Central Bank: The broad money supply (M2) balance at the end of September was 33.538 trillion yuan, an increase of 8.4% year-on-year.

On October 15, the central bank released the financial statistics report for the first three quarters of 2025. Preliminary statistics show that the stock of social financing at the end of September 2025 was 43.708 trillion yuan, an increase of 8.7% year-on-year. The accumulated increase in the scale of social financing in the first three quarters of 2025 was 3.009 trillion yuan, which was 442 billion yuan more than the same period last year. At the end of September, the broad money supply (M2) balance was 33.538 trillion yuan, an increase of 8.4% year-on-year. Narrow money supply (M1) balance was 11.315 trillion yuan, an increase of 7.2% year-on-year. The full text reads: Financial Statistics Report for the First Three Quarters of 2025 I. The stock of social financing increased by 8.7% year-on-year Preliminary statistics show that the stock of social financing at the end of September 2025 was 43.708 trillion yuan, an increase of 8.7% year-on-year. Among them, the balance of RMB loans issued to the real economy was 26.703 trillion yuan, an increase of 6.4% year-on-year; the balance of foreign currency loans converted into RMB issued to the real economy was 1.18 trillion yuan, a decrease of 18% year-on-year; entrusted loans balance was 11.17 trillion yuan, a decrease of 0.7% year-on-year; trust loans balance was 4.5 trillion yuan, an increase of 5.7% year-on-year; undiscounted bank acceptance bills balance was 2.44 trillion yuan, an increase of 4.4% year-on-year; corporate bonds balance was 33.5 trillion yuan, an increase of 4.5% year-on-year; government bonds balance was 92.55 trillion yuan, an increase of 20.2% year-on-year; non-financial enterprise domestic stocks balance was 12.04 trillion yuan, an increase of 3.8% year-on-year. In terms of structure, the balance of RMB loans issued to the real economy accounted for 61.1% of the stock of social financing at the end of September, a decrease of 1.3 percentage points year-on-year; the balance of foreign currency loans converted into RMB issued to the real economy accounted for 0.3%, a decrease of 0.1 percentage point year-on-year; the entrusted loans balance accounted for 2.6%, a decrease of 0.2 percentage points year-on-year; the trust loans balance accounted for 1%, a decrease of 0.1 percentage point year-on-year; the undiscounted bank acceptance bills balance accounted for 0.6%, remaining unchanged year-on-year; the corporate bonds balance accounted for 7.7%, a decrease of 0.3 percentage points year-on-year; the government bonds balance accounted for 21.2%, an increase of 2.1 percentage points year-on-year; the non-financial enterprise domestic stocks balance accounted for 2.8%, a decrease of 0.1 percentage point year-on-year. II. The accumulated incremental scale of social financing in the first three quarters was 3.009 trillion yuan Preliminary statistics show that the accumulated incremental scale of social financing in the first three quarters of 2025 was 3.009 trillion yuan, which was 442 billion yuan more than the same period last year. Among them, the increase in RMB loans issued to the real economy was 1.454 trillion yuan, decrease of 85.12 billion yuan year-on-year; the balance of foreign currency loans converted into RMB issued to the real economy decreased by 94.6 billion yuan, a decrease of 111.7 billion yuan year-on-year; entrusted loans decreased by 57.2 billion yuan, an increase of 41.7 billion yuan year-on-year; trust loans increased by 200.4 billion yuan, a decrease of 155.8 billion yuan year-on-year; undiscounted bank acceptance bills increased by 301.1 billion yuan, an increase of 448.7 billion yuan year-on-year; net financing of corporate bonds was 1.57 trillion yuan, a decrease of 15.1 billion yuan year-on-year; net financing of government bonds was 11.46 trillion yuan, an increase of 4.28 trillion yuan year-on-year; non-financial enterprise domestic stock financing was 316.8 billion yuan, an increase of 146.3 billion yuan year-on-year. III. Broad money supply increased by 8.4% At the end of September, the balance of broad money supply (M2) was 33.538 trillion yuan, an increase of 8.4% year-on-year. Narrow money supply (M1) balance was 11.315 trillion yuan, an increase of 7.2% year-on-year. Currency in circulation (M0) balance was 1.358 trillion yuan, an increase of 11.5% year-on-year. Net cash injection in the first three quarters was 761.9 billion yuan. IV. RMB deposits increased by 2.271 trillion yuan in the first three quarters At the end of September, the balance of RMB deposits denominated in both domestic and foreign currencies was 33.218 trillion yuan, an increase of 8.3% year-on-year. The balance of RMB deposits at the end of the month was 32.494 trillion yuan, an increase of 8% year-on-year. RMB deposits increased by 2.271 trillion yuan in the first three quarters. Among them, household deposits increased by 1.273 trillion yuan, non-financial corporate deposits increased by 153 billion yuan, government deposits increased by 137 billion yuan, non-bank financial institution deposits increased by 481 billion yuan. At the end of September, foreign currency deposits were 1.02 trillion US dollars, an increase of 20% year-on-year. Foreign currency deposits increased by 165.8 billion US dollars in the first three quarters. V. RMB loans increased by 1.475 trillion yuan in the first three quarters At the end of September, the balance of RMB loans denominated in both domestic and foreign currencies was 27.433 trillion yuan, an increase of 6.5% year-on-year. The balance of RMB loans at the end of the month was 27.039 trillion yuan, an increase of 6.6% year-on-year. RMB loans increased by 1.475 trillion yuan in the first three quarters. By sector, household loans increased by 1.1 trillion yuan, with short-term loans decreasing by 230.4 billion yuan and medium to long-term loans increasing by 1.33 trillion yuan; loans to enterprises and institutions increased by 1.344 trillion yuan, with short-term loans increasing by 453 billion yuan, medium to long-term loans increasing by 829 billion yuan, and bill financing increasing by 475.2 billion yuan; loans to non-bank financial institutions decreased by 112.1 billion yuan. At the end of September, foreign currency loans were 554.4 billion US dollars, a decrease of 5.3% year-on-year. Foreign currency loans increased by 12.3 billion US dollars in the first three quarters. VI. In September, the interbank RMB market weighted average lending rate was 1.45%, and the weighted average repo rate for bond repurchase was 1.46% In the first three quarters, the interbank RMB market had a total transaction volume of 1601.03 trillion yuan through interbank lending, spot transactions, and repos, with a daily average transaction volume of 8.56 trillion yuan, a year-on-year increase of 2.2%. Among them, the daily average transaction volume of interbank lending decreased by 14.5% year-on-year, the daily average transaction volume of spot transactions increased by 1% year-on-year, and the daily average transaction volume of repo transactions increased by 3.5% year-on-year. In September, the weighted average interbank lending rate was 1.45%, an increase of 0.05 percentage points from the previous month and a decrease of 0.33 percentage points from the same period last year. The weighted average repo rate for bond repurchase was 1.46%, an increase of 0.05 percentage points from the previous month and a decrease of 0.37 percentage points from the same period last year. VII. The balance of foreign exchange reserves was 3.34 trillion US dollars At the end of September, the balance of foreign exchange reserves was 3.34 trillion US dollars. At the end of September, the exchange rate was 1 US dollar to 7.1055 Chinese yuan. VIII. In the first three quarters, the amount of cross-border RMB settlements for current transactions was 13.06 trillion yuan, and the amount of cross-border RMB settlements for direct investment was 6.04 trillion yuan In the first three quarters, the amount of cross-border RMB settlements for current transactions was 13.06 trillion yuan, with 9.97 trillion yuan for goods trade, 3.09 trillion yuan for service trade, and other current items. The amount of cross-border RMB settlements for direct investment was 6.04 trillion yuan, with 2.17 trillion yuan for outbound direct investment and 3.87 trillion yuan for foreign direct investment. This article is compiled from the "People's Bank of China official website"; GMTEight Editor: Chen Xiaoyi.