PBOC released Q3 2026 loan allocation data. At end-Q3, domestic- and
foreign-currency industrial medium- and long-term loans stood at 28.06 tln yuan,
up 5.6% YoY, 0.9 ppt above overall loan growth; they rose 1.46 tln yuan in the
first three quarters. Heavy-industry medium- and long-term loans were 23.63 tln
yuan, +4.6% YoY; light-industry 4.43 tln yuan, +11.0% YoY. Services-sector
medium- and long-term loans totaled 76.84 tln yuan at end-Q3, +6.2% YoY, 1.5 ppt
above overall loan growth, adding 3.95 tln yuan YTD. Services excluding real
estate rose 9.2% YoY; real estate medium- and long-term loans fell 5.6% YoY.