According to preliminary statistics from the People's Bank of China, the stock of aggregate financing to the real economy (AFRE) stood at 462.06 trillion yuan at end-June 2026, while the cumulative flow of AFRE in H1 2026 reached 20.84 trillion yuan, up 7.4% YoY. RMB loans increased by 10.72 trillion yuan in H1. At end-June, broad money (M2) balance was 356.71 trillion yuan, up 8% YoY. Narrow money (M1) balance was 118.48 trillion yuan, up 4% YoY. Currency in circulation (M0) balance was 14.74 trillion yuan, up 11.8% YoY. Net cash injection in H1 amounted to 641.7 billion yuan.
Financial Statistics Report for H1 2026
I. Stock of AFRE up 7.4% YoY
Preliminary statistics show that the stock of AFRE at end-June 2026 reached 462.06 trillion yuan, up 7.4% YoY. Specifically, outstanding RMB loans to the real economy were 279.16 trillion yuan, up 5.3% YoY; outstanding foreign currency loans to the real economy (RMB equivalent) were 1.18 trillion yuan, down 2.9% YoY; entrusted loans were 11.24 trillion yuan, up 0.5% YoY; trust loans were 4.62 trillion yuan, up 4% YoY; undiscounted bankers' acceptances were 2.02 trillion yuan, down 2.8% YoY; corporate bonds outstanding were 36.08 trillion yuan, up 8.9% YoY; government bonds outstanding were 101.36 trillion yuan, up 14.2% YoY; and domestic equity of non-financial enterprises stood at 12.49 trillion yuan, up 5% YoY.
In terms of structure, at end-June, outstanding RMB loans to the real economy accounted for 60.4% of the total AFRE stock, down 1.2 percentage points YoY; foreign currency loans (RMB equivalent) accounted for 0.3%, flat YoY; entrusted loans accounted for 2.4%, down 0.2 ppt YoY; trust loans accounted for 1%, flat YoY; undiscounted bankers' acceptances accounted for 0.4%, down 0.1 ppt YoY; corporate bonds accounted for 7.8%, up 0.1 ppt YoY; government bonds accounted for 21.9%, up 1.3 ppt YoY; and domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 ppt YoY.
II. Cumulative AFRE Flow in H1 Reached 20.84 Trillion Yuan
Preliminary statistics show that the cumulative AFRE flow in H1 2026 was 20.84 trillion yuan, 2.02 trillion yuan less than the same period last year. In detail, new RMB loans to the real economy increased by 10.76 trillion yuan, 1.98 trillion yuan less YoY; foreign currency loans (RMB equivalent) to the real economy increased by 160.9 billion yuan, 224.7 billion yuan more YoY; entrusted loans decreased by 78.8 billion yuan, with the decline widening by 27.5 billion yuan YoY; trust loans decreased by 44.6 billion yuan, with the decline widening by 188.9 billion yuan YoY; undiscounted bankers' acceptances decreased by 125.6 billion yuan, with the decline widening by 69.8 billion yuan YoY; net corporate bond financing was 2.07 trillion yuan, 916.7 billion yuan more YoY; net government bond financing was 6.44 trillion yuan, 1.22 trillion yuan less YoY; and domestic equity financing by non-financial enterprises was 293.3 billion yuan, 122.4 billion yuan more YoY.
3. Broad Money Increased 8%
At the end of June, broad money (M2) balance stood at 356.71 trillion yuan, up 8% YoY. Narrow money (M1) balance stood at 118.48 trillion yuan, up 4% YoY. Currency in circulation (M0) balance stood at 14.74 trillion yuan, up 11.8% YoY. In H1, net cash injection into the economy was 641.7 billion yuan.
4. RMB Deposits Increased by 17.76 Trillion Yuan in H1
At the end of June, the balance of domestic and foreign currency deposits stood at 354.33 trillion yuan, up 8.2% YoY. At month-end, the balance of RMB deposits stood at 346.44 trillion yuan, up 8.2% YoY.
In H1, RMB deposits increased by 17.76 trillion yuan. Specifically, household deposits increased by 7.58 trillion yuan, non-financial enterprise deposits increased by 3.2 trillion yuan, fiscal deposits increased by 971.5 billion yuan, and deposits of non-banking financial institutions increased by 4.65 trillion yuan.
At the end of June, the balance of foreign currency deposits stood at $1.16 trillion, up 13.7% YoY. In H1, foreign currency deposits increased by $98 billion.
5. RMB Loans Increased by 10.72 Trillion Yuan in H1
At the end of June, the balance of domestic and foreign currency loans stood at 286.43 trillion yuan, up 5.1% YoY. At month-end, the balance of RMB loans stood at 282.63 trillion yuan, up 5.2% YoY.
In H1, RMB loans increased by 10.72 trillion yuan. By sector, household loans decreased by 366.8 billion yuan, with short-term loans decreasing by 588.1 billion yuan and medium and long-term loans increasing by 221.2 billion yuan; loans to enterprises (including public institutions) increased by 11.13 trillion yuan, with short-term loans increasing by 4.59 trillion yuan, medium and long-term loans increasing by 5.55 trillion yuan, and bill financing increasing by 814.3 billion yuan; loans to non-banking financial institutions decreased by 422.3 billion yuan.
At the end of June, the balance of foreign currency loans stood at $557.7 billion, down 0.6% YoY. In H1, foreign currency loans increased by $12.7 billion.
6. In June, the monthly weighted average interest rate for interbank RMB lending was 1.41%, and the monthly weighted average rate for pledged bond repos was 1.43%
In H1, the interbank RMB market saw a total transaction volume of 1,169.05 trillion yuan through lending, outright bond trading, and repos, with a daily average turnover of 9.74 trillion yuan, up 20% YoY. Of this, the daily average turnover for interbank lending increased 36% YoY, for outright bond trading increased 6.9% YoY, and for pledged repos increased 22.5% YoY.
In June, the weighted average interest rate for interbank lending was 1.41%, 0.1 percentage points higher than the previous month and 0.05 percentage points lower than the same period last year; the weighted average rate for pledged repos was 1.43%, 0.1 percentage points higher than the previous month and 0.07 percentage points lower than the same period last year.
VII. Balance of Foreign Exchange Reserves at $3.42 Trillion
At end-June, the balance of foreign exchange reserves stood at $3.42 trillion. At end-June, the RMB exchange rate was 6.8109 yuan per US dollar.
VIII. Cross-border RMB Settlement under the Current Account in H1 Amounted to 9.83 Trillion Yuan, and Direct Investment Cross-border RMB Settlement Reached 4.17 Trillion Yuan
In H1, cross-border RMB settlement under the current account amounted to 9.83 trillion yuan, of which goods trade and services trade & other current account items were 7.71 trillion yuan and 2.12 trillion yuan, respectively. Direct investment cross-border RMB settlement amounted to 4.17 trillion yuan, of which outward direct investment and foreign direct investment were 1.5 trillion yuan and 2.67 trillion yuan, respectively.
Recommended Reading:
January 2024 New Aggregate Financing 6.5 Trillion Yuan, New Loans 4.92 Trillion Yuan, M2 Up 8.7% YoY
NBS: September CPI Stable, PPI Decline Narrows for Third Straight Month, Both Up MoM
September Phone Exports Value Doubled MoM; Auto Exports YoY Growth Continued to Lead
PBoC: June Aggregate Financing, New RMB Loans Far Exceed Expectations; M2 Up 11.3% YoY
PBoC: May RMB Loans Rose 1.36 Trillion Yuan, Previous 718.8 Billion Yuan
PBoC: May RMB Deposits Rose 1.46 Trillion Yuan, Down 1.58 Trillion Yuan YoY
PBoC: Q1 RMB Deposits Rose 15.39 Trillion Yuan, Loans Rose 10.6 Trillion Yuan
![Central China Market Trading Atmosphere Turns Subdued, East China Purchasing Sentiment Weakens [SMM Spot Aluminum Midday Review]](https://imgqn.smm.cn/usercenter/wsCPG20251217171653.jpg)
![Futures edged lower today, and spot aluminum stabilized after weakness [SMM South China Aluminum Spot Daily Review]](https://imgqn.smm.cn/usercenter/kRRxA20251217171652.jpg)
