1. Outstanding aggregate financing to the real economy increased 8.5 percent year on year

According to preliminary statistics, outstanding aggregate financing to the real economy (AFRE) reached RMB440.07 trillion at end-November 2025, increasing 8.5 percent year on year. Specifically, outstanding RMB loans to the real economy posted RMB267.42 trillion, increasing 6.3 percent year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) recorded RMB1.13 trillion, decreasing 16.5 percent year on year; outstanding entrusted loans registered RMB11.32 trillion, increasing 1 percent year on year; outstanding trust loans registered RMB4.6 trillion, increasing 7.4 percent year on year; outstanding undiscounted bankers’ acceptances recorded RMB2.3 trillion, increasing 0.4 percent year on year; outstanding corporate bonds registered RMB34.08 trillion, increasing 5.6 percent year on year; outstanding government bonds reached RMB94.24 trillion, increasing 18.8 percent year on year; and outstanding domestic equity of non-financial firms amounted to RMB12.14 trillion, increasing 4 percent year on year.

By structure, outstanding RMB loans to the real economy accounted for 60.8 percent of the total AFRE at end-November, decreasing 1.3 percentage points year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) accounted for 0.3 percent, unchanged from the former year; outstanding entrusted loans accounted for 2.6 percent, decreasing 0.2 percentage points year on year; outstanding trust loans accounted for 1 percent, decreasing 0.1 percentage points year on year; outstanding undiscounted bankers’ acceptances accounted for 0.5 percent, decreasing 0.1 percentage points year on year; outstanding corporate bonds accounted for 7.7 percent, decreasing 0.3 percentage points year on year; outstanding government bonds accounted for 21.4 percent, increasing 1.8 percentage points year on year; and outstanding domestic equity of non-financial firms constituted 2.8 percent, decreasing 0.1 percentage points year on year.

2. The cumulative increase in AFRE in the first eleven months reached RMB 33.39 trillion

According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB33.39 trillion in the first eleven months of 2025, up RMB3.99 trillion from the same period of 2024. Specifically, RMB loans to the real economy registered an increase of RMB14.93 trillion, RMB1.28 trillion less than the increase in the same period of 2024; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB136.8 billion, RMB187.3 billion less than the decrease in the same period of 2024; entrusted loans registered an increase of RMB89.5 billion, RMB145.3 billion more than the increase in the same period of 2024; trust loans recorded an increase of RMB300.3 billion, RMB82.3 billion less than the increase in the same period of 2024; undiscounted bankers’ acceptances recorded an increase of RMB160.5 billion, RMB356.8 billion more than the increase in the same period of 2024; net financing of corporate bonds was RMB2.24 trillion, up RMB312.5 billion year on year; net financing of government bonds was RMB13.15 trillion, up RMB3.61 trillion year on year; domestic equity financing by non-financial enterprises was RMB420.4 billion, up RMB178.8 billion year on year.

3. Broad money rose by 8 percent

At end-November, broad money supply (M2) stood at RMB336.99 trillion, rising by 8 percent year on year. Narrow money supply (M1), at RMB112.89 trillion, grew by 4.9 percent year on year. The amount of currency in circulation (M0) was RMB13.74 trillion, an increase of 10.6 percent year on year. The first 11 months saw a net money injection of RMB917.5 billion.

4. RMB deposits increased by RMB24.73 trillion in the first 11 months

At end-November, the outstanding amount of RMB and foreign currency deposits was RMB334.46 trillion, up 8 percent year on year. RMB deposits recorded an outstanding amount of RMB326.96 trillion, rising by 7.7 percent year on year.

In the first 11 months, RMB deposits increased by RMB24.73 trillion. Specifically, household deposits, deposits of non-financial enterprises, fiscal deposits, and deposits of non-banking financial institutions rose by RMB12.06 trillion, RMB1.09 trillion, RMB2.04 trillion, and RMB6.74 trillion, respectively.

At end-November, the outstanding amount of foreign currency deposits was USD1.06 trillion, up 28.3 percent year on year. The first 11 months saw an increase of USD206.7 billion in foreign currency deposits.

5. RMB loans grew by RMB15.36 trillion in the first 11 months

At end-November, outstanding RMB and foreign currency loans totaled RMB274.84 trillion, up 6.3 percent year on year. Outstanding RMB loans stood at RMB271 trillion, registering a year-on-year growth of 6.4 percent.

In the first 11 months, new RMB loans totaled RMB15.36 trillion. By sector, household loans increased by RMB533.3 billion, with short-term loans falling by RMB732.8 billion and medium- and long-term (MLT) loans rising by RMB1.27 trillion; loans to enterprises and public institutions grew by RMB14.4 trillion, with short-term loans, MLT loans, and bill financing increasing by RMB4.44 trillion, RMB8.49 trillion, and RMB1.31 trillion, respectively; and loans to non-banking financial institutions dropped by RMB33.2 billion.

At end-November, outstanding foreign currency loans stood at USD542.9 billion, down 1.6 percent year on year. The first 11 months saw an increase of USD0.8 billion in foreign currency loans.

6. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos in November stood at 1.42 percent and 1.44 percent respectively

In November, lending, cash bond, and repo transactions in the interbank RMB market totaled RMB187.7 trillion, with the daily average decreasing by 1.2 percent year on year to RMB9.38 trillion. Specifically, the average daily turnovers of interbank lending and pledged repo trading declined by 13.2 percent and 2.1 percent year on year, respectively, and that of cash bond trading rose by 7.6 percent year on year.

In November, the monthly weighted average interest rate for interbank lending stood at 1.42 percent, up 0.03 percentage points month on month but down 0.13 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.44 percent, up 0.04 percentage points month on month but down 0.15 percentage points year on year.

7. RMB cross-border settlement under the current account reached RMB1.49 trillion and RMB cross-border settlement of direct investment posted RMB0.71 trillion in November

In November, RMB cross-border settlement under the current account reached RMB1.49 trillion, including RMB1.19 trillion in settlement of trade in goods and RMB0.3 trillion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB0.71 trillion, of which ODI and FDI posted RMB0.26 trillion and RMB0.45 trillion, respectively.

Notes:

1. Data for the current period are preliminary.

2. AFRE (Stock) refers to the outstanding financing provided by the financial system to the real economy at the end of a period (end of a month, end of a quarter or end of a year). AFRE (flow) refers to the volume of financing provided by the financial system to the real economy within a certain period. In the calculation of AFRE, data are from PBOC, NFRA, CSRC, CCDC, NAFMII, etc.

3. “Loans to enterprises and public institutions” in this report refers to loans to non-financial enterprises, government agencies, and organizations.

4. Starting from January 2023, the PBOC has incorporated into the coverage of financial statistics three types of non-depository banking financial institutions, i.e., consumer finance companies, wealth management companies, and financial asset investment companies, hence adjustments to “RMB loans to the real economy” and “loan write-offs” in AFRE.

5. Starting from January 2025 statistics, the PBOC has revised the measurement of narrow money supply (M1). The revised M1 consists of currency in circulation (M0), corporate demand deposits, personal demand deposits, and customers’ reserve funds with non-bank payment institutions. Adjusted accordingly on a comparable basis, the month-end M1 balances and growth rates of 2024 are shown below.

	Jan. 2024	Feb. 2024	Mar. 2024	Apr. 2024	May 2024	Jun. 2024
M1 Balances (RMB100 million)	1120120	1093158	1117433	1075084	1064391	1089170
YOY Growth Rates	3.3%	2.6%	2.3%	0.6%	-0.8%	-1.7%

	Jul. 2024	Aug. 2024	Sept. 2024	Oct. 2024	Nov. 2024	Dec. 2024
M1 Balances (RMB100 million)	1051800	1049684	155410	1054884	1076379	1113069
YOY Growth Rates	-2.6%	-3.0%	-3.3%	-2.3%	-0.7%	1.2%