China’s broad money supply (M2) stood at 359.06 trillion yuan at the end of October, up 7.1 percent year on year, and the stock of aggregate financing to the real economy was 469.16 trillion yuan, up 7.2 percent, the People’s Bank of China reported. Yuan loans rose 11.42 trillion yuan in the first ten months of the year, but household loans fell 1.46 trillion yuan over the same period, with short-term household borrowing down 1.41 trillion yuan, while loans to companies and institutions rose 12.39 trillion yuan. The weighted average interbank lending rate in October was 1.30 percent, down 0.1 percentage points from September.
China broad money growth slows to 7.1 percent in October
China's broad money supply grew 7.1 percent year on year in October to 359.06 trillion yuan, while household loans fell 1.46 trillion yuan in the first ten months of the year against a 12.39 trillion yuan rise in corporate loans.
Why it matters: Credit growth in China is being carried by companies and government bonds while households keep repaying, so the aggregate figures overstate the strength of private demand for borrowing.
Data as of People's Bank of China, October 2026 financial statistics report, published November 13, 2026, in Chinese and read in full. Developing item.
Sources
- 2026年10月金融统计数据报告 (October 2026 financial statistics report) - People's Bank of China - 2026-11-13