Central Bank of the Republic of China reports CNY 9.29 trillion rise in aggregate social financing in January–February 2025

The Central Bank of the Republic of China published preliminary aggregate social financing data showing a CNY 9.29 trillion increase in financing to the real economy in January–February 2025, up CNY 1.32 trillion from the same period a year earlier. The biggest components were RMB loans to the real economy (CNY 5.87 trillion) and government bond net financing (CNY 2.39 trillion). RMB loans to the real economy increased by CNY 5.87 trillion, CNY 54.8 billion more than a year earlier, while foreign-currency loans to the real economy fell by CNY 67.2 billion (RMB equivalent), a CNY 165.2 billion larger decline year on year. Entrusted loans rose by CNY 22.0 billion (CNY 75.0 billion more year on year) and trust loans rose by CNY 29.3 billion (CNY 101.0 billion less year on year). Undiscounted bankers’ acceptances increased by CNY 166.8 billion (CNY 28.2 billion less year on year), corporate bond net financing was CNY 615.6 billion (CNY 41.4 billion more year on year), and non-financial corporate domestic equity financing was CNY 54.9 billion (CNY 1.3 billion more year on year). The release defines the aggregate social financing increment as funds obtained by the real economy from the financial system and cites multiple official data sources. It also notes that since January 2023, the statistical coverage was expanded to include certain non-deposit-taking banking institutions, with corresponding adjustments made to the series for RMB loans to the real economy and loan write-offs.