Central Bank: Aggregate increase in social financing scale for the first two months reached 960 billion yuan, with RMB loans increased by 561 billion yuan

1. Social Financing Stock Increased by 8.2% Year-on-Year

Preliminary statistics show that as of the end of February 2026, the stock of social financing was 451.4 trillion yuan, an increase of 8.2% year-on-year. Among them, RMB loans to the real economy amounted to 274.15 trillion yuan, up 6.1% year-on-year; foreign currency loans to the real economy, converted into RMB, totaled 1.08 trillion yuan, down 11% year-on-year; entrusted loans were 11.28 trillion yuan, up 0.3%; trust loans were 4.7 trillion yuan, up 8.5%; undiscounted bank acceptance bills were 2.6 trillion yuan, up 12.9%; corporate bonds were 34.84 trillion yuan, up 6.2%; government bonds were 97.3 trillion yuan, up 16.6%; and domestic stocks of non-financial enterprises were 12.27 trillion yuan, up 4.2%.

In terms of structure, RMB loans to the real economy accounted for 60.7% of the social financing stock at the end of February, down 1.2 percentage points year-on-year; foreign currency loans converted into RMB accounted for 0.2%, down 0.1 percentage points; entrusted loans accounted for 2.5%, down 0.2 percentage points; trust loans accounted for 1%, unchanged; undiscounted bank acceptance bills accounted for 0.6%, unchanged; corporate bonds accounted for 7.7%, down 0.2 percentage points; government bonds accounted for 21.6%, up 1.6 percentage points; and domestic stocks of non-financial enterprises accounted for 2.7%, down 0.1 percentage points.

2. Social Financing Increment for the First Two Months Totaled 9.6 Trillion Yuan

Preliminary statistics show that the total increase in social financing for the first two months of 2026 was 9.6 trillion yuan, an increase of 316.2 billion yuan compared to the same period last year. Among them, RMB loans to the real economy increased by 5.75 trillion yuan, a decrease of 124.8 billion yuan from the previous year; foreign currency loans to the real economy, converted into RMB, increased by 433 billion yuan, an increase of 1105 billion yuan; entrusted loans decreased by 373 billion yuan, a decrease of 593 billion yuan; trust loans increased by 305 billion yuan, an increase of 12 billion yuan; undiscounted bank acceptance bills increased by 4.538 trillion yuan, an increase of 2870 billion yuan; net financing of corporate bonds was 655.4 billion yuan, an increase of 398 billion yuan; net financing of government bonds was 2.38 trillion yuan, a decrease of 94 billion yuan; and domestic stock financing of non-financial enterprises was 745 billion yuan, an increase of 195 billion yuan.

3. Broad Money (M2) Grew by 9%

As of the end of February, the broad money (M2) balance was 349.22 trillion yuan, an increase of 9% year-on-year. Narrow money (M1) was 115.93 trillion yuan, up 5.9%. Currency in circulation (M0) was 15.14 trillion yuan, up 14.1%. In the first two months, net cash injection was 1.05 trillion yuan.

4. RMB Deposits Increased by 9.26 Trillion Yuan in the First Two Months

As of the end of February, the balance of RMB and foreign currency deposits was 345.72 trillion yuan, an increase of 8.8% year-on-year. RMB deposits at the end of the month were 337.94 trillion yuan, up 8.7%.

In the first two months, RMB deposits increased by 9.26 trillion yuan. Among them, household deposits increased by 5.24 trillion yuan; non-financial enterprise deposits decreased by 445 billion yuan; fiscal deposits increased by 1.2 trillion yuan; and deposits of non-bank financial institutions increased by 2.84 trillion yuan.

At the end of February, foreign currency deposits totaled 1.12 trillion USD, up 20.5% year-on-year. Foreign currency deposits increased by 63.8 billion USD in the first two months.

5. RMB Loans Increased by 5.61 Trillion Yuan in the First Two Months

As of the end of February, the balance of RMB and foreign currency loans was 281.52 trillion yuan, up 6% year-on-year. RMB loans at the end of the month were 277.52 trillion yuan, up 6%.

In the first two months, RMB loans increased by 5.61 trillion yuan. Breakdown by sector shows household loans decreased by 194.2 billion yuan, with short-term loans down 359.6 billion yuan and medium- and long-term loans up 165.4 billion yuan; loans to enterprises and public institutions increased by 594 billion yuan, with short-term loans up 265 billion yuan and medium- and long-term loans up 407 billion yuan, while bill financing decreased by 908.9 billion yuan; loans to non-bank financial institutions decreased by 198.7 billion yuan.

At the end of February, foreign currency loans totaled 578.1 billion USD, up 8.6% year-on-year. Foreign currency loans increased by 33.1 billion USD in the first two months.

6. Interbank RMB Market: February Monthly Weighted Average Interest Rate for Repo and Call Loans

In February, the total transaction volume in the interbank RMB market via lending, spot securities, and repos was 145.3 trillion yuan, with an average daily turnover of 9.08 trillion yuan, a 40.1% increase compared to the same period last year. Among these, daily average turnover for interbank lending increased by 87.1%, spot securities decreased by 10.8%, and repo transactions increased by 53.2%.

The weighted average interest rate for interbank lending in February was 1.4%, unchanged from the previous month and 0.55 percentage points lower than the same period last year. The weighted average interest rate for repo transactions was 1.44%, up 0.01 percentage points from the previous month and 0.56 percentage points lower than the same period last year.

7. Cross-Border RMB Settlement in Current Accounts Reached 1.22 Trillion Yuan in February; Direct Investment Cross-Border RMB Settlement Reached 0.5 Trillion Yuan

In February, the amount of cross-border RMB settlement in current accounts was 1.22 trillion yuan, including 0.97 trillion yuan for trade in goods, 0.25 trillion yuan for trade in services, and other current items. Cross-border RMB settlement for direct investment was 0.5 trillion yuan, including 0.18 trillion yuan for outward direct investment and 0.32 trillion yuan for foreign direct investment.

Note 1: The data for the current period are preliminary.

Note 2: The stock of social financing refers to the balance of funds obtained by the real economy from the financial system at the end of a specific period (month-end, quarter-end, or year-end). The increment of social financing refers to the amount obtained during a specific period. Data sources include the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the Central Depository and Settlement Co., Ltd., and the National Interbank Funding Center.

Note 3: The “loans to enterprises (public institutions)” in the report refer to loans to non-financial enterprises and government agencies.

Note 4: Since January 2023, the People’s Bank of China has included consumer finance companies, wealth management companies, and financial asset investment companies—three types of non-deposit-taking financial institutions—into the financial statistics scope. As a result, data on “RMB loans to the real economy” and “loan write-offs” in the social financing scale have been adjusted.

Note 5: Starting from January 2023, the People’s Bank of China has adopted a revised statistical approach for narrow money (M1). The revised M1 includes: currency in circulation (M0), unit demand deposits, personal demand deposits, and reserves of non-bank payment institutions. When recalculated for comparability, the M1 balances and growth rates at the end of each month in 2024 are as follows:

(Article source: PBOC website)