Asia Insights Economics - Asia ex-Japan China: Credit growth remained steady in May despite disappointing loan growth New aggregate financing (AF) came in slightly below the market expectations, with outstanding AF growth unchanged. The downside surprise to consensus was aqain primarily driven by much weaker-than-expected new RMB loans, with the growth rate of outstanding loans dropping again and reaching another historical low. Again, we think the sharp slowdown in loan growth was mostly driven by the ongo ...

14 May 2025 | 8:33PM HKT China: Weaker-than-expected loan and credit data in April Bottom line: April total social financing (TSF) flows and new RMB loans came in below market expectations, mainly due to weaker expansion of corporate loans. Bill financing surged in April, indicating soft corporate loan demand. That said, official media commented that April loan growth adjusted for the ongoing debt swap program should exceed 8% yoy. M2 growth jumped in April, partly due to a low base last year that was affec ...