October 15, 2025 11:51 AM GMT China Economics | Asia Pacific Cooling Credit, Stalled Household Deposit Migration Key Takeaways Slowing credit amid fading fiscal impulse: Broad credit moderated for a second month, and is likely to reach ~8.5% by year end, given: 1) weak private credit demand amid continued debt-deflation loop; and 2) sharply reduced government bond issuance in 4Q25. To offset some of the fiscal drag, Beijing announced a Rmb500bn "new policy-based financial tool" in late September to replenis ...