China Banks_ Front-loaded gov. bond issuance, slowing credit expansion and robust deposit growth in Jan 2026

CHINA BANKS Front-loaded gov. bond issuance, slowing credit expansion and robust deposit growth in Jan 2026 In January 2026, new Total Social Financing (TSF) and new loans amounted to Rmb 7.2tn/Rmb 4.7tn, respectively, compared to Rmb 7.1tn/Rmb 5.1tn in January 2025. Outstanding balances expanded by 8.2%/6.1% yoy respectively, compared to 8.3%/6.3% in December 2025. We summarize the key points below: 1) Retail credit saw a new increase of Rmb 0.5tn, roughly flat year-on-year, with a corresponding growth rat ...