Credit Growth Steadies
The People's Bank of China reported on July 15 that China's broad money and credit aggregates held steady through H1 2026. At end-June, the stock of total social financing stood at 462.06 trillion yuan, up 7.4% year-on-year, with H1 incremental financing of 20.84 trillion yuan.
Money Supply & Loans
- M2: 356.71 trillion yuan, +8.0% YoY
- H1 RMB loans: +10.72 trillion yuan
- H1 RMB deposits: +17.76 trillion yuan
Where Credit Is Flowing
Structural tilt toward the real economy is clear: medium- and long-term loans to manufacturing rose 29.7% YoY, outpacing overall loan growth by 18.5 points, while inclusive-finance small-business loans grew 23.8% YoY, 12.6 points above the aggregate.
Signal for the Economy
The data shows policy transmission working where it matters — supporting advanced manufacturing and small firms — even as property-related credit stays restrained. With inflation low, the PBOC retains flexibility to keep liquidity ample through H2.