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 ma

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.