Central Bank of the Republic of China releases February monetary and credit data showing total social financing at CNY 451.4 trillion and M2 growth at 9%

The Central Bank of the Republic of China published preliminary end-February 2026 monetary and financing statistics, reporting total social financing outstanding of CNY 451.4 trillion, up 8.2% year on year, and cumulative new social financing of CNY 9.6 trillion for the first two months of 2026. Broad money (M2) stood at CNY 349.22 trillion, up 9% year on year. By component, outstanding CNY loans to the real economy were CNY 274.15 trillion (up 6.1% year on year) and accounted for 60.7% of total social financing, while government bonds reached CNY 97.3 trillion (up 16.6%) with a 21.6% share. Corporate bonds were CNY 34.84 trillion (up 6.2%), trust loans CNY 4.7 trillion (up 8.5%), and undiscounted bankers’ acceptances CNY 2.6 trillion (up 12.9%). Deposits totalled CNY 345.72 trillion (up 8.8%), with CNY deposits increasing by CNY 9.26 trillion in the first two months, while CNY loans increased by CNY 5.61 trillion over the same period, driven by a CNY 5.94 trillion rise in corporate loans and a CNY 194.2 billion decline in household loans. In February, the weighted average interbank lending rate was 1.4% and the pledged repo weighted average rate was 1.44%, and cross-border CNY settlement totalled CNY 1.22 trillion for current account transactions and CNY 0.5 trillion for direct investment. The release notes that the figures are preliminary and reiterates statistical adjustments, including expanded coverage of certain non-deposit-taking banking financial institutions from 2023 and a revised M1 definition applied from 2025 data.