In the first eight months, new total social financing reached 2.656 trillion yuan, new loans amounted to 1.346 trillion yuan, and M2 was up 8.8% YoY in August.

Central bank data showed that the incremental aggregate financing to the real economy in the first eight months of 2025 reached 2.656 trillion yuan, up 466 billion yuan YoY. Specifically, RMB loans issued to the real economy increased by 1.293 trillion yuan, down 485.1 billion yuan YoY; foreign currency loans issued to the real economy (converted into RMB) decreased by 81.6 billion yuan, narrowing by 76.7 billion yuan YoY; entrusted loans decreased by 85.5 billion yuan, widening by 30.7 billion yuan YoY; trust loans increased by 194.2 billion yuan, down 161.4 billion yuan YoY; undiscounted bankers' acceptances decreased by 22.3 billion yuan, narrowing by 256.6 billion yuan YoY; net financing of corporate bonds was 1.56 trillion yuan, down 221.4 billion yuan YoY; net financing of government bonds was 1.027 trillion yuan, up 463 billion yuan YoY; and net financing of domestic equity by non-financial enterprises was 266.9 billion yuan, up 109.3 billion yuan YoY.

Central bank data showed that RMB loans increased by 1.346 trillion yuan in the first eight months. By sector, household loans increased by 711 billion yuan, among which short-term loans decreased by 372.5 billion yuan, and medium and long-term loans increased by 108 billion yuan; loans to enterprises (and institutions) increased by 1.222 trillion yuan, among which short-term loans increased by 382 billion yuan, medium and long-term loans increased by 738 billion yuan, and bill financing increased by 877.8 billion yuan; loans to non-banking financial institutions increased by 122.7 billion yuan.

Central bank data showed that the broad money (M2) balance was 33.198 trillion yuan at the end of August, up 8.8% YoY. The narrow money (M1) balance was 11.123 trillion yuan, up 6% YoY. The currency in circulation (M0) balance was 1.334 trillion yuan, up 11.7% YoY. Net cash injection totaled 520.8 billion yuan in the first eight months.

Report on Financial Statistics for August 2025

I. Broad Money Grew by 8.8%

At the end of August, the broad money (M2) balance was 33.198 trillion yuan, up 8.8% YoY. The narrow money (M1) balance was 11.123 trillion yuan, up 6% YoY. The currency in circulation (M0) balance was 1.334 trillion yuan, up 11.7% YoY. Net cash injection totaled 520.8 billion yuan in the first eight months.

II. RMB Loans Increased by 1.346 Trillion Yuan in the First Eight Months

At the end of August, the balance of loans in both local and foreign currencies was 27.302 trillion yuan, up 6.6% YoY. The balance of RMB loans was 26.91 trillion yuan, up 6.8% YoY.

RMB loans increased by 1.346 trillion yuan in the first eight months. By sector, household loans increased by 711 billion yuan, among which short-term loans decreased by 372.5 billion yuan, and medium and long-term loans increased by 108 billion yuan; loans to enterprises (and institutions) increased by 1.222 trillion yuan, among which short-term loans increased by 382 billion yuan, medium and long-term loans increased by 738 billion yuan, and bill financing increased by 877.8 billion yuan; loans to non-banking financial institutions increased by 122.7 billion yuan.

At the end of August, the outstanding balance of foreign currency loans was $551.7 billion, down 7.1% YoY. In the first eight months, foreign currency loans increased by $9.6 billion.

III. In the first eight months, RMB deposits increased by 20.5 trillion yuan

At the end of August, the outstanding balance of deposits in domestic and foreign currencies was 329.96 trillion yuan, up 8.8% YoY. The outstanding balance of RMB deposits at month-end was 322.73 trillion yuan, up 8.6% YoY.

In the first eight months, RMB deposits increased by 20.5 trillion yuan. Among them, household deposits increased by 9.77 trillion yuan, deposits of non-financial enterprises increased by 610.6 billion yuan, fiscal deposits increased by 2.21 trillion yuan, and deposits of non-banking financial institutions increased by 5.87 trillion yuan.

At the end of August, the outstanding balance of foreign currency deposits was $1.02 trillion, up 19.4% YoY. In the first eight months, foreign currency deposits increased by $165.4 billion.

IV. In August, the monthly weighted average interest rate for interbank RMB market lending was 1.4%, and that for pledged bond repurchase was 1.41%

In August, the total turnover in the interbank RMB market by means of lending, spot trading, and repurchase was 202.68 trillion yuan, with a daily average turnover of 9.65 trillion yuan, up 16.8% YoY. Among them, the daily average turnover of interbank lending increased by 1.5% YoY, that of spot trading increased by 20.1% YoY, and that of pledged repurchase increased by 17.2% YoY.

In August, the weighted average interest rate for interbank lending was 1.4%, 0.05 and 0.37 percentage points lower than the previous month and the same period last year, respectively. The weighted average interest rate for pledged repurchase was 1.41%, 0.05 and 0.38 percentage points lower than the previous month and the same period last year, respectively.

V. In August, the amount of cross-border RMB settlement under the current account was 1.47 trillion yuan, and that under direct investment was 0.61 trillion yuan

In August, the amount of cross-border RMB settlement under the current account was 1.47 trillion yuan, of which trade in goods, trade in services, and other current account items were 1.11 trillion yuan and 0.36 trillion yuan, respectively. The amount of cross-border RMB settlement under direct investment was 0.61 trillion yuan, of which outbound direct investment and foreign direct investment were 0.24 trillion yuan and 0.37 trillion yuan, respectively.

Statistical Report on the Incremental Data of Social Financing Scale for August 2025

Preliminary statistics show that the cumulative increment in social financing scale in the first eight months of 2025 was 26.56 trillion yuan, an increase of 4.66 trillion yuan over the same period last year. Among them, RMB loans issued to the real economy increased by 12.93 trillion yuan, a decrease of 485.1 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 81.6 billion yuan, a decrease of 76.7 billion yuan less YoY; entrusted loans decreased by 85.5 billion yuan, a decrease of 30.7 billion yuan more YoY; trust loans increased by 194.2 billion yuan, an increase of 161.4 billion yuan less YoY; undiscounted bankers' acceptances decreased by 22.3 billion yuan, a decrease of 256.6 billion yuan less YoY; net financing of corporate bonds was 1.56 trillion yuan, a decrease of 221.4 billion yuan YoY; net financing of government bonds was 10.27 trillion yuan, an increase of 4.63 trillion yuan YoY; equity financing by non-financial enterprises in the domestic market was 266.9 billion yuan, an increase of 109.3 billion yuan YoY.

Statistical Report on Outstanding Social Financing Stock as of August 2025

Preliminary statistics show that the outstanding social financing stock reached 4,336.6 trillion yuan at the end of August 2025, up 8.8% YoY. Among them, the outstanding RMB loans issued to the real economy stood at 2,654.2 trillion yuan, up 6.6% YoY; the outstanding foreign currency loans issued to the real economy (converted into RMB) was 119 billion yuan, down 21% YoY; the outstanding entrusted loans was 1.115 trillion yuan, down 0.6% YoY; the outstanding trust loans was 449 billion yuan, up 5.5% YoY; the outstanding undiscounted bankers' acceptances was 212 billion yuan, down 4.1% YoY; the outstanding corporate bonds was 3.347 trillion yuan, up 3.7% YoY; the outstanding government bonds was 9.136 trillion yuan, up 21.1% YoY; the outstanding domestic shares of non-financial enterprises was 1.199 trillion yuan, up 3.4% YoY.

By structure, at the end of August, the outstanding RMB loans issued to the real economy accounted for 61.2% of the outstanding social financing stock during the same period, down 1.2 percentage points YoY; the outstanding foreign currency loans issued to the real economy (converted into RMB) accounted for 0.3%, down 0.1 percentage points YoY; the outstanding entrusted loans accounted for 2.6%, down 0.2 percentage points YoY; the outstanding trust loans accounted for 1%, down 0.1 percentage points YoY; the outstanding undiscounted bankers' acceptances accounted for 0.5%, down 0.1 percentage points YoY; the outstanding corporate bonds accounted for 7.7%, down 0.4 percentage points YoY; the outstanding government bonds accounted for 21.1%, up 2.2 percentage points YoY; the outstanding domestic shares of non-financial enterprises accounted for 2.8%, down 0.1 percentage points YoY.

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