China's New Yuan Loans Nearly Double in November, But Lag Last Year's Levels

China's new yuan loans in November nearly doubled from the previous month but remained lower than last year. Total new loans for the year so far have also decreased compared to the prior year. The increase reflects stronger credit demand from Beijing's policy measures to boost economic growth. These efforts aim to support a 5% GDP growth target for 2024. Outstanding yuan loans showed modest growth in November, while the money supply held steady. Total social financing likely doubled, reflecting improved economic liquidity.