China's new renminbi loans reached 10.72 trillion yuan (about 1.58 trillion U.S. dollars) in the first half of 2026, according to data released by the People's Bank of China on Wednesday.
Outstanding yuan and foreign currency loans grew 5.1 percent year on year to 286.43 trillion yuan at the end of June. Yuan loans stood at 282.63 trillion yuan, up 5.2 percent.
In the first six months, household loans decreased by 366.8 billion yuan, with short-term household loans falling by 588.1 billion yuan, while medium- and long-term household loans rose by 221.2 billion yuan. Corporate loans increased by 11.13 trillion yuan, including 4.59 trillion yuan in short-term loans, 5.55 trillion yuan in medium- and long-term loans, and 814.3 billion yuan in bill financing. Loans to non-banking financial institutions dropped by 422.3 billion yuan.
At the end of June, outstanding foreign currency loans stood at 557.7 billion U.S. dollars, down 0.6 percent year on year. In the first half of the year, foreign currency loans increased by 12.7 billion dollars.
RMB loans grow steadily in first half of 2026
China's financial aggregates grew at a reasonable pace and the financial system provided stable support for the real economy in the first half of this year, according to the latest official data released by the central bank on Wednesday.
People's Bank of China (PBOC) data show that at the end of June, the balance of the broad money supply (M2) grew by 8 percent year over year, continuing to exceed that of nominal GDP (gross domestic product).
In the first half of the year, new Chinese yuan loans totaled 10.72 trillion yuan (about 1.58 trillion U.S. dollars) and new bond financing amounted to 8.51 trillion yuan (about 1.26 trillion U.S. dollars). The share of bond financing increased and the financial system's support for the real economy remained solid in the first six months.
While aggregate financing volume increased, more credit funds flowed into key areas and weak links such as sci-tech innovation and small and micro enterprises in the first half of the year.
As of the end of June, the outstanding balance of inclusive loans to small and micro enterprises grew by 8.3 percent year on year, and the outstanding balance of medium- and long-term loans to the industrial sector rose by 5.9 percent -- both exceeding the growth rate of total loans.
The overall social financing cost was at a historically low level in the six-month period.
In June, the average interest rate on newly issued corporate loans was around 3.0 percent, about 20 basis points lower than the same period of the previous year. The interest rate for newly issued personal housing loans was about 3.1 percent, basically on a par with that of the same period last year.
The Chinese exchange rate remained stable with an upward trend in the first half of the year. The Chinese yuan had appreciated by 4.7 percent against a basket of foreign currencies by the end of June and by 3 percent against the U.S. dollar compared to the end of last year. "Overall, major macro financial indicators reflecting the operation of the financial sector fully demonstrate the status of the appropriately accommodative monetary policy. The social financing conditions are relatively accommodative, while the quality and efficiency of financial services for the real economy are constantly improving," said Zou Lan, deputy governor of PBOC.
China's financial aggregates grow at reasonable pace in Jan-June
