FX.co ★ China’s January New Loans Miss Forecasts

Chinese banks issued CNY 4,710 billion in new yuan loans in January 2026, a sharp increase from CNY 910 billion in December 2025 but below both the CNY 5,130 billion recorded a year earlier and market expectations of around CNY 5,000 billion. The figures highlight how policy-based financing tools and government stimulus measures are starting to bolster credit demand. Total social financing, a broad measure of credit and liquidity, climbed to CNY 7,220 billion, up from CNY 2,210 billion in December and CNY 7,055 billion a year earlier, exceeding market forecasts of CNY 7,050 billion. Outstanding loans expanded by 6.1%, setting a new record low growth rate and remaining well below the 7.5% pace a year earlier, as well as slightly under market expectations of 6.2%.