China's Social Financing and M2 Growth Top 7%; Golden Credit Rating International Sees Lower Odds of Rate and RRR Cuts

According to Jin10, the People's Bank of China released October 2026 financial data showing that outstanding aggregate social financing reached 469.16 trillion yuan at the end of October, up 7.2% year over year, while the M2 balance stood at 359.06 trillion yuan, up 7.1%. Both growth rates were above nominal GDP growth and matched the targets for economic growth and the overall price level. Wang Qing, chief macro analyst at Golden Credit Rating International, said the likelihood of broad-based monetary policy measures, including interest rate and reserve requirement ratio cuts, had declined before year-end. Regulators would mainly guide banks and other financial institutions to increase support for key areas and weak links in the national economy, promote construction of the “Six Networks,” and encourage rapid loan growth in the areas covered by the “Five Major Articles.”