China’s April credit data shows a mild slowdown, with new yuan loans easing from
March while aggregate financing growth rose 7.8% year-on-year.
Private-sector borrowing demand remains weak, leading ANZ to expect a gradual
slowdown in aggregate financing toward end-2026.
However, ANZ’s Zhaopeng Xing says recent improvements in growth and inflation
make interest-rate or RRR cuts unlikely this year. At the same time, he adds the
PBOC is also unlikely to tighten liquidity aggressively in order to maintain
credit stability.
