The People’s Bank of China published preliminary financial statistics showing that outstanding aggregate social financing reached CNY 468.17 trillion at the end of September, up 7.1% from a year earlier, while broad money supply M2 grew 7.2% to CNY 359.63 trillion. Aggregate social financing increased by CNY 27.46 trillion in the first three quarters, CNY 2.63 trillion less than in the same period of 2025. RMB lending to the real economy remained the largest component of outstanding social financing at CNY 279.9 trillion, although its share fell 1.3 percentage points to 59.8%. Government bond financing accounted for 22.5%, up 1.3 percentage points, as the outstanding balance rose 13.7% to CNY 105.23 trillion. First three quarter RMB loans increased by CNY 11.52 trillion, driven by a CNY 12.55 trillion rise in lending to nonfinancial enterprises and public institutions, while household loans fell by CNY 1.03 trillion. RMB deposits increased by CNY 20.76 trillion. September’s weighted average interbank lending and pledged repo rates were both 1.4%. Foreign exchange reserves stood at USD 3.4 trillion at month end, when the exchange rate was CNY 6.7351 per U.S. dollar.
People’s Bank of China reports 7.1% growth in social financing stock and 7.2% M2 growth in September
The People’s Bank of China reported that outstanding aggregate social financing grew 7.1% to CNY 468.17 trillion at the end of September, while M2 rose 7.2%. First three quarter RMB loans increased by CNY 11.52 trillion, led by lending to nonfinancial enterprises and public institutions, as household loans declined by CNY 1.03 trillion. Aggregate social financing flows totaled CNY 27.46 trillion, down CNY 2.63 trillion from a year earlier.