China's 2025 social financing growth surpasses 2024 with a month to spare

China's total social financing reached 440.07 trillion yuan ($62.4 trillion) at the end of November, up 8.5 percent from a year earlier, the People's Bank of China (PBOC), the country's central bank, said on Friday.

As part of this, yuan-denominated loans to the real economy totaled 267.42 trillion yuan, up 6.3 percent, underscoring continued policy support for growth.

China's broad money supply (M2) rose 8 percent to 336.99 trillion yuan, while narrow money (M1) increased 4.9 percent to 112.89 trillion yuan, and currency in circulation (M0) climbed 10.6 percent to 13.74 trillion yuan.

Yuan deposits totaled 326.96 trillion yuan, up 7.7 percent, and foreign currency deposits jumped 28.3 percent to 1.06 trillion US dollars, indicating ample liquidity in the financial system.

From January to November, aggregate social financing increased by 33.39 trillion yuan, already exceeding the full-year growth recorded in 2024. New yuan loans to the real economy rose 14.93 trillion yuan, reflecting stronger financial support for economic activity.