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BONDSTATS / CHINA CREDIT INTELLIGENCE
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PBOC · AFRE · CREDIT TRANSMISSION

China’s credit cycle,
mapped through transmission.

Track how financing moves from aggregate credit creation into bank loans, corporate borrowing, household demand and bond-market funding. Official PBOC observations remain separate from BondStats analytical signals.

AFRE STOCK GROWTH
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RMB LOAN GROWTH
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M2 GROWTH
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M1 GROWTH
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AFRE MOMENTUM
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vs same period a year earlier

Credit-growth path

year-on-year growth · official PBOC
AFRE broad financing stockRMB loans bank-credit stockM2 broad moneyM1 transaction money

Cycle diagnostics

BondStats derived
AFRE − loan growth spread—Positive values indicate broader financing is growing faster than bank loans.
M1 − M2 activation gap—A deeply negative gap can signal money growth without equivalent transaction-money acceleration.
AFRE growth momentum—Change in the latest year-on-year AFRE stock growth rate versus the prior report.
Corporate MLT share—Medium- and long-term corporate lending as a share of cumulative corporate loans.

Credit transmission map

latest cumulative official observations
BROAD FINANCING
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Aggregate financing to the real economy across bank credit, bonds, equity and selected off-balance-sheet channels.

BANK CREDIT
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Total RMB loan increase, providing the core banking-system credit channel.

CORPORATE CREDIT
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Loans to enterprises and public institutions, including medium- and long-term investment-oriented credit.

HOUSEHOLD CREDIT
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Household borrowing provides a read on consumer and housing-related credit demand.

Financing mix

RMB tn · cumulative

Source integrity

official release monitor
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People’s Bank of China · Financial Statistics ReportsSOURCE ↗

Methodology

signal ≠ official classification

The BondStats score is an analytical layer built from official PBOC statistics. It is not the PBOC’s own classification and it is not the academic credit-impulse measure.