China Jan-Aug Aggregate Financing Rises to 23.91 Trillion Yuan

The widening gap between aggregate financing and new yuan loans suggests non-loan channels are carrying more of the credit expansion, a shift worth watching for what it says about where liquidity is actually being intermediated. The loan figure itself is barely changed, so the headline increase rests on other components rather than bank lending. Whether that composition persists through the rest of the year is the open question.