PBOC: Aggregate Social Financing Growth Reaches 22.25 Trillion Yuan in First Seven Months, RMB Loans Increase by 10.38 Trillion Yuan

I. Outstanding Social Financing Stock Grew 7.4% Year-on-Year

Preliminary statistics show that as of end-July 2026, the outstanding stock of aggregate social financing stood at 463.27 trillion yuan, up 7.4% year-on-year. Among this, RMB loans to the real economy reached 278.57 trillion yuan, up 5.2%; foreign currency loans converted to RMB stood at 1.19 trillion yuan, down 1.7%; entrusted loans were 11.24 trillion yuan, up 0.7%; trust loans were 4.6 trillion yuan, up 3.2%; undiscounted bankers' acceptances were 1.97 trillion yuan, up 2.7%; corporate bonds were 36.47 trillion yuan, up 9.2%; government bonds were 102.68 trillion yuan, up 14.1%; and non-financial enterprise domestic equity was 12.6 trillion yuan, up 5.5%.

In terms of structure, RMB loans to the real economy accounted for 60.1% of the total social financing stock, down 1.3 percentage points year-on-year; foreign currency loans converted to RMB accounted for 0.3%, unchanged; entrusted loans accounted for 2.4%, down 0.2 percentage points; trust loans accounted for 1%, unchanged; undiscounted bankers' acceptances accounted for 0.4%, unchanged; corporate bonds accounted for 7.9%, up 0.2 percentage points; government bonds accounted for 22.2%, up 1.3 percentage points; and non-financial enterprise domestic equity accounted for 2.7%, down 0.1 percentage points.

II. Aggregate Social Financing Increment Reached 22.25 Trillion Yuan in the First Seven Months

Preliminary statistics show that aggregate social financing increment totaled 22.25 trillion yuan in the first seven months of 2026, down 1.74 trillion yuan from the same period last year. Specifically, RMB loans to the real economy increased by 10.17 trillion yuan, down 2.14 trillion yuan year-on-year; foreign currency loans converted to RMB increased by 169.4 billion yuan, up 241.9 billion yuan year-on-year; entrusted loans decreased by 81 billion yuan, down 12.1 billion yuan more year-on-year; trust loans decreased by 67.2 billion yuan, down 226.4 billion yuan more year-on-year; undiscounted bankers' acceptances decreased by 178.6 billion yuan, down 41 billion yuan less year-on-year; net corporate bond financing was 2.52 trillion yuan, up 1.1 trillion yuan year-on-year; net government bond financing was 7.76 trillion yuan, down 1.15 trillion yuan year-on-year; and non-financial enterprise domestic equity financing was 406.1 billion yuan, up 184.7 billion yuan year-on-year.

III. Broad Money (M2) Grew 7.7%

At end-July, the outstanding balance of broad money (M2) was 355.51 trillion yuan, up 7.7% year-on-year. Narrow money (M1) stood at 115.46 trillion yuan, up 4%. Currency in circulation (M0) was 14.82 trillion yuan, up 11.6%. Net cash injection in the first seven months was 725.5 billion yuan.

IV. RMB Deposits Increased 17.79 Trillion Yuan in the First Seven Months

At end-July, the outstanding balance of deposits in RMB and foreign currencies was 354.49 trillion yuan, up 8.1% year-on-year. RMB deposits stood at 346.47 trillion yuan, up 8.1%.

RMB deposits increased by 17.79 trillion yuan in the first seven months. Specifically, household deposits increased by 6.95 trillion yuan, non-financial enterprise deposits increased by 1.57 trillion yuan, fiscal deposits increased by 1.95 trillion yuan, and non-bank financial institution deposits increased by 5.76 trillion yuan.

At end-July, foreign currency deposits stood at 1.18 trillion USD, up 17.9% year-on-year. Foreign currency deposits increased by 121.2 billion USD in the first seven months.

V. RMB Loans Increased 10.38 Trillion Yuan in the First Seven Months

At end-July, the outstanding balance of loans in RMB and foreign currencies was 286.07 trillion yuan, up 5% year-on-year. RMB loans stood at 282.29 trillion yuan, up 5.1%.

RMB loans increased by 10.38 trillion yuan in the first seven months. By sector, household loans decreased by 827.1 billion yuan, of which short-term loans decreased by 928.1 billion yuan and medium- to long-term loans increased by 10.1 billion yuan; enterprise and institutional loans increased by 11 trillion yuan, of which short-term loans increased by 4.34 trillion yuan, medium- to long-term loans increased by 5.32 trillion yuan, and bill financing increased by 1.19 trillion yuan; non-bank financial institution loans decreased by 394.4 billion yuan.

At end-July, foreign currency loans stood at 556.9 billion USD, up 0.2% year-on-year. Foreign currency loans increased by 11.9 billion USD in the first seven months.

VI. July Interbank Monthly Weighted Average Lending Rate Was 1.4%, Pledged Bond Repo Rate Was 1.42%

In July, the interbank RMB market recorded a total transaction volume of 192.86 trillion yuan through lending, bond trading, and repos, with a daily average of 8.39 trillion yuan, down 13.3% year-on-year. The daily average for interbank lending fell 24.3%, for bond trading fell 6.1%, and for pledged repos fell 14.5%.

The weighted average interbank lending rate in July was 1.4%, down 0.01 percentage points from the previous month and 0.05 percentage points from the same period last year. The weighted average pledged repo rate was 1.42%, down 0.01 percentage points from the previous month and 0.04 percentage points year-on-year.

VII. July Current Account Cross-Border RMB Settlements Reached 1.75 Trillion Yuan, Direct Investment RMB Settlements Reached 0.63 Trillion Yuan

In July, current account cross-border RMB settlements amounted to 1.75 trillion yuan, of which goods trade, services trade, and other current account items were 1.32 trillion yuan and 0.43 trillion yuan respectively. Direct investment cross-border RMB settlements amounted to 0.63 trillion yuan, of which outbound direct investment and foreign direct investment were 0.22 trillion yuan and 0.41 trillion yuan respectively.