Central Bank of the Republic of China reports May social financing stock up 7.7 percent and Jan to May new financing of CNY 17.48 trillion

The Central Bank of the Republic of China published May monetary and credit data showing outstanding aggregate financing to the real economy at CNY 458.81 trillion at the end of May, up 7.7 percent from a year earlier. Incremental social financing in the first five months of 2026 totaled CNY 17.48 trillion, CNY 1.16 trillion less than a year earlier. Broad money M2 rose 8.6 percent year on year to CNY 353.67 trillion, while M1 rose 5.5 percent and M0 rose 11.9 percent. The financing mix showed slower growth in CNY loans to the real economy and faster expansion in bond financing. Outstanding CNY loans to the real economy rose 5.5 percent and their share of total social financing fell 1.2 percentage points to 60.5 percent, while government bond balances rose 15.1 percent and their share increased 1.4 percentage points to 21.9 percent. Over January to May, CNY loans to the real economy increased CNY 9 trillion, CNY 1.38 trillion less than a year earlier, corporate bond net financing reached CNY 1.67 trillion, and government bond net financing reached CNY 5.67 trillion. Bank lending and deposit data pointed to stronger corporate than household credit demand. CNY loans increased CNY 9.11 trillion in the first five months, with corporate and public institution lending up CNY 9.63 trillion and household lending down CNY 631.4 billion, while CNY deposits increased CNY 15.77 trillion. In May, the weighted average interbank lending rate was 1.31 percent and the pledged repo rate was 1.33 percent. Cross-border CNY settlement amounted to CNY 1.67 trillion for current-account transactions and CNY 580 billion for direct investment.