The People's Bank of China published June and first-half monetary and credit data showing outstanding aggregate financing to the real economy reached CNY 462.06 trillion at end-June, up 7.4 percent from a year earlier. First-half aggregate financing totaled CNY 20.84 trillion, which was CNY 2.02 trillion below the same period last year. Broad money M2 rose 8 percent, M1 rose 4 percent, and outstanding RMB loans increased 5.2 percent to CNY 282.63 trillion. The financing mix continued to tilt more toward bond funding than bank lending. RMB loans to the real economy accounted for 60.4 percent of the aggregate financing stock, down 1.2 percentage points from a year earlier, while government bonds represented 21.9 percent, up 1.3 points. In first-half flows, net government bond financing reached CNY 6.44 trillion and corporate bond net financing CNY 2.07 trillion. RMB loans increased by CNY 10.72 trillion, driven by CNY 11.13 trillion in lending to enterprises and public institutions, while household loans fell by CNY 366.8 billion. RMB deposits increased by CNY 17.76 trillion, including CNY 7.58 trillion from households and CNY 4.65 trillion from non-bank financial institutions.
Central Bank of the Republic of China2026-07-15
People's Bank of China reports June social financing stock up 7.4 percent, first half aggregate financing rises CNY 20.84 trillion
The People's Bank of China reported end-June aggregate financing to the real economy of CNY 462.06 trillion, up 7.4 percent from a year earlier, while first-half aggregate financing growth totaled CNY 20.84 trillion, CNY 2.02 trillion less than a year earlier. M2 rose 8 percent and RMB loans increased by CNY 10.72 trillion in the first half. Credit growth was led by enterprises and public institutions, while household loans declined modestly.