PBOC: In the first three quarters, the cumulative increment in aggregate social financing was 27.46 trillion yuan, a year-on-year decrease of 2.63 trillion yuan.

On October 14, central bank data showed that, according to preliminary statistics, the cumulative increment in aggregate social financing in the first three quarters of 2026 was 27.46 trillion yuan, 2.63 trillion yuan less than in the same period last year. Among this, RMB loans to the real economy increased by 11.5 trillion yuan, a year-on-year decrease of 3.04 trillion yuan; foreign currency loans to the real economy, converted into RMB, increased by 245.1 billion yuan, a year-on-year increase of 339.7 billion yuan; entrusted loans increased by 22.2 billion yuan, a year-on-year increase of 79.4 billion yuan; trust loans decreased by 138.3 billion yuan, a year-on-year decrease of 338.7 billion yuan; undiscounted bankers' acceptances increased by 74.8 billion yuan, a year-on-year decrease of 226.3 billion yuan; net financing of corporate bonds was 2.75 trillion yuan, a year-on-year increase of 1.18 trillion yuan; net financing of government bonds was 10.3 trillion yuan, a year-on-year decrease of 1.16 trillion yuan; domestic equity financing by non-financial enterprises was 535.9 billion yuan, a year-on-year increase of 219.1 billion yuan. At the end of September, the balance of broad money (M2) was 359.63 trillion yuan, a year-on-year increase of 7.2%. The balance of narrow money (M1) was 116.76 trillion yuan, a year-on-year increase of 3.2%. The balance of currency in circulation (M0) was 15.02 trillion yuan, a year-on-year increase of 10.6%. In the first three quarters, net cash injection was 922.1 billion yuan. The full text is as follows: Financial Statistics Report for the First Three Quarters of 2026 I. The stock of aggregate social financing increased by 7.1% year on year According to preliminary statistics, at the end of September 2026, the stock of aggregate social financing was 468.17 trillion yuan, a year-on-year increase of 7.1%. Among this, the balance of RMB loans to the real economy was 279.9 trillion yuan, a year-on-year increase of 4.8%; the balance of foreign currency loans to the real economy, converted into RMB, was 1.25 trillion yuan, a year-on-year increase of 6.4%; the balance of entrusted loans was 11.34 trillion yuan, a year-on-year increase of 1.5%; the balance of trust loans was 4.53 trillion yuan, a year-on-year increase of 0.7%; the balance of undiscounted bankers' acceptances was 2.22 trillion yuan, a year-on-year decrease of 8.8%; the balance of corporate bonds was 36.62 trillion yuan, a year-on-year increase of 9.3%; the balance of government bonds was 105.23 trillion yuan, a year-on-year increase of 13.7%; the balance of domestic equity of non-financial enterprises was 12.73 trillion yuan, a year-on-year increase of 5.8%. From a structural perspective, at the end of September, the balance of RMB loans to the real economy accounted for 59.8% of the stock of aggregate social financing in the same period, 1.3 percentage points lower than a year earlier; 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 0.5%, 0.1 percentage points lower year on year; the balance of corporate bonds accounted for 7.8%, 0.1 percentage points higher year on year; the balance of government bonds accounted for 22.5%, 1.3 percentage points higher year on year; the balance of domestic equity of non-financial enterprises accounted for 2.7%, 0.1 percentage points lower year on year. II. The cumulative increment in aggregate social financing in the first three quarters was 27.46 trillion yuan According to preliminary statistics, the cumulative increment in aggregate social financing in the first three quarters of 2026 was 27.46 trillion yuan, 2.63 trillion yuan less than in the same period last year. Among this, RMB loans to the real economy increased by 11.5 trillion yuan, a year-on-year decrease of 3.04 trillion yuan; foreign currency loans to the real economy, converted into RMB, increased by 245.1 billion yuan, a year-on-year increase of 339.7 billion yuan; entrusted loans increased by 22.2 billion yuan, a year-on-year increase of 79.4 billion yuan; trust loans decreased by 138.3 billion yuan, a year-on-year decrease of 338.7 billion yuan; undiscounted bankers' acceptances increased by 74.8 billion yuan, a year-on-year decrease of 226.3 billion yuan; net financing of corporate bonds was 2.75 trillion yuan, a year-on-year increase of 1.18 trillion yuan; net financing of government bonds was 10.3 trillion yuan, a year-on-year decrease of 1.16 trillion yuan; domestic equity financing by non-financial enterprises was 535.9 billion yuan, a year-on-year increase of 219.1 billion yuan. III. Broad money grew by 7.2% At the end of September, the balance of broad money (M2) was 359.63 trillion yuan, a year-on-year increase of 7.2%. The balance of narrow money (M1) was 116.76 trillion yuan, a year-on-year increase of 3.2%. The balance of currency in circulation (M0) was 15.02 trillion yuan, a year-on-year increase of 10.6%. In the first three quarters, net cash injection was 922.1 billion yuan. IV. RMB deposits increased by 20.76 trillion yuan in the first three quarters At the end of September, the balance of domestic and foreign currency deposits was 357.52 trillion yuan, a year-on-year increase of 7.6%. At the end of the month, the balance of RMB deposits was 349.45 trillion yuan, a year-on-year increase of 7.5%. In the first three quarters, RMB deposits increased by 20.76 trillion yuan. Among this, household deposits increased by 9.39 trillion yuan, deposits of non-financial enterprises increased by 3.16 trillion yuan, fiscal deposits increased by 1.63 trillion yuan, and deposits of non-banking financial institutions increased by 4.41 trillion yuan. At the end of September, the balance of foreign currency deposits was 1.2 trillion US dollars, a year-on-year increase of 17.7%. In the first three quarters, foreign currency deposits increased by 139.4 billion US dollars. V. RMB loans increased by 11.52 trillion yuan in the first three quarters At the end of September, the balance of domestic and foreign currency loans was 287.29 trillion yuan, a year-on-year increase of 4.7%. At the end of the month, the balance of RMB loans was 283.44 trillion yuan, a year-on-year increase of 4.8%. In the first three quarters, RMB loans increased by 11.52 trillion yuan. By sector, household loans decreased by 1.03 trillion yuan, of which short-term loans decreased by 1.14 trillion yuan and medium- and long-term loans increased by 106.2 billion yuan; loans to enterprises (institutions) increased by 12.55 trillion yuan, of which short-term loans increased by 4.64 trillion yuan, medium- and long-term loans increased by 6.53 trillion yuan, and bill financing increased by 1.24 trillion yuan; loans to non-banking financial institutions decreased by 586.5 billion yuan. At the end of September, the balance of foreign currency loans was 571.9 billion US dollars, a year-on-year increase of 3.1%. In the first three quarters, foreign currency loans increased by 26.8 billion US dollars. VI. In September, the monthly weighted average interest rate for interbank lending in the RMB interbank market was 1.4%, and the monthly weighted average interest rate for pledged bond repurchase was 1.4% In the first three quarters, total transactions in the RMB interbank market through lending, outright bonds, and repurchase amounted to 1,713.26 trillion yuan, with an average daily transaction volume of 9.21 trillion yuan, a year-on-year increase of 7.6% in average daily transaction volume. Among this, the average daily transaction volume of interbank lending increased by 9.6% year on year, the average daily transaction volume of outright bonds increased by 4% year on year, and the average daily transaction volume of pledged repurchase increased by 8.1% year on year. In September, the weighted average interest rate for interbank lending was 1.4%, 0.02 percentage points higher than the previous month and 0.05 percentage points lower than the same period last year; the weighted average interest rate for pledged repurchase was 1.4%, flat compared with the previous month and 0.06 percentage points lower than the same period last year. VII. The balance of national foreign exchange reserves was 3.4 trillion US dollars At the end of September, the balance of national foreign exchange reserves was 3.4 trillion US dollars. At the end of September, the RMB exchange rate was 6.7351 yuan per US dollar. VIII. In the first three quarters, cross-border RMB settlement under the current account was 15.23 trillion yuan, and cross-border RMB settlement for direct investment was 6.11 trillion yuan In the first three quarters, cross-border RMB settlement under the current account was 15.23 trillion yuan, of which goods trade, services trade, and other current account items were 11.92 trillion yuan and 3.31 trillion yuan respectively; cross-border RMB settlement for direct investment was 6.11 trillion yuan, of which outward direct investment and foreign direct investment were 2.2 trillion yuan and 3.91 trillion yuan respectively. This article is compiled from the "Official Website of the Central Bank"; GMTEight editor: Huang Xiaodong.