Central Bank: From January to May, the incremental aggregate financing to the real economy (AFE) was RMB 18.63 trillion, and new loans amounted to RMB 10.68 trillion. In May, M2 was up 7.9% YoY.

According to preliminary statistics from the People's Bank of China, China's aggregate financing to the real economy (AFRE) increased by 18.63 trillion yuan from January to May, compared to 16.3429 trillion yuan from January to April. New RMB loans reached 10.68 trillion yuan from January to May, lower than the estimated 10.9597 trillion yuan but higher than the 10.0597 trillion yuan from January to April. As of the end of May, the balance of broad money (M2) stood at 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months amounted to 306.4 billion yuan.

Financial Statistics Report for May 2025

I. Broad Money Grew by 7.9%

As of the end of May, the balance of broad money (M2) stood at 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months amounted to 306.4 billion yuan.

II. RMB Loans Increased by 10.68 Trillion Yuan in the First Five Months

As of the end of May, the balance of RMB and foreign currency loans was 270.2 trillion yuan, up 6.7% YoY. The balance of RMB loans was 266.32 trillion yuan, up 7.1% YoY.

RMB loans increased by 10.68 trillion yuan in the first five months. By sector, household loans increased by 572.4 billion yuan, including a decrease of 262.4 billion yuan in short-term loans and an increase of 834.7 billion yuan in medium and long-term loans. Loans to enterprises (institutions) increased by 9.8 trillion yuan, including an increase of 3.14 trillion yuan in short-term loans, 6.16 trillion yuan in medium and long-term loans, and 364.5 billion yuan in bill financing. Loans to non-banking financial institutions increased by 135.7 billion yuan.

As of the end of May, the balance of foreign currency loans was $539.4 billion, down 16.3% YoY. Foreign currency loans decreased by $2.7 billion in the first five months.

III. RMB Deposits Increased by 14.73 Trillion Yuan in the First Five Months

As of the end of May, the balance of RMB and foreign currency deposits was 324.08 trillion yuan, up 8.3% YoY. The balance of RMB deposits was 316.96 trillion yuan, up 8.1% YoY.

RMB deposits increased by 14.73 trillion yuan in the first five months. Specifically, household deposits increased by 8.3 trillion yuan, non-financial corporate deposits decreased by 7.3 billion yuan, fiscal deposits increased by 2.07 trillion yuan, and deposits of non-banking financial institutions increased by 3.07 trillion yuan.

As of the end of May, the balance of foreign currency deposits was $990.1 billion, up 19% YoY. Foreign currency deposits increased by $137.2 billion in the first five months.

IV. The Monthly Weighted Average Interbank Offered Rate and Pledged Bond Repo Rate in the RMB Interbank Market in May Were 1.55% and 1.56%, Respectively

In May, the total turnover in the RMB interbank market through interbank lending, cash bonds, and repos was 167.2 trillion yuan, with a daily average turnover of 8.8 trillion yuan, up 14.9% YoY. Among them, the daily average turnover of interbank lending decreased by 8.6% YoY, the daily average turnover of cash bonds increased by 5% YoY, and the daily average turnover of pledged repo increased by 19.1% YoY.

In May, the weighted average interest rate of interbank lending was 1.55%, which was 0.18 percentage points and 0.3 percentage points lower than the previous month and the same period last year, respectively. The weighted average interest rate of pledged repo was 1.56%, which was 0.16 percentage points and 0.26 percentage points lower than the previous month and the same period last year, respectively.

V. In May, the cross-border RMB settlement amount under current accounts was RMB 13.1 trillion, and the cross-border RMB settlement amount under direct investment was RMB 6.1 trillion.

In May, the cross-border RMB settlement amount under current accounts was RMB 13.1 trillion, including RMB 9.9 trillion for trade in goods, RMB 3.2 trillion for trade in services, and other current accounts; the cross-border RMB settlement amount under direct investment was RMB 6.1 trillion, including RMB 2 trillion for outward direct investment and RMB 4.1 trillion for foreign direct investment.

Report on Statistical Data of the Stock of Social Financing Scale in May 2025

Preliminary statistics showed that the cumulative increment of the social financing scale in the first five months of 2025 was RMB 186.3 trillion, an increase of RMB 38.3 trillion compared with the same period last year. Among them, RMB loans issued to the real economy increased by RMB 103.8 trillion, up RMB 112.3 billion YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by RMB 96.3 billion, with a larger decrease of RMB 169 billion YoY; entrusted loans decreased by RMB 11.3 billion, with a smaller decrease of RMB 80.2 billion YoY; trust loans increased by RMB 62.7 billion, with a smaller increase of RMB 172.3 billion YoY; unaccepted bankers' acceptances increased by RMB 134.3 billion, up RMB 166.2 billion YoY; net corporate bond financing was RMB 908.7 billion, a decrease of RMB 288.4 billion YoY; net government bond financing was RMB 6.31 trillion, up RMB 3.81 trillion YoY; and domestic equity financing by non-financial enterprises was RMB 150.4 billion, up RMB 44.4 billion YoY.

Report on Statistical Data of the Stock of Social Financing Scale in May 2025

Preliminary statistics showed that the stock of the social financing scale was RMB 426.16 trillion at the end of May 2025, up 8.7% YoY. Among them, the balance of RMB loans issued to the real economy was RMB 262.86 trillion, up 7% YoY; the balance of foreign currency loans issued to the real economy, converted into RMB, was RMB 1.19 trillion, down 31.5% YoY; the balance of entrusted loans was RMB 11.22 trillion, up 0.4% YoY; the balance of trust loans was RMB 4.36 trillion, up 5.4% YoY; the balance of unaccepted bankers' acceptances was RMB 2.27 trillion, down 7.4% YoY; the balance of corporate bonds was RMB 32.91 trillion, up 3.4% YoY; the balance of government bonds was RMB 87.39 trillion, up 20.9% YoY; and the balance of domestic equity of non-financial enterprises was RMB 11.87 trillion, up 2.9% YoY.

In terms of structure, the balance of RMB loans issued to the real economy accounted for 61.7% of the outstanding social financing stock in the same period at the end of May, down 1 percentage point YoY; the balance of foreign currency loans issued to the real economy, converted into RMB, accounted for 0.3%, down 0.1 percentage point YoY; the balance of entrusted loans accounted for 2.6%, down 0.3 percentage point YoY; the balance of trust loans accounted for 1%, down 0.1 percentage point YoY; the balance of undiscounted bankers' acceptances accounted for 0.5%, down 0.1 percentage point YoY; the balance of corporate bonds accounted for 7.7%, down 0.4 percentage point YoY; the balance of government bonds accounted for 20.5%, up 2.1 percentage points YoY; and the balance of domestic stocks of non-financial enterprises accounted for 2.8%, down 0.1 percentage point YoY.

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