In the first three quarters, new total social financing reached 3.009 trillion, new loans amounted to 1.475 trillion, and M2 in September was up 8.4% YoY.

According to preliminary statistics from the central bank, the cumulative increase in social financing scale for the first three quarters of 2025 was 30.09 trillion yuan, 4.42 trillion yuan more than the same period last year. Specifically, RMB loans issued to the real economy increased by 14.54 trillion yuan, down 851.2 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 94.6 billion yuan, a lesser decline of 111.7 billion yuan YoY; entrusted loans decreased by 57.2 billion yuan, a greater decline of 41.7 billion yuan YoY; trust loans increased by 200.4 billion yuan, down 155.8 billion yuan YoY; undiscounted bankers' acceptances increased by 301.1 billion yuan, up 448.7 billion yuan YoY; net financing of corporate bonds was 1.57 trillion yuan, down 15.1 billion yuan YoY; net financing of government bonds was 11.46 trillion yuan, up 4.28 trillion yuan YoY; and domestic equity financing for non-financial enterprises was 316.8 billion yuan, up 146.3 billion yuan YoY.Data released by the central bank showed that at the end of September, the outstanding balance of loans in local and foreign currencies was 274.33 trillion yuan, up 6.5% YoY. The outstanding balance of RMB loans at month-end was 270.39 trillion yuan, up 6.6% YoY. RMB loans increased by 14.75 trillion yuan in the first three quarters. By sector, household loans increased by 110 billion yuan, of which, short-term loans decreased by 230.4 billion yuan, and medium and long-term loans increased by 133 billion yuan; loans to enterprises (and institutions) increased by 13.44 trillion yuan, of which, short-term loans increased by 453 billion yuan, medium and long-term loans increased by 829 billion yuan, and bill financing increased by 475.2 billion yuan; loans to non-banking financial institutions decreased by 112.1 billion yuan. At the end of September, the outstanding balance of foreign currency loans was $554.4 billion, down 5.3% YoY. Foreign currency loans increased by $12.3 billion in the first three quarters.Data released by the central bank showed that at the end of September, the outstanding balance of broad money (M2) was 335.38 trillion yuan, up 8.4% YoY. The outstanding balance of narrow money (M1) was 113.15 trillion yuan, up 7.2% YoY. The outstanding balance of currency in circulation (M0) was 13.58 trillion yuan, up 11.5% YoY. Net cash injection totaled 761.9 billion yuan in the first three quarters.

Report on Financial Statistics for the First Three Quarters of 2025

I. Social Financing Stock Up 8.7% YoY

Preliminary statistics indicate that the social financing stock at the end of September 2025 was 437.08 trillion yuan, up 8.7% YoY. Specifically, the outstanding balance of RMB loans issued to the real economy was 267.03 trillion yuan, up 6.4% YoY; the outstanding balance of foreign currency loans issued to the real economy, converted into RMB, was 1.18 trillion yuan, down 18% YoY; the outstanding balance of entrusted loans was 11.17 trillion yuan, down 0.7% YoY; the outstanding balance of trust loans was 4.5 trillion yuan, up 5.7% YoY; the outstanding balance of undiscounted bankers' acceptances was 2.44 trillion yuan, up 4.4% YoY; the outstanding balance of corporate bonds was 33.5 trillion yuan, up 4.5% YoY; the outstanding balance of government bonds was 92.55 trillion yuan, up 20.2% YoY; and the outstanding balance of domestic equity for non-financial enterprises was 12.04 trillion yuan, up 3.8% YoY.

Structurally, at month-end September, the outstanding yuan loans issued to the real economy accounted for 61.1% of the outstanding aggregate financing to the real economy (AFRE) in the same period, down 1.3 percentage points YoY; the outstanding foreign currency loans issued to the real economy (converted into yuan) 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 bank acceptances not yet discounted accounted for 0.6%, flat YoY; the outstanding enterprise bonds accounted for 7.7%, down 0.3 percentage points YoY; the outstanding government bonds accounted for 21.2%, up 2.1 percentage points YoY; the outstanding domestic equity financing for non-financial enterprises accounted for 2.8%, down 0.1 percentage points YoY.

II. Incremental AFRE totaled 30.09 trillion yuan in the first three quarters

According to preliminary statistics, the incremental AFRE totaled 30.09 trillion yuan in the first three quarters of 2025, an increase of 4.42 trillion yuan over the same period of the previous year. Specifically, yuan loans issued to the real economy increased by 14.54 trillion yuan, a decrease of 851.2 billion yuan YoY; foreign currency loans issued to the real economy (converted into yuan) decreased by 94.6 billion yuan, a lesser decrease of 111.7 billion yuan YoY; entrusted loans decreased by 57.2 billion yuan, a greater decrease of 41.7 billion yuan YoY; trust loans increased by 200.4 billion yuan, a decrease of 155.8 billion yuan YoY; bank acceptances not yet discounted increased by 301.1 billion yuan, an increase of 448.7 billion yuan YoY; net financing of enterprise bonds was 1.57 trillion yuan, a decrease of 15.1 billion yuan YoY; net financing of government bonds was 11.46 trillion yuan, an increase of 4.28 trillion yuan YoY; domestic equity financing by non-financial enterprises was 316.8 billion yuan, an increase of 146.3 billion yuan YoY.

III. Broad money grew by 8.4%

At month-end September, the balance of broad money (M2) was 33.538 trillion yuan, up 8.4% YoY. The balance of narrow money (M1) was 11.315 trillion yuan, up 7.2% YoY. The balance of M0 was 1.358 trillion yuan, up 11.5% YoY. Net cash injections totaled 761.9 billion yuan in the first three quarters.

IV. RMB deposits increased by 22.71 trillion yuan in the first three quarters

At month-end September, the balance of total deposits in domestic and foreign currencies was 33.218 trillion yuan, up 8.3% YoY. The balance of RMB deposits was 32.494 trillion yuan, up 8% YoY.

RMB deposits increased by 22.71 trillion yuan in the first three quarters. Specifically, household deposits increased by 12.73 trillion yuan, non-financial enterprise deposits increased by 1.53 trillion yuan, fiscal deposits increased by 1.37 trillion yuan, and non-banking financial institution deposits increased by 4.81 trillion yuan.

At month-end September, the balance of foreign currency deposits was $1.02 trillion, up 20% YoY. Foreign currency deposits increased by $165.8 billion in the first three quarters.

V. RMB loans increased by 14.75 trillion yuan in the first three quarters

At the end of September, the outstanding balance of loans in both local and foreign currencies was 274.33 trillion yuan, up 6.5% YoY. The outstanding balance of RMB loans was 270.39 trillion yuan at month-end, up 6.6% YoY.

RMB loans increased by 14.75 trillion yuan in the first three quarters. By sector, household loans increased by 1.1 trillion yuan (short-term loans decreased by 230.4 billion yuan, medium and long-term loans increased by 1.33 trillion yuan); loans to enterprises (and institutions) increased by 13.44 trillion yuan (short-term loans increased by 4.53 trillion yuan, medium and long-term loans increased by 8.29 trillion yuan, bill financing increased by 475.2 billion yuan); loans to non-banking financial institutions decreased by 112.1 billion yuan.

At the end of September, the outstanding balance of foreign currency loans stood at $554.4 billion, down 5.3% YoY. Foreign currency loans increased by $12.3 billion in the first three quarters.

VI. In September, the monthly weighted average interest rate for interbank RMB lending was 1.45%, and the monthly weighted average interest rate for pledged bond repurchase was 1.46%.

In the first three quarters, the total turnover in the interbank RMB market conducted through lending, spot bond trading, and repurchase agreements reached 1,601.03 trillion yuan, with a daily average turnover of 8.56 trillion yuan, up 2.2% YoY. The daily average turnover of interbank lending decreased by 14.5% YoY, spot bond trading increased by 1% YoY, and pledged repurchase increased by 3.5% YoY.

In September, the weighted average interest rate for interbank lending was 1.45%, 0.05 percentage points higher than the previous month and 0.33 percentage points lower than the same period last year. The weighted average interest rate for pledged repurchase was 1.46%, 0.05 percentage points higher than the previous month and 0.37 percentage points lower than the same period last year.

VII. The balance of national foreign exchange reserves was $3.34 trillion

At the end of September, the balance of national foreign exchange reserves was $3.34 trillion. At the end of September, the RMB exchange rate was 7.1055 yuan per US dollar.

VIII. In the first three quarters, the cross-border RMB settlement amount under the current account was 13.06 trillion yuan, and the cross-border RMB settlement amount for direct investment was 6.04 trillion yuan.

In the first three quarters, the cross-border RMB settlement amount under the current account was 13.06 trillion yuan (goods trade, service trade, and other current account items were 9.97 trillion yuan and 3.09 trillion yuan, respectively); the cross-border RMB settlement amount for direct investment was 6.04 trillion yuan (outbound direct investment and foreign direct investment were 2.17 trillion yuan and 3.87 trillion yuan, respectively).

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