trillion yuan, up 6.8% YoY. At month-end, the outstanding balance of RMB loans was RMB 265.7 trillion, up 7.2% YoY.

In the first four months, RMB loans increased by RMB 10.06 trillion. By sector, household loans increased by RMB 518.4 billion, including a decrease of RMB 241.6 billion in short-term loans and an increase of RMB 760.1 billion in medium and long-term loans. Loans to enterprises (and institutions) increased by RMB 9.27 trillion, including an increase of RMB 3.03 trillion in short-term loans, an increase of RMB 5.83 trillion in medium and long-term loans, and an increase of RMB 289.9 billion in bill financing. Loans to non-banking financial institutions increased by RMB 76.8 billion.

At the end of April, the outstanding balance of foreign currency loans was US$533.3 billion, down 18.1% YoY. In the first four months, foreign currency loans decreased by US$8.8 billion.

III. In the first four months, RMB deposits increased by RMB 12.55 trillion.

At the end of April, the outstanding balance of RMB and foreign currency deposits was RMB 321.68 trillion, up 8.2% YoY. The outstanding balance of RMB deposits at month-end was RMB 314.78 trillion, up 8% YoY.

In the first four months, RMB deposits increased by RMB 12.55 trillion. Among them, household deposits increased by RMB 7.83 trillion, non-financial corporate deposits increased by RMB 410.3 billion, fiscal deposits increased by RMB 1.19 trillion, and non-banking financial institution deposits increased by RMB 1.88 trillion.

At the end of April, the outstanding balance of foreign currency deposits was US$958.2 billion, up 16.1% YoY. In the first four months, foreign currency deposits increased by US$105.3 billion.

IV. In April, the monthly weighted average interbank offered rate in the RMB market was 1.73%, and the monthly weighted average repo rate for pledged bonds was 1.72%.

In April, the total turnover in the interbank RMB market through interbank lending, cash bonds, and repos was RMB 176.45 trillion, with a daily average turnover of RMB 8.02 trillion, down 4% YoY. Among them, the daily average turnover of interbank lending decreased by 25.2% YoY, the daily average turnover of cash bonds decreased by 7.5% YoY, and the daily average turnover of pledged repos decreased by 1.8% YoY.

In April, the weighted average interbank offered rate was 1.73%, 0.12 percentage points and 0.14 percentage points lower than the previous month and the same period last year, respectively. The weighted average repo rate for pledged bonds was 1.72%, 0.15 percentage points and 0.14 percentage points lower than the previous month and the same period last year, respectively.

V. In April, the cross-border RMB settlement amount under current accounts was RMB 1.51 trillion, and the cross-border RMB settlement amount under direct investment was RMB 720 billion.

In April, the cross-border RMB settlement amount under current accounts was RMB 1.51 trillion, including RMB 1.16 trillion for trade in goods, RMB 350 billion for trade in services, and other current accounts. The cross-border RMB settlement amount under direct investment was RMB 720 billion, including RMB 250 billion for outward direct investment and RMB 470 billion for foreign direct investment.

Statistical Data Report on Incremental Social Financing Scale in April 2025

Preliminary statistics indicate that the cumulative incremental social financing scale for the first four months of 2025 reached 16.34 trillion yuan, an increase of 3.61 trillion yuan compared to the same period last year. Specifically, RMB loans issued to the real economy increased by 9.78 trillion yuan, up 339.7 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 109.8 billion yuan, with a larger decrease of 231.1 billion yuan YoY; entrusted loans increased by 5.3 billion yuan, up 95.9 billion yuan YoY; trust loans increased by 45.4 billion yuan, with a smaller increase of 167.2 billion yuan YoY; undiscounted bankers' acceptances increased by 250.6 billion yuan, up 149.4 billion yuan YoY; net corporate bond financing amounted to 759.1 billion yuan, a decrease of 409.5 billion yuan YoY; net government bond financing reached 4.85 trillion yuan, up 3.58 trillion yuan YoY; and domestic stock financing by non-financial enterprises was 135.3 billion yuan, up 40.4 billion yuan YoY.

Statistical Data Report on Stock Social Financing Scale in April 2025

Preliminary statistics show that the stock social financing scale at the end of April 2025 was 424.0 trillion yuan, up 8.7% YoY. Among this, the outstanding balance of RMB loans issued to the real economy was 262.27 trillion yuan, up 7.1% YoY; the outstanding balance of foreign currency loans issued to the real economy, converted into RMB, was 1.18 trillion yuan, down 33.9% YoY; the outstanding balance of entrusted loans was 11.24 trillion yuan, up 0.5% YoY; the outstanding balance of trust loans was 4.35 trillion yuan, up 5.6% YoY; the outstanding balance of undiscounted bankers' acceptances was 2.39 trillion yuan, down 7.6% YoY; the outstanding balance of corporate bonds was 32.8 trillion yuan, up 3.2% YoY; the outstanding balance of government bonds was 85.93 trillion yuan, up 20.9% YoY; and the outstanding balance of domestic stocks of non-financial enterprises was 11.86 trillion yuan, up 2.9% YoY.

In terms of structure, the outstanding balance of RMB loans issued to the real economy accounted for 61.9% of the stock social financing scale at the end of April, a decrease of 0.9 percentage points YoY; the outstanding balance of foreign currency loans issued to the real economy, converted into RMB, accounted for 0.3%, a decrease of 0.2 percentage points YoY; the outstanding balance of entrusted loans accounted for 2.7%, a decrease of 0.2 percentage points YoY; the outstanding balance of trust loans accounted for 1%, a decrease of 0.1 percentage points YoY; the outstanding balance of undiscounted bankers' acceptances accounted for 0.6%, a decrease of 0.1 percentage points YoY; the outstanding balance of corporate bonds accounted for 7.7%, a decrease of 0.4 percentage points YoY; the outstanding balance of government bonds accounted for 20.3%, an increase of 2.1 percentage points YoY; and the outstanding balance of domestic stocks of non-financial enterprises accounted for 2.8%, a decrease of 0.2 percentage points YoY.

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