China’s September New Corporate Loan Rate Edges Below 3%

The corporate rate slipping under 3% while the housing rate holds flat suggests the easing is concentrated on the business side, not household credit. That distinction matters for anyone reading Chinese demand signals: cheaper corporate funding can support investment and working capital, but a stable mortgage rate implies the property channel is not being reflated. Whether the corporate rate stays below that threshold, and whether the housing rate starts to follow, is the open question.