In August 2026, the People’s Bank of China released financial data showing that the month’s nationwide new RMB loans were only 60 billion yuan, far below the market expectation of 4,040 billion yuan. In the first eight months, nationwide new loans totaled 10.44 trillion yuan, nearly 3 trillion yuan less year‑on‑year. Government bonds accounted for 1.01 trillion yuan of the total 1.66 trillion yuan of financial involvement in society, a year‑on‑year plunge of 35%, while corporate and household loans shrank sharply.