Chinese banks extended CNY 1010 billion in new yuan loans in February 2025, well below a record level of CNY 5130 billion in January and less than forecasts of CNY 1275 billion. Credit demand slowed significantly following a strong start to the year, as the initial boost and seasonal front-loading of loans by banks tapered off. The February reading is also below CNY 1450 billion a year earlier. Meanwhile, money supply rose 7% year-on-year, the same as in January but slightly less than forecasts of 7.1%. Total social financing which is a broad measure of credit and liquidity in the economy as it includes off-balance sheet forms of financing such as initial public offerings, loans from trust companies and bond sales, fell to CNY 2290 billion, from a record level of CNY 7060 billion reached in January.