中国银行行业 - 9 月社会融资规模和信贷增长持续走弱-China Banks_ September TSF and credit growth continue to weaken

New TSF and loan growth in September 2025 recorded Rmb 3.5/1.3tn, compared to Rmb 3.8/1.6tn in September 2024. Outstanding balances expanded by 8.7%/6.6% yoy, vs. 8.0%/8.1% in September 2024. Key takeaways include: 1. New TSF in September was Rmb 3.5tn, a year-on-year decrease of Rmb -0.2tn due to weaker yoy growth in both loan and government bond issuance, continuing the trend observed in August. Net new government bond issuance was Rmb 1.2tn, a year-on-year decrease of Rmb -0.35tn, and its contribution to ...