GuShiio.com ① At the end of January 2025, the stock of social financing scale was 415.2 trillion yuan, a year-on-year increase of 8%, of which the balance of RMB loans issued to the real economy was 257.71 trillion yuan, a year-on-year increase of 7.2%.
② At the end of January, the broad money (M2) balance was 318.52 trillion yuan, a year-on-year increase of 7%, and the RMB loan balance was 260.77 trillion yuan, a year-on-year increase of 7.5%.
Financial Union reported on February 14 that the central bank released data that the scale of social financing increased by 7.06 trillion yuan in January, 583.3 billion yuan more than the same period last year. RMB loans increased by 5.13 trillion yuan in January. At the end of January, the broad money (M2) balance was 318.52 trillion yuan, a year-on-year increase of 7%. The narrow money (M1) balance was 112.45 trillion yuan, a year-on-year increase of 0.4%.
RMB loans increased by 5.13 trillion yuan in January, M2 increased by 7% year-on-year
1. Broad money grew by 7%
At the end of January, the broad money (M2) balance was 318.52 trillion yuan, a year-on-year increase of 7%. The narrow money (M1) balance was 112.45 trillion yuan, a year-on-year increase of 0.4%. The balance of money in circulation (M0) was 14.23 trillion yuan, a year-on-year increase of 17.2%. The net cash investment for the month was 1.41 trillion yuan.
2. RMB loans increased by 5.13 trillion yuan in January
At the end of January, the balance of domestic and foreign currency loans was 264.6 trillion yuan, a year-on-year increase of 7%. At the end of the month, the balance of RMB loans was 260.77 trillion yuan, a year-on-year increase of 7.5%.
RMB loans increased by 5.13 trillion yuan in January. In terms of sectors, household loans increased by 443.8 billion yuan, of which short-term loans decreased by 49.7 billion yuan, and medium-and long-term loans increased by 493.5 billion yuan; loans to enterprises (institutions) increased by 4.78 trillion yuan, of which short-term loans increased by 1.74 trillion yuan., medium and long-term loans increased by 3.46 trillion yuan, bill financing decreased by 514.9 billion yuan; loans to non-banking financial institutions decreased by 200.8 billion yuan.
At the end of January, the balance of foreign currency loans was US$534.8 billion, a year-on-year decrease of 19.9%. Foreign currency loans fell by US$7.3 billion in January.
3. RMB deposits increased by 4.32 trillion yuan in January
At the end of January, the balance of local and foreign currency deposits was 312.95 trillion yuan, a year-on-year increase of 5.9%. At the end of the month, the balance of RMB deposits was 306.55 trillion yuan, a year-on-year increase of 5.8%.
RMB deposits increased by 4.32 trillion yuan in January. Among them, household deposits increased by 5.52 trillion yuan, non-financial corporate deposits decreased by 206 billion yuan, fiscal deposits increased by 332.4 billion yuan, and deposits in non-banking financial institutions decreased by 1.11 trillion yuan.
At the end of January, the balance of foreign currency deposits was US$892.4 billion, a year-on-year increase of 7.9%. Foreign currency deposits increased by US$39.5 billion in January.
4. The monthly weighted average interest rate of interbank RMB interbank lending in January was 1.86%, and the monthly weighted average interest rate of pledged bond repurchase was 2.16%
In January, the total transaction volume in the inter-bank RMB market in the form of borrowing, spot bonds and repurchase was 140.91 trillion yuan, with an average daily transaction volume of 7.42 trillion yuan, a year-on-year decrease of 22.9%. Among them, the average daily transaction volume of interbank borrowing decreased by 45.7% year-on-year, the average daily transaction volume of spot bonds decreased by 10.1% year-on-year, and the average daily transaction volume of pledged repo decreased by 24% year-on-year.
The weighted average interest rate on interbank borrowing in January was 1.86%, 0.29 and 0.03 percentage points higher than the previous month and the same period last year respectively. The weighted average interest rate of pledged repo was 2.16%, 0.51 and 0.26 percentage points higher than the previous month and the same period last year respectively.
5. In January, the cross-border RMB settlement amount under current account was 1.43 trillion yuan, and the cross-border RMB settlement amount for direct investment was 0.76 trillion yuan.
In January, the cross-border RMB settlement amount under current account was 1.43 trillion yuan, of which trade in goods, trade in services and other current accounts were 1.12 trillion yuan and 0.31 trillion yuan respectively; the cross-border RMB settlement amount of direct investment was 0.76 trillion yuan, of which foreign direct investment and foreign direct investment were 0.25 trillion yuan and 0.51 trillion yuan respectively.
At the end of January, the stock of social financing scale was 415.2 trillion yuan, a year-on-year increase of 8%
According to preliminary statistics, the stock of social financing scale at the end of January 2025 was 415.2 trillion yuan, a year-on-year increase of 8%. Among them, the balance of RMB loans issued to the real economy was 257.71 trillion yuan, a year-on-year increase of 7.2%; the balance of foreign currency loans issued to the real economy was equivalent to 1.24 trillion yuan, a year-on-year decrease of 29.4%; the balance of entrusted loans was 11.28 trillion yuan, a year-on-year increase of 0.4%; the balance of trust loans was 4.36 trillion yuan, a year-on-year increase of 9.7%; The balance of undiscounted bank acceptance bills was 2.6 trillion yuan, a year-on-year decrease of 14.6%; the balance of corporate bonds was 32.69 trillion yuan, a year-on-year increase of 4.1%; the balance of government bonds was 81.78 trillion yuan, a year-on-year increase of 16.7%; The balance of domestic stocks of non-financial enterprises was 11.77 trillion yuan, a year-on-year increase of 2.6%.
In terms of structure, the balance of RMB loans issued to the real economy at the end of January accounted for 62.1% of the stock of social financing scale in the same period, down 0.4 percentage points year-on-year; foreign currency loans issued to the real economy accounted for 0.3% of the RMB balance, down 0.2 percentage points year-on-year; the balance of entrusted loans accounted for 2.7%, 0.2 percentage points lower than the same period last year; the balance of trust loans accounted for 1.1%, 0.1 percentage points higher than the same period last year; The balance of undiscounted bank acceptance bills accounted for 0.6%, down 0.2 percentage points year-on-year; the balance of corporate bonds accounted for 7.9%, down 0.3 percentage points year-on-year; the balance of government bonds accounted for 19.7%, up 1.5 percentage points year-on-year; The balance of domestic stocks of non-financial enterprises accounted for 2.8%, down 0.2 percentage points year-on-year.
The increase in social financing scale in January was 7.06 trillion yuan, 583.3 billion yuan more than the same period last year
According to preliminary statistics, the increase in social financing scale in January 2025 was 7.06 trillion yuan, 583.3 billion yuan more than the same period last year. Among them, RMB loans issued to the real economy increased by 5.22 trillion yuan, an increase of 379.3 billion yuan year-on-year; Foreign currency loans issued to the real economy decreased by 39.2 billion yuan, a year-on-year decrease of 138.1 billion yuan; Entrusted loans increased by 44.9 billion yuan, an increase of 80.8 billion yuan year-on-year; Trust loans increased by 62.3 billion yuan, a year-on-year increase of 10.9 billion yuan; Undiscounted bank acceptance bills increased by 465.3 billion yuan, a year-on-year increase of 98.3 billion yuan; Net financing of corporate bonds was 445.4 billion yuan, a year-on-year increase of 13.4 billion yuan; net financing of government bonds was 693.3 billion yuan, a year-on-year increase of 398.6 billion yuan; domestic equity financing of non-financial enterprises was 47.3 billion yuan, a year-on-year increase of 5.1 billion yuan.
