Preliminary statistics from the central bank show that the cumulative increase in aggregate financing to the real economy (AFRE) in the first three quarters of 2026 was 27.46 trillion yuan, down 2.63 trillion yuan from the same period last year. Specifically, RMB loans to the real economy increased by 11.5 trillion yuan, down 3.04 trillion yuan YoY; foreign currency loans to the real economy (RMB equivalent) increased by 245.1 billion yuan, up 339.7 billion yuan YoY; entrusted loans increased by 22.2 billion yuan, up 79.4 billion yuan YoY; trust loans decreased by 138.3 billion yuan, down 338.7 billion yuan YoY; undiscounted bankers' acceptances increased by 74.8 billion yuan, down 226.3 billion yuan YoY; net financing of corporate bonds was 2.75 trillion yuan, up 1.18 trillion yuan YoY; net financing of government bonds was 10.3 trillion yuan, down 1.16 trillion yuan YoY; domestic equity financing by non-financial enterprises was 535.9 billion yuan, up 219.1 billion yuan YoY. RMB loans increased by 11.52 trillion yuan in the first three quarters. By sector, household loans decreased by 1.03 trillion yuan, of which short-term loans decreased by 1.14 trillion yuan and medium and long-term loans increased by 106.2 billion yuan; loans to enterprises and public institutions increased by 12.55 trillion yuan, of which short-term loans increased by 4.64 trillion yuan, medium and long-term loans increased by 6.53 trillion yuan, and bill financing increased by 1.24 trillion yuan; loans to non-banking financial institutions decreased by 586.5 billion yuan. At end-September, broad money (M2) outstanding was 359.63 trillion yuan, up 7.2% YoY. Narrow money (M1) outstanding was 116.76 trillion yuan, up 3.2% YoY. Currency in circulation (M0) outstanding was 15.02 trillion yuan, up 10.6% YoY.
Financial Statistics Report for the First Three Quarters of 2026
I. AFRE Stock Up 7.1% YoY
Preliminary statistics show that at end-September 2026, the outstanding AFRE was 468.17 trillion yuan, up 7.1% YoY. Specifically, outstanding RMB loans to the real economy were 279.9 trillion yuan, up 4.8% YoY; outstanding foreign currency loans to the real economy (RMB equivalent) were 1.25 trillion yuan, up 6.4% YoY; outstanding entrusted loans were 11.34 trillion yuan, up 1.5% YoY; outstanding trust loans were 4.53 trillion yuan, up 0.7% YoY; outstanding undiscounted bankers' acceptances were 2.22 trillion yuan, down 8.8% YoY; outstanding corporate bonds were 36.62 trillion yuan, up 9.3% YoY; outstanding government bonds were 105.23 trillion yuan, up 13.7% YoY; outstanding domestic equity of non-financial enterprises was 12.73 trillion yuan, up 5.8% YoY.
In terms of structure, at end-September, outstanding RMB loans to the real economy accounted for 59.8% of the outstanding AFRE, down 1.3 percentage points YoY; outstanding foreign currency loans to the real economy (RMB equivalent) accounted for 0.3%, flat YoY; outstanding entrusted loans accounted for 2.4%, down 0.2 percentage points YoY; outstanding trust loans accounted for 1%, flat YoY; outstanding undiscounted bankers' acceptances accounted for 0.5%, down 0.1 percentage points YoY; outstanding corporate bonds accounted for 7.8%, up 0.1 percentage points YoY; outstanding government bonds accounted for 22.5%, up 1.3 percentage points YoY; outstanding domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 percentage points YoY.
II. Cumulative increase in aggregate financing to the real economy in the first three quarters reached RMB 27.46 trillion
According to preliminary statistics, the cumulative increase in aggregate financing to the real economy in the first three quarters of 2026 was RMB 27.46 trillion, down RMB 2.63 trillion from the same period last year. Specifically, RMB loans to the real economy increased by RMB 11.5 trillion, down RMB 3.04 trillion YoY; foreign currency loans to the real economy (RMB equivalent) increased by RMB 245.1 billion, up RMB 339.7 billion YoY; entrusted loans increased by RMB 22.2 billion, up RMB 79.4 billion YoY; trust loans decreased by RMB 138.3 billion, down RMB 338.7 billion YoY; undiscounted bankers' acceptances increased by RMB 74.8 billion, down RMB 226.3 billion YoY; net financing of corporate bonds was RMB 2.75 trillion, up RMB 1.18 trillion YoY; net financing of government bonds was RMB 10.3 trillion, down RMB 1.16 trillion YoY; domestic equity financing by non-financial enterprises was RMB 535.9 billion, up RMB 219.1 billion YoY.
III. Broad money grew 7.2%
At end-September, broad money (M2) outstanding was RMB 359.63 trillion, up 7.2% YoY. Narrow money (M1) outstanding was RMB 116.76 trillion, up 3.2% YoY. Currency in circulation (M0) outstanding was RMB 15.02 trillion, up 10.6% YoY. Net cash injection in the first three quarters was RMB 922.1 billion.
IV. RMB deposits increased by RMB 20.76 trillion in the first three quarters
At end-September, outstanding deposits in domestic and foreign currencies were RMB 357.52 trillion, up 7.6% YoY. At month-end, outstanding RMB deposits were RMB 349.45 trillion, up 7.5% YoY.
RMB deposits increased by RMB 20.76 trillion in the first three quarters. Specifically, household deposits increased by RMB 9.39 trillion, deposits of non-financial enterprises increased by RMB 3.16 trillion, fiscal deposits increased by RMB 1.63 trillion, and deposits of non-banking financial institutions increased by RMB 4.41 trillion.
At end-September, outstanding foreign currency deposits were USD 1.2 trillion, up 17.7% YoY. Foreign currency deposits increased by USD 139.4 billion in the first three quarters.
V. RMB loans increased by RMB 11.52 trillion in the first three quarters
At end-September, outstanding loans in domestic and foreign currencies were RMB 287.29 trillion, up 4.7% YoY. At month-end, outstanding RMB loans were RMB 283.44 trillion, up 4.8% YoY.
RMB loans increased by RMB 11.52 trillion in the first three quarters. By sector, household loans decreased by RMB 1.03 trillion, of which short-term loans decreased by RMB 1.14 trillion and medium and long-term loans increased by RMB 106.2 billion; loans to enterprises and public institutions increased by RMB 12.55 trillion, of which short-term loans increased by RMB 4.64 trillion, medium and long-term loans increased by RMB 6.53 trillion, and bill financing increased by RMB 1.24 trillion; loans to non-banking financial institutions decreased by RMB 586.5 billion.
At end-September, outstanding foreign currency loans stood at $571.9 billion, up 3.1% YoY. Foreign currency loans increased by $26.8 billion in the first three quarters.
VI. In September, the monthly weighted average interest rate for interbank lending in the interbank RMB market was 1.4%, and the monthly weighted average interest rate for pledged repo was 1.4%
In the first three quarters, total turnover in the interbank RMB market via lending, cash bonds, and repos reached RMB1,713.26 trillion, with a daily average turnover of RMB921 billion, up 7.6% YoY. Specifically, the daily average turnover of interbank lending rose 9.6% YoY, cash bond trading rose 4% YoY, and pledged repo rose 8.1% YoY.
In September, the weighted average interest rate for interbank lending was 1.4%, up 0.02 percentage points MoM and down 0.05 percentage points YoY. The weighted average interest rate for pledged repo was 1.4%, flat MoM and down 0.06 percentage points YoY.
VII. China's foreign exchange reserves stood at $3.4 trillion
At end-September, China's foreign exchange reserves stood at $3.4 trillion. At end-September, the RMB exchange rate was 6.7351 yuan per US dollar.
VIII. In the first three quarters, cross-border RMB settlement under the current account amounted to RMB15.23 trillion, and cross-border RMB settlement for direct investment amounted to RMB6.11 trillion
In the first three quarters, cross-border RMB settlement under the current account amounted to RMB15.23 trillion, of which trade in goods and trade in services and other current account items accounted for RMB11.92 trillion and RMB3.31 trillion, respectively. Cross-border RMB settlement for direct investment amounted to RMB6.11 trillion, of which outward direct investment and foreign direct investment accounted for RMB2.2 trillion and RMB3.91 trillion, respectively.
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