The PBOC released October 2026 financials: social financing stock 469.16 tln yuan, up 7.2% YoY; M2 359.06 tln yuan, up 7.1% YoY. Both exceed nominal GDP growth and align with official growth and price-level targets. Orient Jincheng chief macro analys

2026-11-13

The PBOC released October 2026 financials: social financing stock 469.16 tln yuan, up 7.2% YoY; M2 359.06 tln yuan, up 7.1% YoY. Both exceed nominal GDP growth and align with official growth and price-level targets. Orient Jincheng chief macro analyst Wang Qing said the probability of using broad-based monetary tools—comprehensive rate cuts and reserve requirement ratio reductions—before year-end has fallen; regulators will instead direct banks and financial institutions to increase lending to priority economic areas and weak links, boosting loans for six-networks construction and the five major priorities initiatives.