In November, China's new social financing was 2.49 trillion yuan, with new RMB loans of 390 billion yuan, and the M2-M1 scissors difference expanded

In November, China's new social financing was 2.49 trillion yuan, and new renminbi loans amounted to 390 billion yuan. The M2-M1 spread at the end of November was 3.1 percentage points, widening from the previous month's 2.0 percentage points.

On December 12, the People's Bank of China released financial data:

• In the first eleven months of 2025, the cumulative increase in the scale of social financing was 33.39 trillion yuan, an increase of 3.99 trillion yuan compared to the same period last year. Based on previous values, China's new social financing in November was 2.49 trillion yuan.
• By the end of November 2025, the stock of social financing was 440.07 trillion yuan, a year-on-year increase of 8.5%.

• In the first eleven months, renminbi loans increased by 15.36 trillion yuan. New renminbi loans in November were 390 billion yuan.
• In the first eleven months, renminbi deposits increased by 24.73 trillion yuan. New renminbi deposits in November were 1.41 trillion yuan.
• At the end of November, the balance of broad money (M2) was 336.99 trillion yuan, a year-on-year increase of 8%. The balance of narrow money (M1) was 112.89 trillion yuan, a year-on-year increase of 4.9%. The M2-M1 spread at the end of November was 3.1 percentage points, widening from the previous month's 2.0 percentage points.

I. The stock of social financing increased by 8.5% year-on-year

Preliminary statistics show that by the end of November 2025, the stock of social financing was 440.07 trillion yuan, a year-on-year increase of 8.5%. Among them:

The balance of renminbi loans issued to the real economy was 267.42 trillion yuan, a year-on-year increase of 6.3%;

The balance of foreign currency loans issued to the real economy, converted to renminbi, was 1.13 trillion yuan, a year-on-year decrease of 16.5%;

The balance of entrusted loans was 11.32 trillion yuan, a year-on-year increase of 1%;

The balance of trust loans was 4.6 trillion yuan, a year-on-year increase of 7.4%;

The balance of undiscounted bank acceptance bills was 2.3 trillion yuan, a year-on-year increase of 0.4%;

The balance of corporate bonds was 34.08 trillion yuan, a year-on-year increase of 5.6%;

The balance of government bonds was 94.24 trillion yuan, a year-on-year increase of 18.8%;

The balance of domestic stocks of non-financial enterprises was 12.14 trillion yuan, a year-on-year increase of 4%.

From a structural perspective:

At the end of November, the balance of renminbi loans issued to the real economy accounted for 60.8% of the stock of social financing during the same period, a decrease of 1.3 percentage points year-on-year;

The proportion of foreign currency loans issued to the real economy, converted to renminbi, was 0.3%, unchanged year-on-year;

The proportion of entrusted loans is 2.6%, a year-on-year decrease of 0.2 percentage points;

The proportion of trust loans is 1%, a year-on-year decrease of 0.1 percentage points;

The proportion of undiscounted bank acceptance bills is 0.5%, a year-on-year decrease of 0.1 percentage points;

The proportion of corporate bonds is 7.7%, a year-on-year decrease of 0.3 percentage points;

The proportion of government bonds is 21.4%, a year-on-year increase of 1.8 percentage points;

The proportion of domestic stocks of non-financial enterprises is 2.8%, a year-on-year decrease of 0.1 percentage points.

II. The cumulative increase in social financing scale for the first eleven months is 33.39 trillion yuan

Preliminary statistics show that the cumulative increase in social financing scale for the first eleven months of 2025 is 33.39 trillion yuan, an increase of 3.99 trillion yuan compared to the same period last year. Among them:

RMB loans issued to the real economy increased by 14.93 trillion yuan, a year-on-year decrease of 1.28 trillion yuan;

Foreign currency loans issued to the real economy, converted to RMB, decreased by 136.8 billion yuan, a year-on-year decrease of 187.3 billion yuan;

Entrusted loans increased by 89.5 billion yuan, a year-on-year increase of 145.3 billion yuan;

Trust loans increased by 300.3 billion yuan, a year-on-year decrease of 82.3 billion yuan;

Undiscounted bank acceptance bills increased by 160.5 billion yuan, a year-on-year increase of 356.8 billion yuan;

Net financing of corporate bonds was 2.24 trillion yuan, a year-on-year increase of 312.5 billion yuan;

Net financing of government bonds was 13.15 trillion yuan, a year-on-year increase of 3.61 trillion yuan;

Financing of domestic stocks of non-financial enterprises was 420.4 billion yuan, a year-on-year increase of 178.8 billion yuan.

III. Broad money supply increased by 8%

At the end of November, the balance of broad money (M2) was 336.99 trillion yuan, a year-on-year increase of 8%. The balance of narrow money (M1) was 112.89 trillion yuan, a year-on-year increase of 4.9%. The balance of currency in circulation (M0) was 13.74 trillion yuan, a year-on-year increase of 10.6%. The net cash injection in the first eleven months was 917.5 billion yuan.

IV. RMB deposits increased by 24.73 trillion yuan in the first eleven months

At the end of November, the balance of deposits in both RMB and foreign currencies was 334.46 trillion yuan, a year-on-year increase of 8%. The balance of RMB deposits at the end of the month was 326.96 trillion yuan, a year-on-year increase of 7.7%.

RMB deposits increased by 24.73 trillion yuan in the first eleven months. Among them:

Household deposits increased by 12.06 trillion yuan, non-financial enterprise deposits increased by 1.09 trillion yuan, fiscal deposits increased by 2.04 trillion yuan, and deposits of non-bank financial institutions increased by 6.74 trillion yuan.

At the end of November, the balance of foreign currency deposits was 1.06 trillion USD, a year-on-year increase of 28.3%. Foreign currency deposits increased by 206.7 billion USD in the first eleven months.

V. RMB loans increased by 15.36 trillion yuan in the first eleven months

At the end of November, the balance of loans in both RMB and foreign currencies was 274.84 trillion yuan, a year-on-year increase of 6.3%. The balance of RMB loans at the end of the month was 271 trillion yuan, a year-on-year increase of 6.4%.

RMB loans increased by 15.36 trillion yuan in the first eleven months. By sector, household loans increased by 533.3 billion yuan, among which:

Short-term loans decreased by 732.8 billion yuan, while medium- and long-term loans increased by 1.27 trillion yuan;

Loans to enterprises increased by 14.4 trillion yuan, of which short-term loans increased by 4.44 trillion yuan, medium- and long-term loans increased by 8.49 trillion yuan, and bill financing increased by 1.31 trillion yuan; loans from non-bank financial institutions decreased by 33.2 billion yuan.

At the end of November, the balance of foreign currency loans was 542.9 billion USD, a year-on-year decrease of 1.6%. In the first eleven months, foreign currency loans increased by 800 million USD.

6. The monthly weighted average interest rate for interbank RMB market lending in November was 1.42%, and the monthly weighted average interest rate for pledged bond repos was 1.44%

In November, the total transaction volume in the interbank RMB market through lending, cash bonds, and repos was 187.7 trillion yuan, with an average daily transaction of 9.38 trillion yuan, a year-on-year decrease of 1.2%. Among them, the average daily transaction of interbank lending decreased by 13.2% year-on-year, the average daily transaction of cash bonds increased by 7.6% year-on-year, and the average daily transaction of pledged repos decreased by 2.1% year-on-year.

The weighted average interest rate for interbank lending in November was 1.42%, which was 0.03 percentage points higher than the previous month and 0.13 percentage points lower than the same period last year. The weighted average interest rate for pledged repos was 1.44%, which was 0.04 percentage points higher than the previous month and 0.15 percentage points lower than the same period last year.

7. The amount of cross-border RMB settlement under the current account in November was 1.49 trillion yuan, and the amount of cross-border RMB settlement for direct investment was 0.71 trillion yuan

In November, the amount of cross-border RMB settlement under the current account was 1.49 trillion yuan, of which goods trade, service trade, and other current items were 1.19 trillion yuan and 0.3 trillion yuan, respectively; the amount of cross-border RMB settlement for direct investment was 0.71 trillion yuan, of which outward direct investment and foreign direct investment were 0.26 trillion yuan and 0.45 trillion yuan, respectively.

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