CX DAILY

CX Daily: Plunging Yields and Debt Swaps Are Rewiring China’s Credit Market

Published: Sep. 18, 2026 9:00 a.m. GMT+8

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社会融资规模是指实体经济从金融体系获得的资金，包括人民币贷款、外币贷款、委托贷款、信托贷款、未贴现银行承兑汇票、企业债券、政府债券和非金融企业境内股票。图：视觉中国

Traditional bank loans have fallen to less than 60% of China’s total credit supply for the first time in seven years, as plunging interest rates drive corporate and government borrowers into the bond market.

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