The central bank: In the first eight months, RMB loans increased by 13.46 trillion yuan

    August 2025 Financial Statistics Report

    I. Broad Money Supply Grows by 8.8%

    At the end of August, the broad money supply (M2) stood at 331.98 trillion yuan, marking an 8.8% year-on-year increase. The narrow money supply (M1) reached 111.23 trillion yuan, up 6% year-on-year. Currency in circulation (M0) totaled 13.34 trillion yuan, rising 11.7% year-on-year. Net cash issuance in the first eight months reached 520.8 billion yuan.

    II. RMB Loans Increased by 13.46 Trillion Yuan in First Eight Months

    At the end of August, the outstanding balance of domestic and foreign currency loans stood at 273.02 trillion yuan, up 6.6% year-on-year. The outstanding balance of RMB loans at the end of the month was 269.1 trillion yuan, up 6.8% year-on-year.

    RMB loans increased by 13.46 trillion yuan in the first eight months. By sector: Household loans increased by 711 billion yuan, including a decrease of 372.5 billion yuan in short-term loans and an increase of 1.08 trillion yuan in medium- and long-term loans. Enterprise loans increased by 12.22 trillion yuan, including an increase of 3.82 trillion yuan in short-term loans, an increase of 7.38 trillion yuan in medium- and long-term loans, and an increase of 877.8 billion yuan in bill financing. Non-bank financial institution loans increased by 122.7 billion yuan.

    At the end of August, the outstanding balance of foreign currency loans stood at US$551.7 billion, down 7.1% year-on-year. Foreign currency loans increased by US$9.6 billion in the first eight months.

    III. RMB Deposits Increased by 20.5 Trillion Yuan in the First Eight Months

    At the end of August, the outstanding balance of deposits in both domestic and foreign currencies reached 329.96 trillion yuan, up 8.8% year-on-year. The outstanding balance of RMB deposits at the end of the month was 322.73 trillion yuan, up 8.6% year-on-year.

    RMB deposits increased by 20.5 trillion yuan in the first eight months. Among these, household deposits increased by 9.77 trillion yuan, non-financial corporate deposits increased by 610.6 billion yuan, fiscal deposits increased by 2.21 trillion yuan, and deposits from non-bank financial institutions increased by 5.87 trillion yuan.

    At the end of August, the balance of foreign currency deposits stood at 1.02 trillion USD, up 19.4% year-on-year. Foreign currency deposits increased by 165.4 billion USD in the first eight months.

    IV. In August, the weighted average monthly interest rate for interbank RMB loans stood at 1.4%, while the weighted average monthly rate for pledged bond repurchase agreements was 1.41%.

    Total transactions in the interbank RMB market—including loans, spot bonds, and repurchase agreements—reached 202.68 trillion yuan in August, with an average daily volume of 9.65 trillion yuan, marking a 16.8% year-on-year increase. Among these, average daily interbank lending volume grew by 1.5% year-on-year, average daily spot bond trading volume increased by 20.1% year-on-year, and average daily pledged bond repurchase volume rose by 17.2% year-on-year.

    The weighted average interest rate for interbank lending in August was 1.4%, down 0.05 percentage points from the previous month and 0.37 percentage points from the same period last year. The weighted average interest rate for pledged repurchase agreements was 1.41%, down 0.05 and 0.38 percentage points from the previous month and the same period last year, respectively.

    V. Cross-border RMB settlements under the current account reached 1.47 trillion yuan in August, while direct investment settlements amounted to 0.61 trillion yuan

    In August, cross-border RMB settlements for current account transactions totaled 1.47 trillion yuan, comprising 1.11 trillion yuan for goods trade, 0.36 trillion yuan for services trade, and other current account items. Cross-border RMB settlements for direct investment reached 0.61 trillion yuan, including 0.24 trillion yuan for outward direct investment and 0.37 trillion yuan for inward direct investment.

    Note 1: Current data are preliminary figures.

    Note 2: Loans to enterprises and institutions in this report refer to loans to non-financial enterprises and government agencies/organizations.

    Note 3: Starting January 2023, the People's Bank of China has included three types of non-deposit-taking financial institutions—consumer finance companies, wealth management companies, and financial asset investment companies—within the scope of financial statistics.

    Note 4: Starting with January 2025 data, the People's Bank of China adopted a newly revised narrow money (M1) statistical definition. The revised M1 includes: currency in circulation (M0), corporate demand deposits, personal demand deposits, and customer reserve funds of non-bank payment institutions. After retroactive adjustment to a comparable basis, the comparable M1 balances and growth rates at the end of each month in 2024 were as follows:

    Report on the Incremental Social Financing Scale for August 2025

    Preliminary statistics indicate that the cumulative incremental social financing scale for the first eight months of 2025 reached 26.56 trillion yuan, an increase of 4.66 trillion yuan compared to the same period last year. Specifically: Foreign currency loans to the real economy, converted into RMB, decreased by 81.6 billion yuan, a smaller decrease of 76.7 billion yuan year-on-year; entrusted loans decreased by 85.5 billion yuan, a larger decrease of 30.7 billion yuan year-on-year; trust loans increased by 194.2 billion yuan, a smaller increase of 161.4 billion yuan year-on-year; undiscounted bank acceptance bills decreased by 22.3 billion yuan, a smaller decrease of 256.6 billion yuan year-on-year; Net financing from corporate bonds was 1.56 trillion yuan, down 221.4 billion yuan year-on-year; net financing from government bonds was 10.27 trillion yuan, up 4.63 trillion yuan year-on-year; domestic stock financing for non-financial enterprises was 266.9 billion yuan, up 109.3 billion yuan year-on-year.

    Note 1: The increment of social financing scale refers to the amount of funds obtained by the real economy from the financial system within a certain period. Data sources: People's Bank of China, National Financial Regulatory Administration, China Securities Regulatory Commission, Central Government Bond Registration, Settlement & Custody Co., Ltd., National Association of Financial Market Institutional Investors, etc.

    Note 2: Starting January 2023, the People's Bank of China included three types of non-deposit-taking banking financial institutions—consumer finance companies, wealth management companies, and financial asset investment companies—into its financial statistics scope. Consequently, adjustments have been made to the data on “RMB loans extended to the real economy” and “loan write-offs” within the social financing aggregate.

    August 2025 Social Financing Aggregate Stock Statistics Report

    Preliminary statistics indicate that the social financing aggregate stock reached 433.66 trillion yuan at the end of August 2025, representing an 8.8% year-on-year increase. Among these, the balance of RMB loans extended to the real economy stood at 265.42 trillion yuan, up 6.6% year-on-year; the balance of foreign currency loans extended to the real economy, converted into RMB, was 1.19 trillion yuan, down 21% year-on-year; the balance of entrusted loans was 11.15 trillion yuan, down 0.6% year-on-year; the balance of trust loans was 4.49 trillion yuan, up 5.5% year-on-year; The outstanding balance of undiscounted bankers' acceptances was 2.12 trillion yuan, down 4.1% year-on-year; the outstanding balance of corporate bonds was 33.47 trillion yuan, up 3.7% year-on-year; the outstanding balance of government bonds was 91.36 trillion yuan, up 21.1% year-on-year; and the outstanding balance of domestic stocks issued by non-financial enterprises was 11.99 trillion yuan, up 3.4% year-on-year.

    From a structural perspective, at the end of August, the outstanding balance of RMB loans extended to the real economy accounted for 61.2% of the total outstanding social financing, down 1.2 percentage points year-on-year; the outstanding balance of foreign currency loans extended to the real economy, converted into RMB, accounted for 0.3%, down 0.1 percentage points year-on-year; the outstanding balance of entrusted loans accounted for 2.6%, down 0.2 percentage points year-on-year; Trust loans accounted for 1%, down 0.1 percentage points year-on-year; undiscounted bankers' acceptances accounted for 0.5%, down 0.1 percentage points year-on-year; corporate bonds accounted for 7.7%, down 0.4 percentage points year-on-year; government bonds accounted for 21.1%, up 2.2 percentage points year-on-year; Domestic stocks of non-financial enterprises accounted for 2.8% of the total, down 0.1 percentage points year-on-year.

    Note 1: The stock of total social financing refers to the balance of funds obtained by the real economy from the financial system at the end of a specific period (month-end, quarter-end, or year-end). Data sources include the People's Bank of China, the National Financial Supervision and Administration Bureau, the China Securities Regulatory Commission, the Central Government Bond Registration, Settlement & Custody Co., Ltd., and the National Association of Financial Market Institutional Investors.

    Note 2: Starting January 2023, the People's Bank of China included three types of non-deposit-taking banking financial institutions—consumer finance companies, wealth management companies, and financial asset investment companies—into the scope of financial statistics. Consequently, adjustments were made to the data on “RMB loans extended to the real economy” and “loan write-offs” within the total social financing.