Greater China Banks Daily: May credit data: new RMB loans and TSF slight beat; PBOC Requiring Big Banks to Control Interbank Lending to Increase Overnight Repo Rate

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Greater China Banks Daily: May credit data: new RMB loans and TSF slight beat; PBOC Requiring Big Banks to Control Interbank Lending to Increase Overnight Repo Rate

Global Research

15 June 2026ab

Greater China Banks Daily Equities

ChinaMay credit data: new RMB loans and TSF slight

beat; PBOC Requiring Big Banks to Control Banks

Interbank Lending to Increase Overnight Repo MayAnalystYan

Rate may.yan@ubs.com+852-2971 7157

Alex Ye

Analyst

May credit data: new RMB loans and TSF slight beat S1460522090005

alex.ye@ubs.com

May credit data remained soft but came in slightly ahead of market expectations. New +86 755 2215 8858

RMB loans totaled Rmb520bn, down Rmb100bn YoY but above the consensus estimate

of Rmb422.7bn. Weakness was broad-based, with net contractions in both S-T and M/L- Catherine Yang, CFA

T household and corporate loans; and S-T corporate lending remained soft despite

S1460526010003

April’s negative base. Bill financing was the only major support, extending the previous

catherine-za.yang@ubs.com

month’s strength, with new bill financing reaching Rmb557bn, up Rmb482bn YoY. New +86-755-2215 8860

TSF came in at Rmb2.03trn, down Rmb261bn YoY but ahead of the market estimate of

Helen Li, CFARmb1.76trn, mainly due to the RMB loan beat. Local government bond issuance picked

up slightly MoM to Rmb1.22trn, though it was still Rmb236bn lower YoY. Overall, loan helen-za.li@ubs.com

growth moderated to 5.5% YoY and TSF growth eased to 7.7% as of May. Deposit +852-2971 6066

migration likely continued, with household deposits falling Rmb110bn during the

month while NBFI deposits increased by Rmb1.14trn. M1 growth picked up to 5.5%

YoY, narrowing the gap with M2 (full note).

PBOC Requiring Big Banks to Control Interbank Lending to Increase Overnight

Repo Rate