New yuan loans in China rose to CNY 1.29 trillion in September 2025, more than double August’s CNY 590 billion, supported by seasonal factors that typically boost lending in September. However, the figure fell short of expectations of CNY 1.47 trillion and was also below the CNY 1.59 trillion recorded a year earlier, reflecting slower government bond issuance and subdued credit demand. Household loans were at CNY 389 billion and corporate loans were at CNY 1.22 trillion. Meanwhile, total social financing which is a broad measure of credit and liquidity in the economy as it includes off-balance sheet forms of financing such as initial public offerings, loans from trust companies and bond sales, increased to CNY 3530 billion from CNY 2567 billion in August and above forecasts of CNY 3320 billion. Still, it was lower than CNY 3760 billion a year earlier. Loan growth also slowed to 6.6% from 6.8%, below forecasts of 6.7% and 8.1% a year earlier.