On June 13, Financial Association reported that according to data from the central bank, the incremental social financing scale from January to May is 18.63 trillion yuan, compared to 16.3429 trillion yuan from January to April; the new RMB loans from January to May amount to 10.68 trillion yuan, estimated at 10.9597 trillion yuan, and from January to April it was 10.0597 trillion yuan; by the end of May, the balance of broad money (M2) was 325.78 trillion yuan, a year-on-year increase of 7.9%. The balance of narrow money (M1) was 108.91 trillion yuan, a year-on-year increase of 2.3%. The balance of currency in circulation (M0) was 13.13 trillion yuan, a year-on-year increase of 12.1%. In the first five months, a net cash injection of 306.4 billion yuan was made.

By the end of May, the balance of broad money (M2) was 325.78 trillion yuan, a year-on-year increase of 7.9%.

1. Broad money increased by 7.9%.

By the end of May, the balance of broad money (M2) was 325.78 trillion yuan, a year-on-year increase of 7.9%. The balance of narrow money (M1) was 108.91 trillion yuan, a year-on-year increase of 2.3%. The balance of currency in circulation (M0) was 13.13 trillion yuan, a year-on-year increase of 12.1%. In the first five months, a net cash injection of 306.4 billion yuan was made.

2. In the first five months, RMB loans increased by 10.68 trillion yuan.

By the end of May, the balance of domestic and foreign currency loans was 270.2 trillion yuan, a year-on-year increase of 6.7%. The balance of RMB loans at the end of the month was 266.32 trillion yuan, a year-on-year increase of 7.1%.

In the first five months, RMB loans increased by 10.68 trillion yuan. By sector, household loans increased by 572.4 billion yuan, among which short-term loans decreased by 262.4 billion yuan, and medium to long-term loans increased by 834.7 billion yuan; loans to enterprises increased by 9.8 trillion yuan, including short-term loans increasing by 3.14 trillion yuan, medium to long-term loans increasing by 6.16 trillion yuan, and bill financing increasing by 364.5 billion yuan; loans from non-bank financial institutions increased by 135.7 billion yuan.

At the end of May, the balance of foreign currency loans was 539.4 billion USD, a year-on-year decrease of 16.3%. Over the first five months, foreign currency loans decreased by 2.7 billion USD.

In the first five months, RMB deposits increased by 14.73 trillion yuan.

At the end of May, the balance of RMB and foreign currency deposits was 324.08 trillion yuan, a year-on-year increase of 8.3%. At the end of the month, the balance of RMB deposits was 316.96 trillion yuan, a year-on-year increase of 8.1%.

In the first five months, RMB deposits increased by 14.73 trillion yuan. Among them, household deposits increased by 8.3 trillion yuan, non-financial enterprise deposits decreased by 7.3 billion yuan, fiscal deposits increased by 2.07 trillion yuan, and deposits from non-bank financial institutions increased by 3.07 trillion yuan.

At the end of May, the balance of foreign currency deposits was 990.1 billion USD, a year-on-year increase of 19%. In the first five months, foreign currency deposits increased by 137.2 billion USD.

In May, the month-end weighted average interest rate for interbank RMB market lending was 1.55%, and the month-end weighted average interest rate for collateralized bond repos was 1.56%.

In May, the interbank RMB market had a total transaction volume of 167.2 trillion yuan through lending, cash securities, and repos, with an average daily transaction of 8.8 trillion yuan, a year-on-year increase of 14.9%. Among them, the average daily transaction in interbank lending decreased by 8.6% year on year, cash securities increased by 5% year on year, and collateralized repos increased by 19.1% year on year.

In May, the weighted average interest rate for interbank lending was 1.55%, which was 0.18 and 0.3 percentage points lower than the previous month and the same period last year, respectively. The weighted average interest rate for collateralized repos was 1.56%, which was 0.16 and 0.26 percentage points lower than the previous month and the same period last year, respectively.

In May, the amount of cross-border RMB settlements under the current account was 1.31 trillion yuan, while the amount for direct investment cross-border RMB settlements was 0.61 trillion yuan.

In May, the amount of cross-border RMB settlements under the current account was 1.31 trillion yuan, of which goods trade, services trade, and other current items were 0.99 trillion yuan and 0.32 trillion yuan, respectively; the amount for direct investment cross-border RMB settlements was 0.61 trillion yuan, of which outbound direct investment and foreign direct investment were 0.2 trillion yuan and 0.41 trillion yuan, respectively.

In the first five months, the incremental social financing scale amounted to 18.63 trillion yuan, which is 3.83 trillion yuan more than the same period last year.

Preliminary statistics show that in the first five months of 2025, the incremental social financing scale totaled 18.63 trillion yuan, which is 3.83 trillion yuan more than the same period last year. Among these, RMB loans issued to the real economy increased by 10.38 trillion yuan, which is 112.3 billion yuan more year-on-year; foreign currency loans to the real economy decreased by 96.3 billion yuan in RMB equivalent, which is 169 billion yuan less year-on-year; entrusted loans decreased by 11.3 billion yuan, which is 80.2 billion yuan less year-on-year; trust loans increased by 62.7 billion yuan, which is 172.3 billion yuan less year-on-year; undiscounted bank acceptances increased by 134.3 billion yuan, which is 166.2 billion yuan more year-on-year; net financing of corporate Bonds was 908.7 billion yuan, which is 288.4 billion yuan less year-on-year; net financing of government Bonds was 6.31 trillion yuan, which is 3.81 trillion yuan more year-on-year; and domestic stock financing for non-financial enterprises was 150.4 billion yuan, which is 44.4 billion yuan more year-on-year.

At the end of May, the stock of social financing was 426.16 trillion yuan, a year-on-year increase of 8.7%.

Preliminary statistics show that at the end of May 2025, the stock of social financing was 426.16 trillion yuan, a year-on-year increase of 8.7%. Among these, the balance of RMB loans issued to the real economy was 262.86 trillion yuan, a year-on-year increase of 7%; the balance of foreign currency loans to the real economy was 1.19 trillion yuan in RMB equivalent, a year-on-year decrease of 31.5%; the balance of entrusted loans was 11.22 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 5.4%; the balance of undiscounted bank acceptances was 2.27 trillion yuan, a year-on-year decrease of 7.4%; the balance of corporate Bonds was 32.91 trillion yuan, a year-on-year increase of 3.4%; the balance of government Bonds was 87.39 trillion yuan, a year-on-year increase of 20.9%; and the balance of domestic stocks for non-financial enterprises was 11.87 trillion yuan, a year-on-year increase of 2.9%.

From a structural perspective, at the end of May, the balance of RMB loans issued to the real economy accounted for 61.7% of the total stock of social financing during the same period, which is 1 percentage point lower year-on-year; the balance of foreign currency loans to the real economy accounted for 0.3%, which is 0.1 percentage point lower year-on-year; the balance of entrusted loans accounted for 2.6%, which is 0.3 percentage point lower year-on-year; the balance of trust loans accounted for 1%, which is 0.1 percentage point lower year-on-year; the balance of undiscounted bank acceptances accounted for 0.5%, which is 0.1 percentage point lower year-on-year; the balance of corporate Bonds accounted for 7.7%, which is 0.4 percentage point lower year-on-year; the balance of government Bonds accounted for 20.5%, which is 2.1 percentage points higher year-on-year; and the balance of domestic stocks for non-financial enterprises accounted for 2.8%, which is 0.1 percentage point lower year-on-year.