The People’s Bank of China published preliminary monetary and financing data showing that outstanding aggregate social financing reached CNY 464.8 trillion at the end of August, up 7.2% from a year earlier. Broad money increased 7.5% to CNY 356.81 trillion, while narrow money rose 4.1% under the revised statistical definition introduced for 2025 data. Aggregate social financing flows totaled CNY 23.91 trillion in the first eight months of 2026, CNY 2.64 trillion less than a year earlier. Renminbi lending to the real economy fell by CNY 2.71 trillion year on year to CNY 10.23 trillion, while net corporate bond financing increased by CNY 1.23 trillion to CNY 2.79 trillion. Government bond financing totaled CNY 8.77 trillion, down CNY 1.5 trillion. Total renminbi loans increased by CNY 10.44 trillion, comprising a CNY 11.26 trillion rise in lending to nonfinancial enterprises and public institutions and a CNY 1.03 trillion decline in household loans. Renminbi deposits increased by CNY 18.99 trillion in the first eight months. In August, the weighted average interbank lending rate was 1.38% and the pledged repo rate was 1.4%, both 0.02 percentage points below their July levels.
2026-09-14Central Bank of the Republic of China
People’s Bank of China reports 7.2% social financing growth and 7.5% M2 growth in August
China’s outstanding aggregate social financing rose 7.2% year on year to CNY 464.8 trillion at the end of August, while M2 grew 7.5%. Financing flows totaled CNY 23.91 trillion in the first eight months, CNY 2.64 trillion less than a year earlier, as weaker renminbi lending and government bond financing outweighed stronger corporate bond issuance. Household loans declined by CNY 1.03 trillion, while lending to nonfinancial enterprises and public institutions increased by CNY 11.26 trillion.