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Global EconomyBlogsChinese Loan Data Out After Market - Lighter than Expected
Chinese Loan Data Out After Market - Lighter than Expected
Asia StocksGlobal EconomyEmerging MarketsBanking

Chinese Loan Data Out After Market - Lighter than Expected

•February 13, 2026
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Asian Market Sense
Asian Market Sense•Feb 13, 2026

Why It Matters

Understanding China’s credit dynamics is crucial because the country’s lending trends drive global growth and financial market sentiment. Weak loan growth despite stimulus suggests deeper demand issues, which could affect investors’ exposure to Chinese equities and broader emerging‑market risk assessments.

Chinese Loan Data out after market - lighter than expected

Data out aftermarket Friday

New Yuan Loans Jan CNY 4710B vs CNY 910B Dec (F/cast was CNY 4800B)

M2 Money Supply Jan 9% YoY vs 8.5% Dec (F/cast was 8.2%)

Outstanding Loan Growth Jan 6.1% YoY vs 6.4% Dec (F/cast was 6.3%)

Total Social Financing Jan CNY 7229B vs CNY 2210B Dec (F/cast was CNY 7500B)

Earlier on the market open in China

House Price Index Jan -3.1% vs -2,7% Dec (F/cast was -2.6%)

New loans lighter than forecast is a slight concern because it suggests that SOE’s are reluctant to borrow and the main reason for that is probably because they are not seeing demand for their goods. It is also a concern because the banks like to front load their lending. The total is also lower than we saw in January 2025 (CNY 5,130 billion)

Some investors had expected the number to be around CNY 5,000 billion. It highlights that credit demand remains weak even though the government has launched stimulus measures to boost domestic demand.

But total social financing, a broad gauge of credit and liquidity, rose to CNY 7,220 billion, up from CNY 2,210 billion in December and CNY 7,055 billion a year earlier, surpassing market forecasts of CNY 7,050 billion. I will need to do some more research into that.

Outstanding loans grew 6.1%, marking a fresh record low and remaining well below the 7.5% pace seen a year ago, as well as slightly below market expectations of 6.2%

Overall a disappointing set of data but with China next week the immediate reaction will be mute, although it is likely to put pressure on the HSI which will be open on Monday. Expect weakenss in the Golden Dragon Index in the US tonight.

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