2026 Commercial Bank Interbank Deposit Certificate Quota Drops to RMB 30.3 Trillion, Reversing Growth Trend

As of July 31, 2026, the combined interbank deposit certificate filing quotas of 318 commercial banks totalled RMB 30.3 trillion, down RMB 1.6 trillion from 2025, a decline of 5%. The figure reverses a previous sustained growth trend. The 2026 quota disclosure was delayed until July, whereas in prior years the figures were typically published at the start of the year. The decline mainly stems from structural changes on both the asset and liability sides of commercial banks. Real-economy financing demand has weakened, leaving banks facing an "asset shortage". Deposit growth has outpaced loan growth continuously since May 2025, shifting the banking system from being short of funds to lend to having ample funds but few places to deploy, and consequently reducing demand for interbank deposit certificates as a source of active liabilities.

The sharp slowdown in loan growth is the core reason. At the end of June 2026, RMB loan growth at financial institutions stood at 5.2%, a historic low, versus above 10% in 2024 and earlier. Beyond weak demand, local government bond swaps, loan write-offs in reform and risk-disposal efforts, and diversion of funding to corporate bonds have also contributed to the slowdown. Regulatory policy is also steering banks to reduce their reliance on interbank liabilities. In June 2026, the People's Bank of China issued the draft Measures for the Administration of Interbank Deposit Certificates, adding a requirement for dynamically adjusting filing quotas. Quotas would be linked to macro-prudential management, monetary policy implementation and compliance with interest-rate pricing rules, with the aim of preventing idle circulation of funds and reducing banks' excessive dependence on interbank liabilities.

Quota adjustments vary by bank. Industrial Bank's 2026 quota was set at RMB 800 billion, down RMB 600 billion from 2025, the largest decline among major banks. In 2025, Industrial Bank's loan growth was 3.7% and deposit growth 7.2%, a clear divergence. Ping An Bank followed with a quota reduction of RMB 355 billion, after recording loan growth of just 0.5% in 2025. Other joint-stock banks including SPDB, China CITIC Bank, China Zheshang Bank and China Minsheng Bank also saw reductions of varying degrees, squeezed between the large state-owned banks and city commercial banks, with slower expansion.

Some large state-owned banks and city commercial banks raised their quotas. China Construction Bank and Agricultural Bank of China led the increases, adding RMB 262.6 billion and RMB 175.7 billion respectively. In 2025, CCB's loan growth was 7.5%, slightly above its deposit growth; ABC's loan growth was 9.2%, the highest among the six major banks, and its asset base surpassed CCB's in 2023, continuing to expand. ABC's interbank deposit certificate quota grew from RMB 1.1 trillion in 2022 to RMB 2.36 trillion in 2026, the highest in the industry. As of end-July 2026, ABC's outstanding interbank deposit certificates stood at RMB 2.15 trillion, a utilization rate of 91.4%. In 2024, more than ten banks including Agricultural Bank of China and China Construction Bank raised their quotas mid-year due to insufficient headroom.