Central Bank Data: Steady Growth in Financial Aggregates

Published: Jun 16, 2025 10:57

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The latest financial data released by the central bank showed that the growth rate of broad money supply (M2) remained basically stable, and the growth rate of total social financing maintained a relatively high level. At month-end May, the outstanding total social financing stood at 426.16 trillion yuan, up 8.7% YoY, 0.3 percentage points higher than the same period last year. In May, the incremental total social financing reached 2.29 trillion yuan, with an increase of 224.7 billion yuan YoY. M2 grew by 7.9% YoY, narrow money (M1) grew by 2.3% YoY, and the outstanding RMB loan balance grew by 7.1% YoY, remaining at around 8% after adjusting for the impact of local government debt replacement. Based on historical patterns, economic activities tend to be more active in June, leading to a corresponding increase in financing demand. It is expected that the growth of the total financial aggregate will remain stable in the next phase.

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