At the end of November, the broad MMF (M2) balance was 336.99 trillion yuan, up 8% year over year. Narrow MMF (M1) balance was 112.89 trillion yuan, up 4.9% year over year. The balance of MMF in circulation (M0) was 13.74 trillion yuan, up 10.6% year over year.
The Zhitong Finance App learned that on December 12, the central bank released the financial statistics report for November 2025. According to preliminary statistics, the social financing scale stock at the end of November 2025 was 440.07 trillion yuan, an increase of 8.5% over the previous year. The cumulative increase in the scale of social financing in the first 11 months of 2025 was 33.39 trillion yuan, an increase of 3.99 trillion yuan over the same period last year. At the end of November, the broad MMF (M2) balance was 336.99 trillion yuan, up 8% year over year. Narrow MMF (M1) balance was 112.89 trillion yuan, up 4.9% year over year. The balance of MMF in circulation (M0) was 13.74 trillion yuan, up 10.6% year over year.
The full text is as follows:
Financial Statistics Report for November 2025
1. The stock of large-scale social financing increased by 8.5% year-on-year
According to preliminary statistics, the social financing scale stock at the end of November 2025 was 440.07 trillion yuan, an increase of 8.5% over the previous year. Among them, the balance of RMB loans issued to the real economy was 267.42 trillion yuan, up 6.3% year on year; the balance of foreign currency loans issued to the real economy was 1.13 trillion yuan, down 16.5% year on year; the delegated loan balance was 11.32 trillion yuan, up 1% year on year; trust loan balance was 4.6 trillion yuan, up 7.4% year on year; and the balance of undiscounted bank acceptance notes was 2.3 trillion yuan, up 0.4% year on year; corporate Bonds The balance was 34.08 trillion yuan, up 5.6% year on year; the balance of government Bonds was 94.24 trillion yuan, up 18.8% year on year; the balance of domestic stocks of non-financial enterprises was 12.14 trillion yuan, up 4% year on year.
Looking at the structure, RMB loan balances issued to the real economy at the end of November accounted for 60.8% 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, the same as the previous year; the balance of entrustment loans accounted for 2.6%, 0.2 percentage points lower than the previous year; the balance of undiscounted bank draft accounts for 0.5%, 0.1 percentage points lower than the previous year; corporate bond balances accounted for 7.7%, 0.3 percentage points lower than the previous year; government bond balances accounted for 7.7%, 0.3 percentage points lower than the previous year; government bond balances accounted for 7.7%, 0.3 percentage points lower than the previous year; government bond balances accounted for 7.7%, 0.3 percentage points lower than the previous year; government bond balances accounted for 7.7%, 0.3 percentage points lower than the previous year; government bond balances accounted for 7.7%, 0.3 percentage points lower than the previous year; government bond balances accounted for 7.7%, 0.3 percentage points lower than the previous year; government bond balances accounted for 7.7%, 0.3 percentage points lower than the previous year; government Bonds balances It accounted for 21.4%, 1.8 percentage points higher than the previous year; the domestic Stocks balance of non-financial enterprises accounted for 2.8%, 0.1 percentage points lower than the previous year.
2. The cumulative increase in the scale of social financing in the first 11 months was 33.39 trillion yuan
According to preliminary statistics, the cumulative increase in the scale of social financing in the first 11 months of 2025 was 33.39 trillion yuan, an increase of 3.99 trillion yuan over the same period last year. Among them, RMB loans issued to the real economy increased by 14.93 trillion yuan, a year-on-year decrease of 1.28 trillion yuan; foreign currency loans to the real economy decreased by 136.8 billion yuan, a year-on-year decrease of 187.3 billion yuan; entrusted loans increased by 89.5 billion yuan, an increase of 145.3 billion yuan; trust loans increased by 300.3 billion yuan, a year-on-year decrease of 82.3 billion yuan; undiscounted Bank Acceptance drafts increased by 160.5 billion yuan, an increase of 356.8 billion yuan; net financing of corporate Bonds was 2.24 trillion yuan, an increase of 312.5 billion yuan; net financing of government Bonds was 13.15 trillion yuan, an increase of 3.61 trillion yuan; and domestic Stocks financing of non-financial enterprises was 420.4 billion yuan, an increase of 178.8 billion yuan over the previous year.
3. Generalized MMF growth of 8%
At the end of November, the broad MMF (M2) balance was 336.99 trillion yuan, up 8% year over year. Narrow MMF (M1) balance was 112.89 trillion yuan, up 4.9% year over year. The balance of MMF in circulation (M0) was 13.74 trillion yuan, up 10.6% year over year. Net Cash/Money Market investment in the first eleven months was 917.5 billion yuan.
4. RMB deposits increased by 24.73 trillion yuan in the first 11 months
At the end of November, the balance of local and foreign currency deposits was 334.46 trillion yuan, an increase of 8% over the previous year. RMB deposit balance at the end of the month was 326.96 trillion yuan, up 7.7% year over year.
RMB deposits increased by 24.73 trillion yuan in the first eleven months. Among them, household deposits increased by 12.06 trillion yuan, non-financial corporate deposits increased by 1.09 trillion yuan, fiscal deposits increased by 2.04 trillion yuan, and non-banking Financial Institutions deposits increased by 6.74 trillion yuan.
At the end of November, the foreign currency deposit balance was 1.06 trillion US dollars, up 28.3% year over year. Foreign currency deposits increased by $206.7 billion in the first eleven months.
5. RMB loans increased by 15.36 trillion yuan in the first 11 months
At the end of November, the balance of local and foreign currency loans was 274.84 trillion yuan, up 6.3% year over year. The RMB loan balance at the end of the month was 271 trillion yuan, up 6.4% year over year.
RMB loans increased by 15.36 trillion yuan in the first eleven months. By sector, household loans increased by 533.3 billion yuan, including short-term loans decreased by 732.8 billion yuan and medium- to long-term loans increased by 1.27 trillion yuan; enterprise (business) unit loans increased by 14.4 trillion yuan, of which short-term loans increased by 4.44 trillion yuan, medium- and long-term loans increased by 8.49 trillion yuan, and bill financing increased by 1.31 trillion yuan; non-banking Financial Institutions loans decreased by 33.2 billion yuan .
At the end of November, the foreign currency loan balance was 542.9 billion US dollars, down 1.6% year on year. Foreign currency loans increased by $0.8 billion in the first eleven months.
The monthly weighted average interest rate for interbank lending in the RMB market in June and November was 1.42%, and the weighted average monthly interest rate for pledged Bonds repurchases was 1.44%
In November, the interbank RMB market traded a total of 187.7 trillion yuan through lending, cash and repurchase methods, with an average daily turnover of 9.38 trillion yuan. The average daily turnover decreased by 1.2% year on year. Among them, average daily interbank lending transactions decreased 13.2% year over year, average daily cash transactions increased 7.6% year over year, and daily pledged repurchase transactions decreased 2.1% year over year.
The weighted average interest rate for interbank lending in November was 1.42%, 0.03 percentage points higher than the previous month and 0.13 percentage points lower than the same period last year. The weighted average interest rate for pledged repurchases was 1.44%, 0.04 percentage points higher than the previous month and 0.15 percentage points lower than the same period last year.
The cross-border RMB settlement amount under current account in July and November was 1.49 trillion yuan, and the cross-border RMB settlement amount for direct investment was 0.71 trillion yuan
In November, the cross-border RMB settlement amount under current account was 1.49 trillion yuan, of which goods trade, service trade and other current accounts were 1.19 trillion yuan and 0.3 trillion yuan respectively; the cross-border RMB settlement amount for direct investment was 0.71 trillion yuan, of which OFDI and foreign direct investment were 0.26 trillion yuan and 0.45 trillion yuan respectively.
This article was edited from: the official website of the People's Bank of China; Zhitong Finance Editor: Chen Xiaoyi.
