The People's Bank of China released its financial statistics report for February 2026 on March 13. Preliminary data shows that the cumulative increase in aggregate financing to the real economy (AFRE) during the first two months of 2026 reached 9.6 trillion yuan, up by 316.2 billion yuan compared to the same period last year.
At the end of February, the balance of broad money (M2) stood at 349.22 trillion yuan, representing a year-on-year growth rate of 9%. The balance of narrow money (M1) was 115.93 trillion yuan, up 5.9% from a year earlier. The balance of currency in circulation (M0) reached 15.14 trillion yuan, increasing by 14.1% year-on-year. Net cash injections totaled 1.05 trillion yuan in the first two months of the year.
The outstanding AFRE reached 451.4 trillion yuan at the end of February, growing 8.2% year-on-year. By component, outstanding RMB loans to the real economy amounted to 274.15 trillion yuan, up 6.1%; outstanding foreign currency loans converted into RMB stood at 1.08 trillion yuan, down 11%; entrusted loans reached 11.28 trillion yuan, up 0.3%; trust loans totaled 4.7 trillion yuan, rising 8.5%; undiscounted bankers' acceptances were 2.6 trillion yuan, increasing 12.9%; corporate bond balances reached 34.84 trillion yuan, up 6.2%; government bond balances hit 97.3 trillion yuan, growing 16.6%; and domestic equity financing for non-financial enterprises amounted to 12.27 trillion yuan, up 4.2%.
In terms of structure, RMB loans to the real economy accounted for 60.7% of the total AFRE, down 1.2 percentage points year-on-year. Foreign currency loans accounted for 0.2%, down 0.1 percentage points. Entrusted loans made up 2.5%, down 0.2 percentage points. Trust loans accounted for 1%, unchanged from a year earlier. Undiscounted bankers' acceptances represented 0.6%, also unchanged. Corporate bonds accounted for 7.7%, down 0.2 percentage points. Government bonds constituted 21.6%, up 1.6 percentage points. Domestic equity financing accounted for 2.7%, down 0.1 percentage points.
The cumulative increase in AFRE during the first two months of 2026 was 9.6 trillion yuan, 316.2 billion yuan more than the same period last year. Specifically, RMB loans to the real economy increased by 5.75 trillion yuan, 124.8 billion yuan less than the previous year. Foreign currency loans increased by 43.3 billion yuan, 110.5 billion yuan more. Entrusted loans decreased by 37.3 billion yuan, 59.3 billion yuan more in reduction. Trust loans increased by 30.5 billion yuan, 1.2 billion yuan more. Undiscounted bankers' acceptances rose by 453.8 billion yuan, 287 billion yuan more. Net corporate bond financing reached 655.4 billion yuan, 39.8 billion yuan more. Net government bond financing was 2.38 trillion yuan, 9.4 billion yuan less. Domestic equity financing for non-financial enterprises totaled 74.5 billion yuan, 19.5 billion yuan more.
At the end of February, the balance of RMB and foreign currency deposits was 345.72 trillion yuan, up 8.8% year-on-year. The balance of RMB deposits was 337.94 trillion yuan, increasing 8.7%. In the first two months, RMB deposits rose by 9.26 trillion yuan. Household deposits increased by 5.24 trillion yuan, while non-financial corporate deposits decreased by 44.5 billion yuan. Fiscal deposits rose by 1.2 trillion yuan, and deposits of non-banking financial institutions increased by 2.84 trillion yuan. The balance of foreign currency deposits was 1.12 trillion US dollars, up 20.5%. In the first two months, foreign currency deposits increased by 63.8 billion US dollars.
The balance of RMB and foreign currency loans was 281.52 trillion yuan at the end of February, up 6% year-on-year. The balance of RMB loans was 277.52 trillion yuan, also rising 6%. In the first two months, RMB loans increased by 5.61 trillion yuan. By sector, 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 institutions increased by 5.94 trillion yuan, including a 2.65 trillion yuan rise in short-term loans, a 4.07 trillion yuan increase in medium- and long-term loans, and a 908.9 billion yuan decrease in bill financing. Loans to non-banking financial institutions fell by 198.7 billion yuan. The balance of foreign currency loans was 578.1 billion US dollars, up 8.6%. In the first two months, foreign currency loans increased by 33.1 billion US dollars.
In February, the average monthly weighted interest rate for interbank lending in the RMB market was 1.4%, while the average monthly weighted interest rate for pledged repo transactions was 1.44%. Total turnover in the interbank RMB market, including lending, spot bonds, and repos, reached 145.3 trillion yuan, with average daily turnover of 9.08 trillion yuan, up 40.1% year-on-year. Average daily interbank lending turnover rose 87.1%, while spot bond turnover fell 10.8%, and pledged repo turnover increased 53.2%. The weighted average interbank lending rate was 1.4%, unchanged from the previous month but 0.55 percentage points lower than a year earlier. The weighted average pledged repo rate was 1.44%, up 0.01 percentage points from the previous month but 0.56 percentage points lower than a year earlier.
In February, cross-border RMB settlement under the current account amounted to 1.22 trillion yuan, including 0.97 trillion yuan for trade in goods and 0.25 trillion yuan for trade in services and other current account items. Cross-border RMB settlement for direct investment reached 0.5 trillion yuan, with outbound direct investment at 0.18 trillion yuan and foreign direct investment at 0.32 trillion yuan.
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