In December 2024, Chinese banks issued CNY 990 billion in new yuan loans, surpassing November's CNY 580 billion—its lowest level since 2012—and exceeding the forecast of CNY 850 billion.
Chinese banks new yuan loans rise
The surge in credit demand followed a series of stimulus measures by authorities, including increased bond issuance and strengthened credit support. However, this was still below the CNY 1.17 trillion issued in December 2023. Meanwhile, the money supply rose by 7.3% year-on-year, up from 7.1% in November, meeting expectations. Total social financing, a broader gauge of credit and liquidity that includes off-balance sheet financing like IPOs, trust company loans, and bond sales, reached CNY 2.86 trillion, higher than November's CNY 2.34 trillion and above the CNY 2 trillion forecast.
Full year data
For the entirety of 2024, new yuan loans amounted to CNY 18.09 trillion, marking a decline from CNY 22.75 trillion in 2023, reflecting the first annual drop in 13 years.
