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2026.08.1408:00:00UTC+00China’s Credit Pulse Cools: Total Social Financing Slumps in July

China’s broad credit growth slowed sharply in July 2026, with Total Social Financing (TSF) falling to 1,410.0 billion yuan from 3,360.0 billion yuan in June 2026. The latest figures, updated on 14 August 2026, underscore a notable deceleration in overall financing activity across the economy.

The drop in TSF suggests that demand for credit, or the supply of new lending and financing channels, weakened significantly month-on-month. This metric, which aggregates bank loans, bond issuance, and other forms of financing, is closely watched by markets as a gauge of both policy stance and underlying economic momentum in China.

The July reading may heighten investor focus on Beijing’s next policy steps, as the authorities balance the need to support growth with efforts to manage financial risks and leverage in the system.

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