China's financing flow falls RMB2.63 trillion in first nine months
Financing to China's real economy totaled RMB27.46 trillion in January–September 2026, down RMB2.63 trillion from a year earlier. The People's Bank of China (PBoC) reported outstanding financing of RMB468.17 trillion, up 7.1 percent.
Household borrowing contracts
New RMB loans totaled RMB11.52 trillion in the first three quarters.
Household loans fell RMB1.03 trillion: short-term borrowing declined RMB1.14 trillion, while medium- and long-term loans rose RMB106.2 billion.
Enterprise and public institution loans increased RMB12.55 trillion; loans to non-bank financial institutions fell RMB586.5 billion.
Outstanding RMB loans reached RMB283.44 trillion, up 4.8 percent year on year.
RMB deposits increased RMB20.76 trillion to RMB349.45 trillion, up 7.5 percent.
Household deposits rose RMB9.39 trillion.
Broad money M2 reached RMB359.63 trillion, up 7.2 percent; M1 totaled RMB116.76 trillion, up 3.2 percent.
Currency in circulation grew 10.6 percent to RMB15.02 trillion, with net issuance of RMB922.1 billion.
Government bonds gain financing share
Government bonds reached RMB105.23 trillion, up 13.7 percent, taking 22.5 percent of outstanding financing, 1.3 percentage points more than a year earlier.
RMB loans' share fell 1.3 points to 59.8 percent.
Net government bond financing was RMB10.3 trillion; corporate bonds supplied RMB2.75 trillion.
September interbank lending and pledged repo rates both averaged 1.4 percent.
Reserves stood at USD3.4 trillion and USD/CNY at 6.7351. Cross-border RMB settlement totaled RMB15.23 trillion for current-account transactions and RMB6.11 trillion for direct investment.
Stocks grow as flows narrow
Financing balances grew even as new financing fell below the comparable 2025 period.
Household loan contraction contrasted with rising enterprise borrowing and household deposits.
The figures remain preliminary, and M1 uses the expanded definition introduced in January 2025.
Source: Financial Statistics Report (Q1-Q3 2026)
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