PBOC: Broad money (M2) balance at end-August 356.81 trillion yuan, up 7.5% year-on-year.

On September 14, data released by the central bank showed that at the end of August, the balance of broad money (M2) was 356.81 trillion yuan, up 7.5% year-on-year. The balance of narrow money (M1) was 115.77 trillion yuan, up 4.1% year-on-year. The balance of currency in circulation (M0) was 14.83 trillion yuan, up 11.2% year-on-year. In the first eight months, a net 736.4 billion yuan in cash was injected. The data showed that at the end of August, the balance of domestic and foreign currency deposits was 355.77 trillion yuan, up 7.8% year-on-year. At the end of the month, the balance of RMB deposits was 347.67 trillion yuan, up 7.7% year-on-year. In the first eight months, RMB deposits increased by 18.99 trillion yuan. Among them, household deposits increased by 6.99 trillion yuan, deposits of non-financial enterprises increased by 1.85 trillion yuan, fiscal deposits increased by 2.06 trillion yuan, and deposits of non-banking financial institutions increased by 6.32 trillion yuan. At the end of August, the balance of foreign currency deposits was 1.19 trillion US dollars, up 17.3% year-on-year. In the first eight months, foreign currency deposits increased by 134.2 billion US dollars. The data showed that at the end of August, the balance of domestic and foreign currency loans was 286.15 trillion yuan, up 4.8% year-on-year. At the end of the month, the balance of RMB loans was 282.35 trillion yuan, up 4.9% year-on-year. In the first eight months, RMB loans increased by 10.44 trillion yuan. By sector, household loans decreased by 1.03 trillion yuan, of which short-term loans decreased by 1.05 trillion yuan and medium- and long-term loans increased by 18.8 billion yuan; loans to enterprises (institutions) increased by 11.26 trillion yuan, of which short-term loans increased by 4.18 trillion yuan, medium- and long-term loans increased by 5.64 trillion yuan, and bill financing increased by 1.29 trillion yuan; loans to non-banking financial institutions decreased by 438 billion yuan. The original text is as follows: August 2026 Financial Statistics Report I. The stock of social financing scale increased by 7.2% year-on-year According to preliminary statistics, at the end of August 2026, the stock of social financing scale was 464.8 trillion yuan, up 7.2% year-on-year. Among them, the balance of RMB loans to the real economy was 278.63 trillion yuan, up 5% year-on-year; the balance of foreign currency loans to the real economy converted into RMB was 1.23 trillion yuan, up 3.1% year-on-year; the balance of entrusted loans was 11.26 trillion yuan, up 1% year-on-year; the balance of trust loans was 4.58 trillion yuan, up 1.9% year-on-year; the balance of undiscounted bankers' acceptances was 2.01 trillion yuan, down 5.1% year-on-year; the balance of corporate bonds was 36.71 trillion yuan, up 9.7% year-on-year; the balance of government bonds was 103.69 trillion yuan, up 13.5% year-on-year; the balance of domestic stocks of non-financial enterprises was 12.67 trillion yuan, up 5.7% year-on-year. From a structural perspective, at the end of August, the balance of RMB loans to the real economy accounted for 59.9% of the stock of social financing scale in the same period, 1.3 percentage points lower year-on-year; the balance of foreign currency loans to the real economy converted into RMB accounted for 0.3%, flat year-on-year; the balance of entrusted loans accounted for 2.4%, 0.2 percentage points lower year-on-year; the balance of trust loans accounted for 1%, flat year-on-year; the balance of undiscounted bankers' acceptances accounted for 0.4%, 0.1 percentage points lower year-on-year; the balance of corporate bonds accounted for 7.9%, 0.2 percentage points higher year-on-year; the balance of government bonds accounted for 22.3%, 1.2 percentage points higher year-on-year; the balance of domestic stocks of non-financial enterprises accounted for 2.7%, 0.1 percentage points lower year-on-year. II. In the first eight months, the cumulative increment of social financing scale was 23.91 trillion yuan According to preliminary statistics, in the first eight months of 2026, the cumulative increment of social financing scale was 23.91 trillion yuan, 2.64 trillion yuan less than the same period last year. Among them, RMB loans to the real economy increased by 10.23 trillion yuan, a year-on-year decrease of 2.71 trillion yuan; foreign currency loans to the real economy converted into RMB increased by 210.3 billion yuan, a year-on-year increase of 291.9 billion yuan; entrusted loans decreased by 58.2 billion yuan, a year-on-year decrease of 27.3 billion yuan; trust loans decreased by 90.5 billion yuan, a year-on-year decrease of 284.7 billion yuan; undiscounted bankers' acceptances decreased by 140.4 billion yuan, a year-on-year decrease of 118.1 billion yuan; net financing of corporate bonds was 2.79 trillion yuan, a year-on-year increase of 1.23 trillion yuan; net financing of government bonds was 8.77 trillion yuan, a year-on-year decrease of 1.5 trillion yuan; domestic stock financing of non-financial enterprises was 470 billion yuan, a year-on-year increase of 203.1 billion yuan. III. Broad money grew by 7.5% At the end of August, the balance of broad money (M2) was 356.81 trillion yuan, up 7.5% year-on-year. The balance of narrow money (M1) was 115.77 trillion yuan, up 4.1% year-on-year. The balance of currency in circulation (M0) was 14.83 trillion yuan, up 11.2% year-on-year. In the first eight months, a net 736.4 billion yuan in cash was injected. IV. In the first eight months, RMB deposits increased by 18.99 trillion yuan At the end of August, the balance of domestic and foreign currency deposits was 355.77 trillion yuan, up 7.8% year-on-year. At the end of the month, the balance of RMB deposits was 347.67 trillion yuan, up 7.7% year-on-year. In the first eight months, RMB deposits increased by 18.99 trillion yuan. Among them, household deposits increased by 6.99 trillion yuan, deposits of non-financial enterprises increased by 1.85 trillion yuan, fiscal deposits increased by 2.06 trillion yuan, and deposits of non-banking financial institutions increased by 6.32 trillion yuan. At the end of August, the balance of foreign currency deposits was 1.19 trillion US dollars, up 17.3% year-on-year. In the first eight months, foreign currency deposits increased by 134.2 billion US dollars. V. In the first eight months, RMB loans increased by 10.44 trillion yuan At the end of August, the balance of domestic and foreign currency loans was 286.15 trillion yuan, up 4.8% year-on-year. At the end of the month, the balance of RMB loans was 282.35 trillion yuan, up 4.9% year-on-year. In the first eight months, RMB loans increased by 10.44 trillion yuan. By sector, household loans decreased by 1.03 trillion yuan, of which short-term loans decreased by 1.05 trillion yuan and medium- and long-term loans increased by 18.8 billion yuan; loans to enterprises (institutions) increased by 11.26 trillion yuan, of which short-term loans increased by 4.18 trillion yuan, medium- and long-term loans increased by 5.64 trillion yuan, and bill financing increased by 1.29 trillion yuan; loans to non-banking financial institutions decreased by 438 billion yuan. At the end of August, the balance of foreign currency loans was 560.2 billion US dollars, up 1.5% year-on-year. In the first eight months, foreign currency loans increased by 15.1 billion US dollars. VI. In August, the monthly weighted average interest rate for interbank lending in the RMB interbank market was 1.38%, and the monthly weighted average interest rate for pledged bond repurchases was 1.4% In August, total transactions in the RMB interbank market through lending, outright bond trading, and repurchases amounted to 177.41 trillion yuan, with an average daily transaction volume of 8.45 trillion yuan, down 12.5% year-on-year on an average daily basis. Among them, the average daily transaction volume of interbank lending fell 24.6% year-on-year, the average daily transaction volume of outright bond trading rose 2.3% year-on-year, and the average daily transaction volume of pledged repurchases fell 15.1% year-on-year. In August, the weighted average interest rate for interbank lending was 1.38%, 0.02 percentage points lower than the previous month and 0.02 percentage points lower than the same period last year; the weighted average interest rate for pledged repurchases was 1.4%, 0.02 percentage points lower than the previous month and 0.01 percentage points lower than the same period last year. VII. In August, cross-border RMB settlement under the current account was 1.7 trillion yuan, and cross-border RMB settlement for direct investment was 0.6 trillion yuan In August, cross-border RMB settlement under the current account was 1.7 trillion yuan, of which goods trade, services trade, and other current account items were 1.33 trillion yuan and 0.37 trillion yuan respectively; cross-border RMB settlement for direct investment was 0.6 trillion yuan, of which outward direct investment and foreign direct investment were 0.21 trillion yuan and 0.39 trillion yuan respectively. This article was compiled from the People's Bank of China, edited by GMTEight: Chen Wenfang.