New RMB loans (新增人民币贷款) represent the monthly flow of new bank lending to the real economy. This is the most closely watched component of the PBOC's credit data release.
How to use it: Level shows the monthly flow, YTD shows the official year-to-date cumulative flow by year, and YoY shows the official monthly year-on-year growth rate. Because this is a flow series, level and YTD are usually the cleaner views for credit impulse timing.
Why it matters: New credit data is a leading indicator of economic activity. January typically sees the largest monthly figure as banks front-load lending. Persistent weakness in new credit suggests deleveraging or weak demand for borrowing.