November Economic Data Analysis: Total Social Financing Surpasses 440 Trillion, Monetary Policy Signals Released

2025-12-12 09:10:20

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【Chain News】According to the latest data, by the end of November, China’s total social financing stock reached 440.07 trillion yuan, an increase of 8.5% year-on-year. What does this number reflect? The overall liquidity changes in the financial system.

Breaking it down specifically, the balance of government bonds was 94.24 trillion yuan, up by 18.8% year-on-year—this is a direct reflection of the increased fiscal support this year. The balance of RMB loans was 267.42 trillion yuan, up by 6.3% year-on-year. Although the growth rate is relatively moderate, the cumulative growth of social financing in the first 11 months reached 33.39 trillion yuan, an increase of 3.99 trillion yuan compared to the same period last year, indicating that the pace of funds supply is adjusting.

On the monetary side, the broad money M2 balance was 336.99 trillion yuan, up by 8% year-on-year, which roughly matches the nominal GDP growth. M1 growth of 4.9% reflects the true picture of market activity. The balance of foreign and domestic currency loans was 274.84 trillion yuan, up by 6.3%, and RMB deposits totaled 326.96 trillion yuan, up by 7.7%. The deposit growth rate exceeds the loan growth rate, indicating that market risk appetite still needs to be observed.

For investors, these macro data directly influence asset allocation decisions. Liquidity is ample but not excessive, which is the true reflection of the current market.

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GasFeeGazer

· 13h ago

4.4 quadrillion has broken the record, and now liquidity is truly overwhelming... However, M1 is only 4.9%. To put it simply, the market is still not active enough, and the money is just lying around.

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ShibaOnTheRun

· 12-12 11:13

4.4 quadrillion... This number sounds great, but it depends on where the money actually flows. Government bonds surged by 18.8%, but the liquid funds aren't growing that fast. It's a bit hard to keep up.

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MondayYoloFridayCry

· 12-12 09:40

4.4 quadrillion? The number looks good, but where is all the money flowing to? That's the real key.

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LongTermDreamer

· 12-12 09:39

4.4 quadrillion, just hearing this number feels impressive. It seems like our funds pool has grown another level. Over three years, how strong will this trend be?

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SwapWhisperer

· 12-12 09:39

4.4 quadrillion? The number feels so big that it loses meaning... What really matters is the 18.8% increase in government bonds, that's the key point.

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RebaseVictim

· 12-12 09:30

4.4 quintillion? The number looks huge, but the growth rate... still feels quite sluggish.

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SigmaValidator

· 12-12 09:25

4.4 quadrillion sounds impressive, but what I'm looking at is this growth rate... only 8.5%, doesn't seem as optimistic as I imagined.

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