New Yuan Loans in China

Banco Popular de China · Monthly

10.38 (Jul-26) ABS · billones RMB · Mensual · CSV

Period	billones RMB
Jul 2026	10.38

About this indicator

Source	People's Bank of China (PBOC)
Frequency	Monthly
Release	Entre el dia 10 y 15 del mes siguiente, junto con M2 (Financial Statistics Report)
What it is	Measures the net yuan-denominated credit extended by China's banking system during the month, a key gauge of credit stimulus and of the transmission of People's Bank of China (PBOC) monetary policy to the real economy.
How it's calculated	The PBOC publishes cumulative year-to-date lending in its monthly Financial Statistics Report; the net monthly figure is derived by subtracting the previous month's YTD total (in January, the YTD equals the monthly figure). It is expressed in billions of yuan.
Market implications	A sharp rise in new loans signals credit expansion and stimulus; a fall (or a weak print) points to deleveraging or soft credit demand, which matters for China's growth outlook and for the yuan and China-linked assets.
Limitations	Highly seasonal (typically high in January-March and low the rest of the year), so a year-on-year comparison is more meaningful than a month-on-month one. Being derived from the difference between coarsely rounded cumulative totals, rounding can introduce a small margin in the monthly figure.