The central bank: If the impact of local special bonds on loans is restored, the balance of RMB loans will increase by about 7% in 2025.

Yan Xiandong, Director of the Survey and Statistics Department of the People's Bank of China, stated at a press conference at the State Council Information Office on January 15 that by the end of 2025, the year-on-year growth of various loans denominated in RMB by financial institutions was 6.4%. If we exclude the impact of the local special bond replacement on loans, the growth rate is around 7%. Throughout the year, the total new RMB loans amounted to 16.27 trillion yuan, indicating that the credit support of the financial system to the real economy remains at a relatively high level.