In February, China's new social financing was 2.38 trillion yuan, with new RMB loans of 900 billion yuan, and M2 increased by 9% year-on-year

The financial statistical data report released by the People's Bank of China on the 13th shows that at the end of February, the balance of broad money (M2) increased by 9.0% year-on-year, maintaining this growth rate for the second consecutive month; the stock of social financing increased by 8.2% year-on-year, maintaining rapid growth.

According to Shanghai Securities News, industry experts indicate that the current rapid growth of total financial volume and the overall easing of social financing conditions are gradually showing the effects of the coordinated efforts of monetary and fiscal policies.

In terms of credit issuance, the balance of RMB loans at the end of February was 277.52 trillion yuan, an increase of 6% year-on-year, with the pace of credit issuance in the first two months becoming more stable and balanced. Industry experts pointed out that the "rush" phenomenon in loan issuance in January has eased, and although the number of working days was reduced in February due to the Spring Festival holiday, credit growth remained stable. This reflects that commercial banks are paying more attention to the sustainability of credit issuance, enhancing the adaptability of fund supply to the financing needs of the real economy, and avoiding large fluctuations in data.

Positive factors on the loan demand side are increasing. The combination of policies to expand domestic demand and the consumption boom brought about by the "longest" Spring Festival holiday is resonating, driving steady release of loan demand in related fields. Looking ahead, industry experts believe that as enterprises gradually resume operations after the holiday and financing needs accelerate recovery, coupled with the implementation of various policies after the national two sessions and the accelerated advancement of major projects in the 14th Five-Year Plan, supporting financing demand is expected to be steadily released, and the total financial volume is likely to continue a reasonable growth trend.

According to the financial data calculations released by the People's Bank of China on the 13th:

• The incremental social financing scale for February 2026 was 2.38 trillion yuan.
• The stock of social financing at the end of February 2026 was 451.4 trillion yuan, an increase of 8.2% year-on-year.
• RMB loans increased by 900 billion yuan in February.
• RMB deposits increased by 1.17 trillion yuan in February.
• The M2-M1 spread was 3.1 percentage points, further narrowing from January.

The stock of social financing increased by 8.2% year-on-year

Preliminary statistics show that at 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:

The balance of RMB loans issued to the real economy was 274.15 trillion yuan, an increase of 6.1% year-on-year;

The balance of foreign currency loans issued to the real economy, converted to RMB, was 1.08 trillion yuan, a decrease of 11% year-on-year;

The balance of entrusted loans was 11.28 trillion yuan, an increase of 0.3% year-on-year; the balance of trust loans was 4.7 trillion yuan, an increase of 8.5% year-on-year;

The balance of un-discounted bank acceptance bills was 2.6 trillion yuan, an increase of 12.9% year-on-year;

The balance of corporate bonds is 34.84 trillion yuan, a year-on-year increase of 6.2%; the balance of government bonds is 97.3 trillion yuan, a year-on-year increase of 16.6%;

The balance of domestic stocks of non-financial enterprises is 12.27 trillion yuan, a year-on-year increase of 4.2%.

From a structural perspective:

At the end of February, the balance of RMB loans issued to the real economy accounted for 60.7% of the total social financing scale stock during the same period, a year-on-year decrease of 1.2 percentage points;

The balance of foreign currency loans issued to the real economy, converted to RMB, accounted for 0.2%, a year-on-year decrease of 0.1 percentage points;

The proportion of entrusted loans is 2.5%, a year-on-year decrease of 0.2 percentage points;

The proportion of trust loans is 1%, unchanged year-on-year;

The proportion of undiscounted bank acceptance bills is 0.6%, unchanged year-on-year;

The proportion of corporate bonds is 7.7%, a year-on-year decrease of 0.2 percentage points;

The proportion of government bonds is 21.6%, a year-on-year increase of 1.6 percentage points;

The proportion of domestic stocks of non-financial enterprises is 2.7%, a year-on-year decrease of 0.1 percentage points.

The cumulative increase in social financing scale in the first two months is 9.6 trillion yuan

Preliminary statistics show that the cumulative increase in social financing scale in the first two months of 2026 is 9.6 trillion yuan, an increase of 316.2 billion yuan compared to the same period last year. Among them:

RMB loans issued to the real economy increased by 5.75 trillion yuan, a year-on-year decrease of 124.8 billion yuan;

Foreign currency loans issued to the real economy, converted to RMB, increased by 43.3 billion yuan, a year-on-year increase of 110.5 billion yuan;

Entrusted loans decreased by 37.3 billion yuan, a year-on-year decrease of 59.3 billion yuan;

Trust loans increased by 30.5 billion yuan, a year-on-year increase of 1.2 billion yuan;

Undiscounted bank acceptance bills increased by 453.8 billion yuan, a year-on-year increase of 287 billion yuan;

Net financing of corporate bonds is 655.4 billion yuan, a year-on-year increase of 39.8 billion yuan;

Net financing of government bonds is 2.38 trillion yuan, a year-on-year decrease of 9.4 billion yuan;

Financing of domestic stocks of non-financial enterprises is 74.5 billion yuan, a year-on-year increase of 19.5 billion yuan.

Broad money supply increased by 9%

At the end of February, the balance of broad money (M2) is 349.22 trillion yuan, a year-on-year increase of 9%. The balance of narrow money (M1) is 115.93 trillion yuan, a year-on-year increase of 5.9%. The balance of currency in circulation (M0) is 15.14 trillion yuan, a year-on-year increase of 14.1%. In the first two months, net cash was injected into the economy amounting to 1.05 trillion yuan.

RMB deposits increased by 9.26 trillion yuan in the first two months

At the end of February, the balance of deposits in both domestic and foreign currencies is 345.72 trillion yuan, a year-on-year increase of 8.8%. The balance of RMB deposits at the end of the month is 337.94 trillion yuan, a year-on-year increase of 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 44.5 billion yuan, fiscal deposits increased by 1.2 trillion yuan, and deposits of non-bank financial institutions increased by 2.84 trillion yuan By the end of February, the balance of foreign currency deposits was USD 1.12 trillion, a year-on-year increase of 20.5%. In the previous two months, foreign currency deposits increased by USD 63.8 billion.

In the first two months, RMB loans increased by CNY 5.61 trillion

By the end of February, the balance of domestic and foreign currency loans was CNY 281.52 trillion, a year-on-year increase of 6%. The balance of RMB loans was CNY 277.52 trillion, also a year-on-year increase of 6%.

In the first two months, RMB loans increased by CNY 5.61 trillion. By sector, household loans decreased by CNY 194.2 billion, of which:

Short-term loans decreased by CNY 359.6 billion, while medium- and long-term loans increased by CNY 165.4 billion;

Loans to enterprises increased by CNY 5.94 trillion, of which short-term loans increased by CNY 2.65 trillion, medium- and long-term loans increased by CNY 4.07 trillion, and bill financing decreased by CNY 908.9 billion; loans to non-bank financial institutions decreased by CNY 198.7 billion.

By the end of February, the balance of foreign currency loans was USD 578.1 billion, a year-on-year increase of 8.6%. In the previous two months, foreign currency loans increased by USD 33.1 billion.

In February, the monthly weighted average interest rate for interbank RMB lending was 1.4%, and the monthly weighted average interest rate for pledged bond repos was 1.44%

In February, the total transaction volume in the interbank RMB market through lending, cash bonds, and repos was CNY 145.3 trillion, with an average daily transaction of CNY 9.08 trillion, a year-on-year increase of 40.1%. Among them, the average daily transaction of interbank lending increased by 87.1% year-on-year, the average daily transaction of cash bonds decreased by 10.8% year-on-year, and the average daily transaction of pledged repos increased by 53.2% year-on-year.

In February, the weighted average interest rate for interbank lending 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 pledged repos was 1.44%, 0.01 percentage points higher than the previous month and 0.56 percentage points lower than the same period last year.

In February, the cross-border RMB settlement amount under the current account was CNY 1.22 trillion, and the cross-border RMB settlement amount for direct investment was CNY 0.5 trillion

In February, the cross-border RMB settlement amount under the current account was CNY 1.22 trillion, of which goods trade, service trade, and other current items were CNY 0.97 trillion and CNY 0.25 trillion, respectively; the cross-border RMB settlement amount for direct investment was CNY 0.5 trillion, of which outward direct investment and foreign direct investment were CNY 0.18 trillion and CNY 0.32 trillion, respectively