FX.co ★ China New Yuan Loans Remain Subdued

In November 2025, Chinese banks issued CNY 390 billion in new yuan loans, an increase from CNY 220 billion in October. However, this figure fell short of the CNY 580 billion recorded during the same period last year and did not meet market expectations of CNY 500 billion. These figures suggest that credit demand remains subdued, largely due to weak household demand which continues to challenge stimulus measures. In contrast, the total social financing, a comprehensive indicator of credit and liquidity in the economy, reached CNY 2490 billion. This was a significant rise from October's CNY 810 billion and surpassed last year's tally of CNY 2340 billion. However, loan growth decelerated to 6.4%, marking the lowest point since at least 1998, down from 6.5% in the preceding period and 7.7% the year prior.