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As of end-June 2026, RMB real estate loans outstanding stood at 50.74 trillion yuan, down 4.9% year-on-year, with a net reduction of 1.23 trillion yuan in the first half. Development loans fell 8.5% to 12.65 trillion yuan, decreasing by 540.2 billion yuan, while personal housing loans dropped 3.8% to 36.29 trillion yuan, down 716.3 billion yuan.
China's rural financial system has achieved near-universal basic coverage, with outstanding agricultural loans in domestic and foreign currencies exceeding RMB 53 trillion in 2025. However, structural supply-demand imbalances, high operational costs, and risk management pressures persist. Digital credit construction, driven by technology and institutional innovation, is emerging as a critical solution to these challenges, aiming to transform rural inclusive finance from broad coverage to high-quality development.
In the first half of 2026, China's renminbi deposits rose by 17.76 trillion yuan, up 8.2% year-on-year, but household deposits increased by only 7.58 trillion yuan, a decline of 3.19 trillion yuan from a year earlier, as residents shifted funds to asset management products. Total assets under management hit 124.8 trillion yuan, up 12.7% year-on-year, driven by a surge in corporate funding and a pivot toward diversified portfolios. Bond holdings grew 8.4% to 38.2 trillion yuan, while stock holdings jumped 26.2% to 9.5 trillion yuan. Publicly offered funds led with 42.9 trillion yuan, followed by bank wealth management at 34.8 trillion yuan.
After pulling five-year CDs in late 2025 to manage costs, state-owned banks including Bank of China, ICBC and CCB resumed issuance from July 2026, with rates up to 1.6%. Joint-stock banks such as Ping An and Huaxia offer up to 1.8%. The transferable CDs are in strong demand. Agricultural Bank, Bank of Communications, Postal Savings and China Merchants have not yet followed. The National Financial Regulatory Administration reported state-owned banks' net interest margin at 1.29% at end-Q1 2026, down 0.01 percentage point from end-2025.
The People's Bank of China conducted 325.5 billion yuan of 7-day reverse repo operations at a rate of 1.40%. With 398.5 billion yuan of reverse repos maturing on the same day, the open market operations resulted in a net drain of 73 billion yuan.
State-owned banks have resumed issuing five-year large-denomination certificates of deposit (CDs) with an annualized rate of 1.6%, higher than the 1.3% on regular fixed deposits of the same tenor. The move follows a period of deposit rate cuts to protect net interest margins, which are now stabilizing, allowing banks to re-enter the high-cost liability market. Large-denomination CDs offer better yields, higher liquidity via partial withdrawals and transferability, and a minimum subscription of RMB 200,000, appealing to investors seeking low-risk, long-term allocation with enhanced returns.
Multiple bank wealth management firms, including XinYin, GuangDa, BoYin, HuiYin, and Jiangnan Rural Commercial Bank, have announced that new products will not be established due to failing to raise minimum subscription amounts. Meanwhile, some existing products are being terminated early as redemptions push sizes below clearing thresholds. The regulator has introduced a new assessment focusing on the average scale per product, prompting the industry to shift from scale expansion to refined operations. As of end-June 2026, the bank wealth management market held RMB 33.66 trillion in outstanding assets, up RMB 1.75 trillion from the first quarter, with over 151 million investors, a 5.59% increase from the start of the year.
Several banks have recently shut down some WeChat mini-program services, consolidating functions into unified mobile banking apps. Over the past year, large and mid-sized banks as well as local small banks have removed mini-programs. Earlier, direct banking and credit card apps were also merged. The shift reflects cost pressures from overlapping functions and low activity, as well as regulatory risks from data privacy violations. The focus of digital competition is moving from channel quantity to quality.
SPD Bank announced on July 27 that its registered capital has increased to RMB 33.306 billion, approved by the National Financial Regulatory Administration, following conversion of its RMB 50 billion convertible bonds issued in 2019, which generated 3.954 billion shares. Meanwhile, Ziyin convertible bonds expired with 99.98% unconverted, leading to cash redemption. Since 2026, the bank convertible bond market has been sluggish, with shrinking scale and low conversion rates affecting capital replenishment.
CITIC Bank announced on July 31 that Vice President He Jinsong has resigned due to a work adjustment. The board recently received his resignation letter. He Jinsong stepped down from the vice president position. The bank's brief statement did not provide further details on the adjustment or his future role.