The People’s Bank of China released its Q2 2026 Monetary Policy Implementation Report, saying total social financing (TSF) and broad money (M2) are broad macro‑financial aggregates that capture diverse financing channels. The report notes that, mathematically, rising bond financing can cause M2 or deposit growth to diverge from loan growth and that such divergence does not necessarily indicate weaker support for the real economy or idle funds. Compared with nominal GDP growth, TSF and M2 growth

The People’s Bank of China released its Q2 2026 Monetary Policy Implementation Report, saying total social financing (TSF) and broad money (M2) are broad macro‑financial aggregates that capture diverse financing channels. The report notes that, mathematically, rising bond financing can cause M2 or deposit growth to diverge from loan growth and that such divergence does not necessarily indicate weaker support for the real economy or idle funds. Compared with nominal GDP growth, TSF and M2 growth remain higher, indicating monetary and financial conditions are relatively loose.