Central Bank of the Republic of China reports November 2025 social financing stock up 8.5% year on year and M2 up 8%

The Central Bank of the Republic of China released preliminary November 2025 monetary and financing statistics showing the outstanding stock of social financing reached CNY 440.07tn, up 8.5% year on year, while broad money (M2) rose 8% to CNY 336.99tn. The release also provides January to November flow data for social financing, deposits and loans, alongside interbank market indicators and cross-border renminbi settlement volumes. By end-November, renminbi loans to the real economy stood at CNY 267.42tn, up 6.3% year on year and representing 60.8% of the social financing stock, while government bonds reached CNY 94.24tn, up 18.8% and lifting their share to 21.4%. Social financing over January to November totalled CNY 33.39tn, CNY 3.99tn more than the same period a year earlier, including government bond net financing of CNY 13.15tn and corporate bond net financing of CNY 2.24tn. Over the same period, renminbi loans increased by CNY 15.36tn and renminbi deposits by CNY 24.73tn; M1 rose 4.9% year on year to CNY 112.89tn and M0 rose 10.6% to CNY 13.74tn. In November, the weighted average interbank lending rate was 1.42% and the pledged repo rate was 1.44%, and cross-border renminbi settlement amounted to CNY 1.49tn for current-account transactions and CNY 0.71tn for direct investment. The central bank noted the figures are preliminary and highlighted methodological changes affecting comparability, including a revised M1 definition applied from January 2025 and an expansion of the financial statistics coverage from January 2023 that led to adjustments to some social financing items.