Central Bank: In H1, social financing increased by RMB 22.83 trillion, and new loans increased by RMB 12.92 trillion. In June, M2 was up 8.3% YoY.

According to preliminary statistics from the People's Bank of China (PBOC), the cumulative increment in aggregate social financing for H1 2025 reached 22.83 trillion yuan, an increase of 4.74 trillion yuan compared to the same period last year. Specifically, RMB loans issued to the real economy increased by 12.74 trillion yuan, up 279.6 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 63.8 billion yuan, with a larger decrease of 55.8 billion yuan YoY; entrusted loans decreased by 51.3 billion yuan, with a smaller decrease of 40.4 billion yuan YoY; trust loans increased by 144.3 billion yuan, with a smaller increase of 165.5 billion yuan YoY; undiscounted bank acceptance bills decreased by 55.7 billion yuan, with a smaller decrease of 180.8 billion yuan YoY; net corporate bond financing reached 1.15 trillion yuan, down 256.2 billion yuan YoY; net government bond financing reached 7.66 trillion yuan, up 4.32 trillion yuan YoY; and domestic stock financing by non-financial enterprises reached 170.7 billion yuan, up 49.3 billion yuan YoY. In H1, RMB loans increased by 12.92 trillion yuan. By sector, household loans increased by 1.17 trillion yuan, including a decrease of 3 billion yuan in short-term loans and an increase of 1.17 trillion yuan in medium and long-term loans; loans to enterprises (and institutions) increased by 11.57 trillion yuan, including an increase of 4.3 trillion yuan in short-term loans, an increase of 7.17 trillion yuan in medium and long-term loans, and a decrease of 46.4 billion yuan in bill financing; and loans to non-banking financial institutions increased by 33.1 billion yuan. PBOC data showed that at the end of June, the balance of broad money (M2) was 330.29 trillion yuan, up 8.3% YoY. The balance of narrow money (M1) was 113.95 trillion yuan, up 4.6% YoY. The balance of currency in circulation (M0) was 13.18 trillion yuan, up 12% YoY. In H1, the net cash injection was 363.3 billion yuan.

Financial Statistics Report for H1 2025

I. Broad Money Growth at 8.3%

At the end of June, the balance of broad money (M2) was 330.29 trillion yuan, up 8.3% YoY. The balance of narrow money (M1) was 113.95 trillion yuan, up 4.6% YoY. The balance of currency in circulation (M0) was 13.18 trillion yuan, up 12% YoY. In H1, the net cash injection was 363.3 billion yuan.

II. RMB Loans Increased by 12.92 Trillion Yuan in H1

At the end of June, the balance of domestic and foreign currency loans was 272.57 trillion yuan, up 6.8% YoY. The balance of RMB loans at the end of the month was 268.56 trillion yuan, up 7.1% YoY.

In H1, RMB loans increased by 12.92 trillion yuan. By sector, household loans increased by 1.17 trillion yuan, including a decrease of 3 billion yuan in short-term loans and an increase of 1.17 trillion yuan in medium and long-term loans; loans to enterprises (and institutions) increased by 11.57 trillion yuan, including an increase of 4.3 trillion yuan in short-term loans, an increase of 7.17 trillion yuan in medium and long-term loans, and a decrease of 46.4 billion yuan in bill financing; and loans to non-banking financial institutions increased by 33.1 billion yuan.

At month-end June, the balance of foreign currency loans was US$560.9 billion, down 10.6% YoY. In H1, foreign currency loans increased by US$18.8 billion.

III. RMB deposits increased by RMB17.94 trillion in H1

At month-end June, the balance of domestic and foreign currency deposits was RMB327.46 trillion, up 8.6% YoY. The balance of RMB deposits at month-end June was RMB320.17 trillion, up 8.3% YoY.

RMB deposits increased by RMB17.94 trillion in H1. Specifically, household deposits increased by RMB10.77 trillion, non-financial corporate deposits increased by RMB1.77 trillion, fiscal deposits increased by RMB1.25 trillion, and deposits of non-banking financial institutions increased by RMB2.55 trillion.

At month-end June, the balance of foreign currency deposits was US$1.02 trillion, up 21.7% YoY. In H1, foreign currency deposits increased by US$165.5 billion.

IV. The monthly weighted average interbank offered rate in the RMB market was 1.46% in June, and the monthly weighted average pledged bond repo rate was 1.5%.

In H1, the interbank RMB market saw a total turnover of RMB974.04 trillion through interbank lending, cash bonds, and repos, with a daily average turnover of RMB8.12 trillion, down 4.4% YoY. Specifically, the daily average turnover of interbank lending decreased by 24.7% YoY, the daily average turnover of cash bonds decreased by 2.9% YoY, and the daily average turnover of pledged repos decreased by 3.6% YoY.

The weighted average interbank offered rate was 1.46% in June, 0.09 percentage points and 0.41 percentage points lower than the previous month and the same period last year, respectively. The weighted average pledged repo rate was 1.5%, 0.06 percentage points and 0.39 percentage points lower than the previous month and the same period last year, respectively.

V. China's foreign exchange reserves stood at US$3.32 trillion

At month-end June, China's foreign exchange reserves stood at US$3.32 trillion. At month-end June, the RMB exchange rate was 7.1586 RMB per US dollar.

VI. The cross-border RMB settlement amount under current accounts was RMB8.3 trillion in H1, and the cross-border RMB settlement amount under direct investment was RMB4.11 trillion in H1

In H1, the cross-border RMB settlement amount under current accounts was RMB8.3 trillion, including RMB6.38 trillion for trade in goods, RMB1.92 trillion for trade in services, and other current accounts. The cross-border RMB settlement amount under direct investment was RMB4.11 trillion, including RMB1.46 trillion for outward direct investment and RMB2.65 trillion for foreign direct investment.

Statistical Report on Incremental Social Financing Scale in H1 2025

Preliminary statistics show that the cumulative incremental social financing scale in H1 2025 was RMB22.83 trillion, an increase of RMB4.74 trillion compared with the same period last year. Among these, RMB loans extended to the real economy increased by 12.74 trillion yuan, up 279.6 billion yuan YoY; foreign currency loans extended to the real economy, converted into RMB, decreased by 63.8 billion yuan, with a larger decrease of 55.8 billion yuan YoY; entrusted loans decreased by 51.3 billion yuan, with a smaller decrease of 40.4 billion yuan YoY; trust loans increased by 144.3 billion yuan, with a smaller increase of 165.5 billion yuan YoY; undiscounted bank acceptance bills decreased by 55.7 billion yuan, with a smaller decrease of 180.8 billion yuan YoY; net corporate bond financing reached 1.15 trillion yuan, down 256.2 billion yuan YoY; net government bond financing reached 7.66 trillion yuan, up 4.32 trillion yuan YoY; and domestic stock financing by non-financial enterprises reached 170.7 billion yuan, up 49.3 billion yuan YoY.

Report on the Statistical Data of the Outstanding Social Financing Scale in June 2025

According to preliminary statistics, the outstanding social financing scale at month-end June 2025 was 430.22 trillion yuan, up 8.9% YoY. Among these, the balance of RMB loans extended to the real economy was 265.22 trillion yuan, up 7% YoY; the balance of foreign currency loans extended to the real economy, converted into RMB, was 1.22 trillion yuan, down 26.6% YoY; the balance of entrusted loans was 11.18 trillion yuan, unchanged YoY; the balance of trust loans was 4.45 trillion yuan, up 5.5% YoY; the balance of undiscounted bank acceptance bills was 2.08 trillion yuan, down 7.4% YoY; the balance of corporate bonds was 33.13 trillion yuan, up 3.5% YoY; the balance of government bonds was 88.74 trillion yuan, up 21.3% YoY; and the balance of domestic stocks of non-financial enterprises was 11.89 trillion yuan, up 2.9% YoY.

From a structural perspective, the balance of RMB loans extended to the real economy accounted for 61.6% of the outstanding social financing scale in the same period at month-end June, down 1.2 percentage points YoY; the balance of foreign currency loans extended 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 0.2 percentage point YoY; the balance of trust loans accounted for 1%, down 0.1 percentage point YoY; the balance of undiscounted bank acceptance bills 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 20.6%, 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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