China New Bank Loans

Chinese banks extended CNY 390 billion in new yuan loans in November 2025, up from CNY 220 billion in October but below both last year’s CNY 580 billion and market expectations of CNY 500 billion. The data indicate that credit demand remains weak, as soft household demand continues to weigh on stimulus efforts. Meanwhile, total social financing, a broad measure of credit and liquidity in the economy, rose to CNY 2490 billion, above October’s CNY 810 billion and last year’s CNY 2340 billion. Loan growth also slowed to 6.4%, a new low since at least 1998, down from 6.5% in the previous period and 7.7% a year earlier.