In the January-April period this year, new aggregate social financing in China, a broad measure of credit and liquidity in the country, came in at RMB 15.45 trillion ($2.3 trillion), decreasing by RMB 893 billion ($130.6 billion) compared to the same period last year, according to the People’s Bank of China (PBOC).
In the given period, new Chinese currency loans in China totaled RMB 8.59 trillion ($1.3 trillion), indicating a decrease compared to RMB 10.06 trillion recorded in the same period last year.
In April alone, new Chinese currency loans in China recorded a rare negative reading, with a net decrease of RMB 10 billion, which marked the second time of month-on-month negative growth since July 2025 (when loans decreased by RMB 50 billion) and represented an extremely rare phenomenon in history. This signaled continued weak consumer spending and business loan demand. In particular, the correction in the real estate industry continued, which will continue to exert a negative impact on the steel industry.