According to PBOC data, preliminary statistics showed that the cumulative aggregate social financing (ASF) increment in the first four months of 2026 was 15.45 trillion yuan, 893 billion yuan less than the same period last year. Specifically, RMB loans to the real economy increased by 8.5 trillion yuan, down 129 billion yuan YoY; foreign currency loans to the real economy increased by 103.6 billion yuan in RMB equivalent, up 213.4 billion yuan YoY; entrusted loans decreased by 94.1 billion yuan, a YoY increase in decline of 99.4 billion yuan; trust loans increased by 300 million yuan, down 45.1 billion yuan YoY; undiscounted bankers' acceptances increased by 51.3 billion yuan, down 199.2 billion yuan YoY; net corporate bond financing was 1.5 trillion yuan, up 739.3 billion yuan YoY; net government bond financing was 4.45 trillion yuan, down 399 billion yuan YoY; domestic equity financing of non-financial enterprises was 200.8 billion yuan, up 65.5 billion yuan YoY.
Financial Statistics Report for April 2026
I. Outstanding ASF Up 7.8% YoY
Preliminary statistics showed that the outstanding ASF at the end of April 2026 was 45.689 trillion yuan, up 7.8% YoY. Specifically, outstanding RMB loans to the real economy were 27.69 trillion yuan (up 5.6% YoY); outstanding foreign currency loans to the real economy in RMB equivalent were 1.123 billion yuan (down 3.8% YoY); outstanding entrusted loans were 1.123 trillion yuan (down 0.1% YoY); outstanding trust loans were 467 billion yuan (up 7.4% YoY); outstanding undiscounted bankers' acceptances were 220 billion yuan (down 7.9% YoY); outstanding corporate bonds were 3.552 trillion yuan (up 8.3% YoY); outstanding government bonds were 9.937 trillion yuan (up 15.6% YoY); outstanding domestic equity of non-financial enterprises was 1.24 trillion yuan (up 4.6% YoY).
In terms of structure, at the end of April, outstanding RMB loans to the real economy accounted for 60.6% of the outstanding ASF in the same period, down 1.3 percentage points YoY; outstanding foreign currency loans to the real economy in RMB equivalent accounted for 0.2%, down 0.1 percentage point YoY; outstanding entrusted loans accounted for 2.5%, 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 point YoY; outstanding corporate bonds accounted for 7.8%, up 0.1 percentage point YoY; outstanding government bonds accounted for 21.7%, up 1.4 percentage points YoY; outstanding domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 percentage point YoY.
II. Cumulative ASF Increment in the First Four Months Was 15.45 Trillion Yuan
Preliminary statistics showed that the cumulative ASF increment in the first four months of 2026 was 15.45 trillion yuan, 893 billion yuan less than the same period last year. Among them, RMB loans to the real economy increased by 8.5 trillion yuan, down 1.29 trillion yuan YoY; foreign currency loans to the real economy increased by 103.6 billion yuan in RMB equivalent, up 213.4 billion yuan YoY; entrusted loans decreased by 94.1 billion yuan, down 99.4 billion yuan more YoY; trust loans increased by 300 million yuan, down 45.1 billion yuan YoY; undiscounted bankers' acceptances increased by 51.3 billion yuan, down 199.2 billion yuan YoY; net financing through corporate bonds was 1.5 trillion yuan, up 739.3 billion yuan YoY; net financing through government bonds was 4.45 trillion yuan, down 399 billion yuan YoY; domestic stock financing of non-financial enterprises was 200.8 billion yuan, up 65.5 billion yuan YoY.
III. Broad Money Grew by 8.6%
At the end of April, the balance of broad money (M2) was 35.304 trillion yuan, up 8.6% YoY. The balance of narrow money (M1) was 11.458 trillion yuan, up 5% YoY. The balance of currency in circulation (M0) was 1.475 trillion yuan, up 12.2% YoY. Net cash injection in the first four months was 653 billion yuan.
IV. RMB Deposits Increased by 14 Trillion Yuan in the First Four Months
At the end of April, the balance of domestic and foreign currency deposits was 35.057 trillion yuan, up 9% YoY. The month-end balance of RMB deposits was 34.268 trillion yuan, up 8.9% YoY.
RMB deposits increased by 14 trillion yuan in the first four months. Among them, household deposits increased by 5.74 trillion yuan, non-financial enterprise deposits increased by 1.43 trillion yuan, fiscal deposits increased by 1.2 trillion yuan, and deposits of non-bank financial institutions increased by 4.5 trillion yuan.
At the end of April, the balance of foreign currency deposits was $115 billion, up 19.9% YoY. Foreign currency deposits increased by $89.1 billion in the first four months.
V. RMB Loans Increased by 8.59 Trillion Yuan in the First Four Months
At the end of April, the balance of domestic and foreign currency loans was 28.429 trillion yuan, up 5.5% YoY. The month-end balance of RMB loans was 28.05 trillion yuan, up 5.6% YoY.
RMB loans increased by 8.59 trillion yuan in the first four months. By sector, household loans decreased by 490.2 billion yuan, of which short-term loans decreased by 610.2 billion yuan and medium and long-term loans increased by 119.9 billion yuan; loans to enterprises and public institutions increased by 8.99 trillion yuan, of which short-term loans increased by 3.67 trillion yuan, medium and long-term loans increased by 5.01 trillion yuan, and bill financing increased by 142.9 billion yuan; loans to non-bank financial institutions decreased by 193.5 billion yuan.
At the end of April, the balance of foreign currency loans was $55.15 billion, up 3.4% YoY. Foreign currency loans increased by $6.5 billion in the first four months.
VI. In April, the Monthly Weighted Average Interest Rate of Interbank RMB Market Lending Was 1.29%, and the Monthly Weighted Average Interest Rate of Pledged Bond Repos Was 1.31%
In April, the interbank RMB market recorded a combined turnover of 22.562 trillion yuan through lending, cash bond trading, and repos, with a daily average turnover of 1.074 trillion yuan, up 34% YoY. Among them, the daily average turnover of interbank lending was up 46% YoY, the daily average turnover of spot bond trading was up 22.1% YoY, and the daily average turnover of pledged repo was up 36.3% YoY.
In April, the weighted average interest rate of interbank lending was 1.29%, down 0.09 and 0.44 percentage points from the previous month and the same period last year, respectively; the weighted average interest rate of pledged repo was 1.31%, down 0.09 and 0.41 percentage points from the previous month and the same period last year, respectively.
VII. In April, Cross-Border RMB Settlement under Current Account Reached 1.77 Trillion Yuan, and Cross-Border RMB Settlement under Direct Investment Reached 670 Billion Yuan
In April, cross-border RMB settlement under the current account totaled 1.77 trillion yuan, of which goods trade and services trade and other current account items accounted for 1.38 trillion yuan and 390 billion yuan, respectively; cross-border RMB settlement under direct investment totaled 670 billion yuan, of which outbound direct investment and foreign direct investment accounted for 260 billion yuan and 410 billion yuan, respectively.
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