1. Outstanding aggregate financing to the real economy increased 8.7 percent year on year

According to preliminary statistics, outstanding aggregate financing to the real economy (AFRE) reached RMB437.08 trillion at end-September 2025, increasing 8.7 percent year on year. Specifically, outstanding RMB loans to the real economy posted RMB267.03 trillion, increasing 6.4 percent year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) recorded RMB1.18 trillion, decreasing 18 percent year on year; outstanding entrusted loans registered RMB11.17 trillion, decreasing 0.7 percent year on year; outstanding trust loans registered RMB4.5 trillion, increasing 5.7 percent year on year; outstanding undiscounted bankers’ acceptances recorded RMB2.44 trillion, increasing 4.4 percent year on year; outstanding corporate bonds registered RMB33.5 trillion, increasing 4.5 percent year on year; outstanding government bonds reached RMB92.55 trillion, increasing 20.2 percent year on year; and outstanding domestic equity of non-financial firms amounted to RMB12.04 trillion, increasing 3.8 percent year on year.

By structure, outstanding RMB loans to the real economy accounted for 61.1 percent of the total AFRE at end-September, decreasing 1.3 percentage points year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) accounted for 0.3 percent, decreasing 0.1 percentage points year on year; outstanding entrusted loans accounted for 2.6 percent, decreasing 0.2 percentage points year on year; outstanding trust loans accounted for 1 percent, decreasing 0.1 percentage points year on year; outstanding undiscounted bankers’ acceptances accounted for 0.6 percent, unchanged from the former year; outstanding corporate bonds accounted for 7.7 percent, decreasing 0.3 percentage points year on year; outstanding government bonds accounted for 21.2 percent, increasing 2.1 percentage points year on year; and outstanding domestic equity of non-financial firms constituted 2.8 percent, decreasing 0.1 percentage points year on year.

2. The cumulative increase in AFRE in the first three quarters reached RMB 30.09 trillion

According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB30.09 trillion in the first three quarters of 2025, up RMB4.42 trillion from the same period of 2024. Specifically, RMB loans to the real economy registered an increase of RMB14.54 trillion, RMB851.2 billion less than the increase in the same period of 2024; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB94.6 billion, RMB111.7 billion less than the decrease in the same period of 2024; entrusted loans registered a decrease of RMB57.2 billion, RMB41.7 billion more than the decrease in the same period of 2024; trust loans recorded an increase of RMB200.4 billion, RMB155.8 billion less than the increase in the same period of 2024; undiscounted bankers’ acceptances recorded an increase of RMB301.1 billion, RMB448.7 billion more than the increase in the same period of 2024; net financing of corporate bonds was RMB1.57 trillion, down RMB15.1 billion year on year; net financing of government bonds was RMB11.46 trillion, up RMB4.28 trillion year on year; domestic equity financing by non-financial enterprises was RMB316.8 billion, up RMB146.3 billion year on year.

3. Broad money rose by 8.4 percent

At end-September, broad money supply (M2) stood at RMB335.38 trillion, increasing by 8.4 percent year on year. Narrow money supply (M1), at RMB113.15 trillion, rose by 7.2 percent year on year. The amount of currency in circulation (M0) was RMB13.58 trillion, an increase of 11.5 percent year on year. The first three quarters of the year saw a net money injection of RMB761.9 billion.

4. RMB deposits increased by RMB22.71 trillion in the first three quarters

At end-September, the outstanding amount of RMB and foreign currency deposits was RMB332.18 trillion, up 8.3 percent year on year. RMB deposits recorded an outstanding amount of RMB324.94 trillion, rising by 8 percent year on year.

In the first three quarters, RMB deposits increased by RMB22.71 trillion. Specifically, household deposits, deposits of non-financial enterprises, fiscal deposits, and deposits of non-banking financial institutions rose by RMB12.73 trillion, RMB1.53 trillion, RMB1.37 trillion, and RMB4.81 trillion, respectively.

At end-September, the outstanding amount of foreign currency deposits was USD1.02 trillion, up 20 percent year on year. The first three quarters saw a rise of USD165.8 billion in foreign currency deposits.

5. RMB loans grew by RMB14.75 trillion in the first three quarters

At end-September, outstanding RMB and foreign currency loans totaled RMB274.33 trillion, up 6.5 percent year on year. Outstanding RMB loans stood at RMB270.39 trillion, registering a year-on-year growth of 6.6 percent.

In the first three quarters, new RMB loans amounted to RMB14.75 trillion. By sector, household loans increased by RMB1.1 trillion, with short-term loans falling by RMB230.4 billion and medium and long-term (MLT) loans rising by RMB1.33 trillion; loans to enterprises and public institutions grew by RMB13.44 trillion, with short-term loans, MLT loans, and bill financing rising by RMB4.53 trillion, RMB8.29 trillion, and RMB475.2 billion, respectively; and loans to non-banking financial institutions dropped by RMB112.1 billion.

At end-September, outstanding foreign currency loans stood at USD554.4 billion, down 5.3 percent year on year. The first three quarters saw an increase of USD12.3 billion in foreign currency loans.

6. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos in September stood at 1.45 percent and 1.46 percent respectively

In the first three quarters, lending, cash bond, and repo transactions in the interbank RMB market totaled RMB1601.03 trillion, with the daily average rising by 2.2 percent year on year to RMB8.56 trillion. Specifically, the average daily turnover of interbank lending fell by 14.5 percent year on year, while those of cash bond trading and pledged repo trading increased by 1 percent and 3.5 percent year on year, respectively.

The monthly weighted average interest rate for interbank lending in September stood at 1.45 percent, up 0.05 percentage points month on month but down 0.33 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.46 percent, up 0.05 percentage points month on month but down 0.37 percentage points year on year.

7. Official foreign exchange reserves stood at USD3.34 trillion

At end-September, China’s foreign exchange reserves stood at USD3.34 trillion, and the USD/CNY exchange rate was 7.1055.

8. RMB cross-border settlement under the current account reached RMB13.06 trillion and RMB cross-border settlement of direct investment posted RMB6.04 trillion in the first three quarters

In the first three quarters, RMB cross-border settlement under the current account reached RMB13.06 trillion, including RMB9.97 trillion in settlement of trade in goods and RMB3.09 trillion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB6.04 trillion, of which ODI and FDI posted RMB2.17 trillion and RMB3.87 trillion, respectively.

Notes:

1. Data for the current period are preliminary.

2. AFRE (Stock) refers to the outstanding financing provided by the financial system to the real economy at the end of a period (end of a month, end of a quarter or end of a year). AFRE (Flow) refers to the cumulative amount of funds obtained by the real economy from the financial system during a given period. In the calculation of AFRE, data are from PBOC, NFRA, CSRC, CCDC, NAFMII, etc.

3. “Loans to enterprises and public institutions” in this report refers to loans to non-financial enterprises, government agencies, and organizations.

4. Starting from January 2023, the PBOC has incorporated into the coverage of financial statistics three types of non-depository banking financial institutions, i.e., consumer finance companies, wealth management companies, and financial asset investment companies, hence adjustments to “RMB loans to the real economy” and “loan written-offs” in AFRE.

5. Starting from January 2025 statistics, the PBOC has revised the measurement of narrow money supply (M1). The revised M1 consists of currency in circulation (M0), corporate demand deposits, personal demand deposits, and customers’ reserve funds with non-bank payment institutions. Adjusted accordingly on a comparable basis, the month-end M1 balances and growth rates of 2024 are shown below.