In November 2025, China's money supply continued its steady growth. Broad money (M2) rose by 8.0% year-on-year, down 0.2 percentage points from the previous month, marking the sixth consecutive month of deceleration. Cumulative M2 growth from June to November stood at 8.3%, 8.8%, 8.8%, 8.4%, 8.2%, and 8.0%, respectively, indicating a gradual stabilization in monetary expansion. By the end of November, M2 balance reached 33.7 trillion yuan, reflecting ample liquidity in the financial system. Narrow money (M1) grew by 4.9% year-on-year, with a slight slowdown compared to the prior period, signaling weaker momentum in corporate current deposits and ongoing recovery in real economy activity. Meanwhile, base money (M0) increased by 10.6%, suggesting robust demand for cash among residents, possibly linked to consumption expectations and year-end liquidity patterns. Notably, the gap between M1 and M2 has continued to narrow, reflecting improving efficiency in corporate fund utilization; however, sustained observation is needed on the restoration of underlying economic momentum. Overall, the slowing growth in money supply reflects the ongoing balance in monetary policy between stabilizing growth and managing risks. Despite generally accommodative liquidity, full revitalization of funding vitality—particularly among enterprises—has yet to materialize. Future policy should focus on targeted structural tools to direct credit resources toward key sectors of the real economy, further enhancing the dynamism of market participants.