February New Social Financing Exceeds Expectations, Household Loans Decrease 650.7 Billion Yuan to Historic Low

WealthCoffee · 2026-03-13T12:52:15+00:00

In February 2026, resident loans experienced their largest negative growth in history, affected by seasonal factors; corporate loans performed well, with credit to the real economy through social financing remaining robust, offsetting weak bond financing. In the first two months, both RMB loans and social financing scale increased.

WealthCoffee

2026-03-13 12:52:15

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Caixin: February is traditionally a “small month” for credit, and seasonal factors such as “Spring Festival no home buying” also affected the market. Household loans experienced the largest negative growth in history. However, corporate loans performed well, with credit directed toward the real economy remaining strong in social financing, effectively offsetting the drag from weak bond financing.

On March 13, 2026, the People’s Bank of China released financial data showing that in the first two months of 2026, RMB loans increased by 5.61 trillion yuan; the total social financing scale increased by 9.6 trillion yuan, 316.2 billion yuan more than the same period last year.

Looking at February alone, RMB new loans added 900 billion yuan, about 110 billion yuan less than the same period last year; the social financing scale increased by 2.38 trillion yuan, about 146.9 billion yuan more than the same period last year.

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