Preliminary statistics from the People's Bank of China show that in the first eight months of 2026, the cumulative increase in aggregate financing to the real economy was 23.91 trillion yuan, down 2.64 trillion yuan from the same period last year. Specifically, RMB loans to the real economy increased by 10.23 trillion yuan, down 2.71 trillion yuan YoY; foreign currency loans to the real economy, in RMB terms, increased by 210.3 billion yuan, up 291.9 billion yuan YoY; entrusted loans decreased by 58.2 billion yuan, a smaller decline of 27.3 billion yuan YoY; trust loans decreased by 90.5 billion yuan, a larger decline of 284.7 billion yuan YoY; undiscounted bankers' acceptances decreased by 140.4 billion yuan, a larger decline of 118.1 billion yuan YoY; net corporate bond financing was 2.79 trillion yuan, up 1.23 trillion yuan YoY; net government bond financing was 8.77 trillion yuan, down 1.5 trillion yuan YoY; and domestic equity financing by non-financial enterprises was 470 billion yuan, up 203.1 billion yuan YoY. In the first eight months, RMB loans increased by 10.44 trillion yuan. By sector, household loans decreased by 1.03 trillion yuan, of which short-term loans decreased by 1.05 trillion yuan and medium and long-term loans increased by 18.8 billion yuan; loans to enterprises and public institutions increased by 11.26 trillion yuan, of which short-term loans increased by 4.18 trillion yuan, medium and long-term loans increased by 5.64 trillion yuan, and bill financing increased by 1.29 trillion yuan; loans to non-banking financial institutions decreased by 438 billion yuan. Data released by the People's Bank of China show that at end-August, the outstanding balance of broad money (M2) was 356.81 trillion yuan, up 7.5% YoY. The outstanding balance of narrow money (M1) was 115.77 trillion yuan, up 4.1% YoY. The outstanding balance of currency in circulation (M0) was 14.83 trillion yuan, up 11.2% YoY. Net cash injection in the first eight months was 736.4 billion yuan.
Financial Statistics Report for August 2026
I. Outstanding Aggregate Financing to the Real Economy Up 7.2% YoY
Preliminary statistics show that at end-August 2026, the outstanding aggregate financing to the real economy was 464.8 trillion yuan, up 7.2% YoY. Specifically, the outstanding balance of RMB loans to the real economy was 278.63 trillion yuan, up 5% YoY; the outstanding balance of foreign currency loans to the real economy, in RMB terms, was 1.23 trillion yuan, up 3.1% YoY; the outstanding balance of entrusted loans was 11.26 trillion yuan, up 1% YoY; the outstanding balance of trust loans was 4.58 trillion yuan, up 1.9% YoY; the outstanding balance of undiscounted bankers' acceptances was 2.01 trillion yuan, down 5.1% YoY; the outstanding balance of corporate bonds was 36.71 trillion yuan, up 9.7% YoY; the outstanding balance of government bonds was 103.69 trillion yuan, up 13.5% YoY; and the outstanding balance of domestic equity of non-financial enterprises was 12.67 trillion yuan, up 5.7% YoY.
From a structural perspective, at end-August, the outstanding balance of RMB loans to the real economy accounted for 59.9% of the outstanding aggregate financing to the real economy, down 1.3 percentage points YoY; the outstanding balance of foreign currency loans to the real economy, in RMB terms, accounted for 0.3%, flat YoY; the outstanding balance of entrusted loans accounted for 2.4%, down 0.2 percentage points YoY; the outstanding balance of trust loans accounted for 1%, flat YoY; the outstanding balance of undiscounted bankers' acceptances accounted for 0.4%, down 0.1 percentage points YoY; the outstanding balance of corporate bonds accounted for 7.9%, up 0.2 percentage points YoY; the outstanding balance of government bonds accounted for 22.3%, up 1.2 percentage points YoY; and the outstanding balance of domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 percentage points YoY.
II. The cumulative increase in the stock of aggregate financing to the real economy (AFRE) in the first eight months was RMB23.91 trillion
According to preliminary statistics, the cumulative increase in the stock of AFRE in the first eight months of 2026 was RMB23.91 trillion, a decrease of RMB2.64 trillion from the same period last year. Specifically, RMB loans to the real economy increased by RMB10.23 trillion, down RMB2.71 trillion YoY; foreign currency-denominated loans to the real economy (RMB equivalent) increased by RMB210.3 billion, up RMB291.9 billion YoY; entrusted loans decreased by RMB58.2 billion, a smaller decline of RMB27.3 billion YoY; trust loans decreased by RMB90.5 billion, a larger decline of RMB284.7 billion YoY; undiscounted bankers’ acceptances decreased by RMB140.4 billion, a larger decline of RMB118.1 billion YoY; net financing of corporate bonds was RMB2.79 trillion, up RMB1.23 trillion YoY; net financing of government bonds was RMB8.77 trillion, down RMB1.5 trillion YoY; and domestic equity financing by non-financial enterprises was RMB470 billion, up RMB203.1 billion YoY.
III. Broad money grew by 7.5 percent
At end-August, broad money (M2) outstanding stood at RMB356.81 trillion, up 7.5 percent YoY. Narrow money (M1) outstanding stood at RMB115.77 trillion, up 4.1 percent YoY. Currency in circulation (M0) outstanding stood at RMB14.83 trillion, up 11.2 percent YoY. In the first eight months, net cash injection amounted to RMB736.4 billion.
IV. RMB deposits increased by RMB18.99 trillion in the first eight months
At end-August, outstanding deposits denominated in domestic and foreign currencies stood at RMB355.77 trillion, up 7.8 percent YoY. At month-end, RMB deposit outstanding stood at RMB347.67 trillion, up 7.7 percent YoY.
In the first eight months, RMB deposits increased by RMB18.99 trillion. Specifically, household deposits increased by RMB6.99 trillion, deposits of non-financial enterprises increased by RMB1.85 trillion, fiscal deposits increased by RMB2.06 trillion, and deposits of non-banking financial institutions increased by RMB6.32 trillion.
At end-August, outstanding foreign currency deposits stood at USD1.19 trillion, up 17.3 percent YoY. In the first eight months, foreign currency deposits increased by USD134.2 billion.
V. RMB loans increased by RMB10.44 trillion in the first eight months
At end-August, outstanding loans denominated in domestic and foreign currencies stood at RMB286.15 trillion, up 4.8 percent YoY. At month-end, RMB loan outstanding stood at RMB282.35 trillion, up 4.9 percent YoY.
In the first eight months, RMB loans increased by RMB10.44 trillion. By sector, household loans decreased by RMB1.03 trillion, of which short-term loans decreased by RMB1.05 trillion and medium and long-term loans increased by RMB18.8 billion; loans to enterprises and public institutions increased by RMB11.26 trillion, of which short-term loans increased by RMB4.18 trillion, medium and long-term loans increased by RMB5.64 trillion, and bill financing increased by RMB1.29 trillion; and loans to non-banking financial institutions decreased by RMB438 billion.
At end-August, outstanding foreign currency loans stood at $560.2 billion, up 1.5% YoY. Foreign currency loans increased by $15.1 billion in the first eight months.
VI. In August, the monthly weighted average interest rate for interbank lending in the interbank RMB market was 1.38%, and the monthly weighted average interest rate for pledged repo was 1.4%
In August, the interbank RMB market saw a total transaction volume of RMB177.41 trillion across lending, outright bonds, and repos, with a daily average of RMB8.45 trillion, down 12.5% YoY. Specifically, the daily average interbank lending volume fell 24.6% YoY, the daily average outright bond volume rose 2.3% YoY, and the daily average pledged repo volume fell 15.1% YoY.
In August, the weighted average interest rate for interbank lending was 1.38%, down 0.02 percentage points from the previous month and down 0.02 percentage points from the same period last year; the weighted average interest rate for pledged repo was 1.4%, down 0.02 percentage points from the previous month and down 0.01 percentage points from the same period last year.
VII. In August, cross-border RMB settlement under the current account amounted to RMB1.7 trillion, and cross-border RMB settlement for direct investment amounted to RMB0.6 trillion
In August, cross-border RMB settlement under the current account totaled RMB1.7 trillion, of which goods trade and services trade and other current account items accounted for RMB1.33 trillion and RMB0.37 trillion, respectively; cross-border RMB settlement for direct investment totaled RMB0.6 trillion, of which outward direct investment and foreign direct investment accounted for RMB0.21 trillion and RMB0.39 trillion, respectively.
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