信

BONDSTATS / CHINA CREDIT INTELLIGENCE

loading official release

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

—

RMB LOAN GROWTH

—

M2 GROWTH

—

M1 GROWTH

—

AFRE MOMENTUM

—

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

—

Aggregate financing to the real economy across bank credit, bonds, equity and selected off-balance-sheet channels.

BANK CREDIT

—

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

CORPORATE CREDIT

—

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

HOUSEHOLD CREDIT

—

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

Financing mix

RMB tn · cumulative

Source integrity

official release monitor

—

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.