PBOC: Aggregate Financing to the Real Economy Reaches 15.45 Trillion Yuan in First Four Months; RMB Loans Up 8.59 Trillion Yuan

I. Outstanding Aggregate Financing Grows 7.8% Year-on-Year

Preliminary statistics show that at end-April 2026, the outstanding aggregate financing to the real economy stood at 456.89 trillion yuan, up 7.8% year-on-year. Among the components, RMB loans extended to the real economy totaled 276.9 trillion yuan, up 5.6% YoY; foreign-currency loans extended to the real economy (converted to RMB) stood at 1.13 trillion yuan, down 3.8% YoY; entrusted loans amounted to 11.23 trillion yuan, down 0.1% YoY; trust loans reached 4.67 trillion yuan, up 7.4% YoY; undiscounted bankers' acceptances came to 2.2 trillion yuan, down 7.9% YoY; corporate bonds outstanding were 35.52 trillion yuan, up 8.3% YoY; government bonds outstanding were 99.37 trillion yuan, up 15.6% YoY; and domestic equity financing by non-financial enterprises stood at 12.4 trillion yuan, up 4.6% YoY.

In terms of structure, at end-April RMB loans to the real economy accounted for 60.6% of aggregate financing, down 1.3 percentage points YoY; foreign-currency loans accounted for 0.2%, down 0.1 ppt YoY; entrusted loans were 2.5%, down 0.2 ppt YoY; trust loans were 1.0%, flat YoY; undiscounted bankers' acceptances were 0.5%, down 0.1 ppt YoY; corporate bonds were 7.8%, up 0.1 ppt YoY; government bonds were 21.7%, up 1.4 ppts YoY; and domestic equity financing by non-financial enterprises was 2.7%, down 0.1 ppt YoY.

II. Cumulative Aggregate Financing in First Four Months Reaches 15.45 Trillion Yuan

Preliminary statistics show that cumulative aggregate financing in the first four months of 2026 reached 15.45 trillion yuan, down 893 billion yuan from the same period last year. RMB loans to the real economy increased by 8.5 trillion yuan, down 1.29 trillion yuan YoY; foreign-currency loans (in RMB equivalent) increased by 103.6 billion yuan, up 213.4 billion yuan YoY; entrusted loans decreased by 94.1 billion yuan, down 99.4 billion yuan more than the same period; trust loans increased by 300 million yuan, down 45.1 billion yuan YoY; undiscounted bankers' acceptances decreased by 284.1 billion yuan; corporate bonds increased by 1.15 trillion yuan, up 33 billion yuan YoY; government bonds increased by 4.79 trillion yuan, up 866.8 billion yuan YoY; and domestic equity financing by non-financial enterprises decreased by 57.3 billion yuan.

III. M2 Money Supply Grows 8.0% Year-on-Year

Preliminary statistics show that M2 money supply at end-April 2026 stood at 330.56 trillion yuan, up 8.0% YoY. M1 money supply was 118.35 trillion yuan, up 4.4% YoY. M0 — currency in circulation — stood at 12.17 trillion yuan, up 11.7% YoY. Net currency withdrawn from circulation totaled 131.7 billion yuan in the first four months.

IV. RMB Loans Rise 8.59 Trillion Yuan in First Four Months

Preliminary statistics show that cumulative RMB loans extended by financial institutions increased by 8.59 trillion yuan in the first four months of 2026, down 1.15 trillion yuan from the same period last year. By sector, loans to households increased by 1.59 trillion yuan, of which short-term loans grew by 820.2 billion yuan and medium- to long-term loans by 768.7 billion yuan. Loans to enterprises (institutions) increased by 6.73 trillion yuan, of which short-term loans grew by 1.11 trillion yuan, medium- to long-term loans by 5.12 trillion yuan, and bill financing by 445 billion yuan. Loans to non-banking financial institutions decreased by 225.9 billion yuan.

(Source: People's Bank of China)