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[PBOC: Total Social Financing Stock Up 8.5% Year-on-Year] Preliminary statistics show that as of the end of November 2025, the total social financing stock was RMB 440.07 trillion, up 8.5% year-on-year. Specifically, outstanding RMB loans to the real economy totaled RMB 267.42 trillion, up 6.3% year-on-year; outstanding foreign currency loans to the real economy (converted to RMB) totaled RMB 1.13 trillion, down 16.5% year-on-year; outstanding entrusted loans totaled RMB 11.32 trillion, up 1% year-on-year; outstanding trust loans totaled RMB 4.6 trillion, up 7.4% year-on-year; outstanding undiscounted bank acceptance bills totaled RMB 2.3 trillion, up 0.4% year-on-year; outstanding corporate bonds totaled RMB 34.08 trillion, up 5.6% year-on-year; outstanding government bonds totaled RMB 94.24 trillion, up 18.8% year-on-year; and outstanding domestic shares of non-financial enterprises totaled RMB 12.14 trillion, up 4% year-on-year. In terms of structure, at the end of November, the outstanding balance of RMB loans to the real economy accounted for 60.8% of the total social financing, down 1.3 percentage points year-on-year; the outstanding balance of foreign currency loans to the real economy (converted to RMB) accounted for 0.3%, unchanged year-on-year; the outstanding balance of entrusted loans accounted for 2.6%, down 0.2 percentage points year-on-year; the outstanding balance of trust loans accounted for 1%, down 0.1 percentage points year-on-year; the outstanding balance of undiscounted bank acceptance bills accounted for 0.5%, down 0.1 percentage points year-on-year; the outstanding balance of corporate bonds accounted for 7.7%, down 0.3 percentage points year-on-year; the outstanding balance of government bonds accounted for 21.4%, up 1.8 percentage points year-on-year; and the outstanding balance of domestic stocks of non-financial enterprises accounted for 2.8%, down 0.1 percentage points year-on-year.