Central Bank: At the end of July, the stock of large-scale social financing increased 7.4% year on year M2 increased 7.7% year on year
The Zhitong Finance App learned that on August 14, the People's Bank of China released the financial statistics report for July 2026. According to the report, according to preliminary statistics, the social financing scale stock at the end of July 2026 was 463.27 trillion yuan, an increase of 7.4% over the previous year. Among them, the balance of RMB loans issued to the real economy was 278.57 trillion yuan, an increase of 5.2% over the previous year. The cumulative increase in the scale of social financing in the first seven months of 2026 was 22.25 trillion yuan, 1.74 trillion yuan less than the same period last year. At the end of July, the broad currency (M2) balance was 355.51 trillion yuan, an increase of 7.7% over the previous year. The balance of narrow currency (M1) was 115.46 trillion yuan, an increase of 4% over the previous year.
The original text is as follows:
Financial Statistics Report July 2026
1. The stock of large-scale social financing increased by 7.4% year-on-year
According to preliminary statistics, the social financing scale stock at the end of July 2026 was 463.27 trillion yuan, an increase of 7.4% over the previous year. Among them, RMB loan balance issued to the real economy was 278.57 trillion yuan, up 5.2% year on year; foreign currency loans issued to the real economy were equivalent to RMB 1.19 trillion, down 1.7% year on year; trust loan balance was 4.6 trillion yuan, up 3.2% year on year; undiscounted bank acceptance bill balance was 1.97 trillion yuan, up 2.7% year on year; corporate bond balance was 36.47 trillion yuan, up 9.2% year on year; government bond balance was 102.68 trillion yuan year on year, up 1.2% year on year; government bond balance was 102.68 trillion yuan year on year, year on year The increase was 14.1%; the balance of domestic stocks of non-financial enterprises was 12.6 trillion yuan, up 5.5% year on year.
In terms of structure, RMB loan balances issued to the real economy at the end of July accounted for 60.1% of the social financing scale stock during the same period, 1.3 percentage points lower than the previous year; foreign currency loans issued to the real economy accounted for 0.3% of the RMB balance, which was the same; the balance of entrusted loans accounted for 2.4%, which was 0.2 percentage points lower than the previous year; the balance of trust loans accounted for 1%, the same year on year; the balance of undiscounted bank acceptance notes accounted for 0.4%, which was the same year on year; the balance of corporate bonds accounted for 0.2 percentage points higher than the previous year; the balance of government bonds accounted for 22.2% higher than the previous year 1.3 percentage points; non-financial companies' domestic stock balances accounted for 2.7%, 0.1 percentage points lower than the previous year.
2. The cumulative increase in the scale of social financing in the first seven months was 22.25 trillion yuan
According to preliminary statistics, the cumulative increase in the scale of social financing in the first seven months of 2026 was 22.25 trillion yuan, 1.74 trillion yuan less than the same period last year. Among them, RMB loans issued to the real economy increased by 10.17 trillion yuan, a year-on-year decrease of 2.14 trillion yuan; foreign currency loans issued to the real economy increased by RMB 169.4 billion, an increase of 241.9 billion yuan; entrustment loans decreased by 81 billion yuan, an increase of 12.1 billion yuan; trust loans decreased by 67.2 billion yuan, an increase of 226.4 billion yuan; undiscounted bank acceptance notes decreased by 178.6 billion yuan, a year-on-year decrease of 41 billion yuan; net financing of corporate bonds was 2.52 trillion yuan, an increase of 1.1 trillion yuan over the previous year; net financing of government bonds was 7.76 million yuan. 1.15 trillion yuan less than the previous year; domestic stock financing by non-financial enterprises was 406.1 billion yuan, an increase of 184.7 billion yuan over the same period last year.
3. Generalized monetary growth of 7.7%
At the end of July, the broad currency (M2) balance was 355.51 trillion yuan, an increase of 7.7% over the previous year. The balance of narrow currency (M1) was 115.46 trillion yuan, an increase of 4% over the previous year. The balance of currency in circulation (M0) was 14.82 trillion yuan, an increase of 11.6% over the previous year. Net cash investment for the first seven months was 725.5 billion yuan.
4. RMB deposits increased by 17.79 trillion yuan in the first seven months
At the end of July, the balance of local and foreign currency deposits was 354.49 trillion yuan, an increase of 8.1% over the previous year. The balance of RMB deposits at the end of the month was RMB 346.47 trillion, up 8.1% year on year.
RMB deposits increased by 17.79 trillion yuan in the first seven months. Among them, household deposits increased by 6.95 trillion yuan, non-financial enterprise deposits increased by 1.57 trillion yuan, fiscal deposits increased by 1.95 trillion yuan, and non-banking financial institution deposits increased by 5.76 trillion yuan.
At the end of July, the balance of foreign currency deposits was 1.18 trillion US dollars, up 17.9% year over year. Foreign currency deposits increased by US$121.2 billion in the first seven months.
5. RMB loans increased by 10.38 trillion yuan in the first seven months
At the end of July, the balance of local and foreign currency loans was 286.07 trillion yuan, an increase of 5% over the previous year. The balance of RMB loan at the end of the month was RMB 282.29 trillion, up 5.1% year on year.
RMB loans increased by 10.38 trillion yuan in the first seven months. By sector, household loans decreased by 827.1 billion yuan, of which short-term loans decreased by 928.1 billion yuan and medium- to long-term loans increased by 101 billion yuan; enterprise (business) unit loans increased by 11 trillion yuan, of which short-term loans increased by 4.34 trillion yuan, medium- and long-term loans increased by 5.32 trillion yuan, bill financing increased by 1.19 trillion yuan; and loans from non-banking financial institutions decreased by 394.4 billion yuan.
At the end of July, the balance of foreign currency loans was US$556.9 billion, up 0.2% year on year. Foreign currency loans increased by $11.9 billion in the first seven months.
The monthly weighted average interest rate for interbank lending in the RMB market in June and July was 1.4%, and the weighted average monthly interest rate for pledged bond repurchases was 1.42%
In July, the interbank RMB market traded a total of 192.86 trillion yuan through lending, cash and repurchase, with an average daily turnover of 8.39 trillion yuan. The average daily turnover decreased by 13.3% year-on-year. Among them, the average daily transaction of interbank lending decreased by 24.3% year on year, the average daily transaction of cash vouchers decreased by 6.1% year on year, and average daily transaction of pledged repurchase decreased by 14.5% year on year.
The weighted average interest rate for interbank lending in July was 1.4%, 0.01 percentage points lower than the previous month and 0.05 percentage points lower than the same period last year; the weighted average interest rate for pledged repurchases was 1.42%, 0.01 percentage points lower than the previous month, and 0.04 percentage points lower than the same period last year.
Cross-border RMB settlement amount under current account in July and July was RMB 1.75 trillion, and cross-border RMB settlement amount for direct investment was RMB 0.63 trillion
In July, the amount of cross-border RMB settlement under current accounts was RMB 1.75 trillion, of which trade in goods, trade in services and other current accounts were RMB 1.32 trillion and RMB 0.43 trillion respectively; the amount of RMB 0.63 trillion for direct investment was RMB 0.63 trillion, of which OFDI and RMB 0.41 trillion were respectively.
This article was selected from the official website of the “People's Bank of China”. Zhitong Finance Editor: Chen Siyu.