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.