The central bank: As of the end of July, the total social financing stock increased by 7.4% year-on-year, and M2 grew by 7.7% year-on-year.

August 14, the People's Bank of China released the financial statistics report for July 2026. The report indicates that preliminary statistics show that by the end of July 2026, the total social financing stock was 463.27 trillion yuan, an increase of 7.4% year-on-year. Among this, the balance of RMB loans issued to the real economy was 278.57 trillion yuan, an increase of 5.2% year-on-year. In the first seven months of 2026, the cumulative increment of social financing was 22.25 trillion yuan, which was 1.74 trillion yuan less than the same period last year. At the end of July, the balance of broad money (M2) was 355.51 trillion yuan, an increase of 7.7% year-on-year. The balance of narrow money (M1) was 115.46 trillion yuan, an increase of 4%. The original text is as follows: Financial Statistics Report for July 2026 1. Total social financing stock increased by 7.4% year-on-year Preliminary statistics indicate that by the end of July 2026, the total social financing stock was 463.27 trillion yuan, up 7.4% year-on-year. Among this, the balance of RMB loans issued to the real economy was 278.57 trillion yuan, an increase of 5.2% year-on-year; the balance of foreign currency loans issued to the real economy, converted to RMB, was 1.19 trillion yuan, a decrease of 1.7% year-on-year; the balance of entrusted loans was 11.24 trillion yuan, an increase of 0.7% year-on-year; the balance of trust loans was 4.6 trillion yuan, an increase of 3.2% year-on-year; the balance of undiscounted banker's acceptances was 1.97 trillion yuan, an increase of 2.7% year-on-year; the balance of corporate bonds was 36.47 trillion yuan, an increase of 9.2% year-on-year; the balance of government bonds was 102.68 trillion yuan, an increase of 14.1% year-on-year; the balance of domestic stocks of non-financial enterprises was 12.6 trillion yuan, an increase of 5.5% year-on-year. In terms of structure, at the end of July, the balance of RMB loans issued to the real economy accounted for 60.1% of the total social financing stock during the same period, a decrease of 1.3 percentage points year-on-year; the balance of foreign currency loans issued to the real economy, converted to RMB, accounted for 0.3%, unchanged year-on-year; the balance of entrusted loans accounted for 2.4%, a decrease of 0.2 percentage points year-on-year; the balance of trust loans accounted for 1%, unchanged year-on-year; the balance of undiscounted banker's acceptances accounted for 0.4%, unchanged year-on-year; the balance of corporate bonds accounted for 7.9%, an increase of 0.2 percentage points year-on-year; the balance of government bonds accounted for 22.2%, an increase of 1.3 percentage points year-on-year; the balance of domestic stocks of non-financial enterprises accounted for 2.7%, a decrease of 0.1 percentage points year-on-year. 2. The cumulative increment of social financing in the first seven months was 22.25 trillion yuan Preliminary statistics show that in the first seven months of 2026, the cumulative increment of social financing was 22.25 trillion yuan, which was 1.74 trillion yuan less than the same period last year. Among this, the increase in RMB loans issued to the real economy was 10.17 trillion yuan, a decrease of 2.14 trillion yuan year-on-year; the increase in foreign currency loans issued to the real economy, converted to RMB, was 169.4 billion yuan, which was an increase of 241.9 billion yuan year-on-year; entrusted loans decreased by 81 billion yuan, which was an increase of 12.1 billion yuan year-on-year; trust loans decreased by 67.2 billion yuan, which was a decrease of 226.4 billion yuan year-on-year; undiscounted banker's acceptances decreased by 178.6 billion yuan, which was a decrease of 41 billion yuan year-on-year; net financing of corporate bonds was 2.52 trillion yuan, which was an increase of 1.1 trillion yuan year-on-year; net financing of government bonds was 7.76 trillion yuan, which was a decrease of 1.15 trillion yuan year-on-year; financing of domestic stocks of non-financial enterprises was 406.1 billion yuan, which was an increase of 184.7 billion yuan year-on-year. 3. Broad money increased by 7.7% At the end of July, the balance of broad money (M2) was 355.51 trillion yuan, an increase of 7.7% year-on-year. The balance of narrow money (M1) was 115.46 trillion yuan, an increase of 4%. The balance of currency in circulation (M0) was 14.82 trillion yuan, an increase of 11.6%. In the first seven months, net cash issuance was 725.5 billion yuan. 4. RMB deposits increased by 17.79 trillion yuan in the first seven months At the end of July, the balance of domestic and foreign currency deposits was 354.49 trillion yuan, an increase of 8.1% year-on-year. The balance of RMB deposits at the end of the month was 346.47 trillion yuan, also an increase of 8.1% year-on-year. In the first seven months, RMB deposits increased by 17.79 trillion yuan. Among this, 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 deposits of non-banking financial institutions increased by 5.76 trillion yuan. At the end of July, the balance of foreign currency deposits was 1.18 trillion U.S. dollars, an increase of 17.9% year-on-year. In the first seven months, foreign currency deposits increased by 121.2 billion U.S. dollars. 5. RMB loans increased by 10.38 trillion yuan in the first seven months At the end of July, the balance of domestic and foreign currency loans was 286.07 trillion yuan, an increase of 5% year-on-year. The balance of RMB loans at the end of the month was 282.29 trillion yuan, an increase of 5.1% year-on-year. In the first seven months, RMB loans increased by 10.38 trillion yuan. By sector, household loans decreased by 827.1 billion yuan, with short-term loans down by 928.1 billion yuan and medium- to long-term loans up by 101 billion yuan; loans to enterprises increased by 11 trillion yuan, with short-term loans up by 4.34 trillion yuan, medium- to long-term loans up by 5.32 trillion yuan, and bill financing up by 1.19 trillion yuan; loans to non-banking financial institutions decreased by 394.4 billion yuan. At the end of July, the balance of foreign currency loans was 55.69 billion U.S. dollars, an increase of 0.2% year-on-year. In the first seven months, foreign currency loans increased by 1.19 billion U.S. dollars. 6. In July, the monthly weighted average interest rate for interbank RMB market loans was 1.4%, and the monthly weighted average interest rate for pledged bond repos was 1.42% In July, the interbank RMB market saw total transactions of 192.86 trillion yuan, with an average daily transaction of 8.39 trillion yuan, down 13.3% year-on-year. Among this, the average daily transaction for interbank loans decreased by 24.3% year-on-year, the average daily transaction for cash transactions decreased by 6.1% year-on-year, and the average daily transaction for pledged repos decreased by 14.5% year-on-year. In July, the weighted average interest rate for interbank loans was 1.4%, down 0.01 percentage points from the previous month and down 0.05 percentage points from the same period last year; the weighted average interest rate for pledged repos was 1.42%, down 0.01 percentage points from the previous month and down 0.04 percentage points from the same period last year. 7. In July, the amount of cross-border RMB settlements under the current account was 1.75 trillion yuan, and the amount of cross-border RMB settlements for direct investment was 630 billion yuan In July, the amount of cross-border RMB settlements under the current account was 1.75 trillion yuan, with goods trade, service trade, and other current account items amounting to 1.32 trillion yuan and 0.43 trillion yuan, respectively; the amount of cross-border RMB settlements for direct investment was 630 billion yuan, with outward direct investment and foreign direct investment amounting to 220 billion yuan and 410 billion yuan, respectively. This article is compiled from the People's Bank of China official website, GMTEight editor: Chen Siyu.