Central Bank of the Republic of China reports 8.5% growth in total social financing stock and 8.2% M2 growth at end-October 2025

The Central Bank of the Republic of China published preliminary October 2025 monetary and financing statistics showing outstanding total social financing reached CNY 437.72 trillion, up 8.5% year on year, while broad money (M2) rose 8.2% to CNY 335.13 trillion. Cumulative new social financing in January to October totalled CNY 30.9 trillion, CNY 3.83 trillion more than in the same period a year earlier. At end-October, RMB loans to the real economy stood at CNY 267.01 trillion (+6.3%), government bonds at CNY 93.03 trillion (+19.2%) and corporate bonds at CNY 33.68 trillion (+4.9%), while foreign-currency loans to the real economy (RMB equivalent) fell 16.9% to CNY 1.15 trillion. RMB loans accounted for 61% of the social financing stock, down 1.3 percentage points from a year earlier, while the government bond share rose to 21.3%, up 2 percentage points. RMB deposits increased by CNY 23.32 trillion in the first ten months, and RMB loans grew by CNY 14.97 trillion, driven mainly by corporate lending (+CNY 13.79 trillion). In October, the weighted-average monthly interbank offered rate was 1.39% and the pledged repo rate was 1.4%, and cross-border RMB settlement totalled CNY 1.41 trillion for current account transactions and CNY 0.65 trillion for direct investment. The release notes the figures are preliminary and reflects methodological changes, including a revised M1 definition applied from January 2025 and expanded financial statistics coverage from January 2023 that affects some social financing and loan series.