The Central Bank of the Republic of China published preliminary end-March 2025 figures for the outstanding stock of total social financing, defined as the period-end balance of funding obtained by the real economy from the financial system. The stock stood at CNY 422.96 trillion, up 8.4% year on year. RMB loans to the real economy totalled CNY 262.18 trillion (+7.2% year on year), while foreign-currency loans (RMB equivalent) were CNY 1.19 trillion (-34.5%). Other components included entrusted loans of CNY 11.24 trillion (+0.6%), trust loans of CNY 4.35 trillion (+6.2%), undiscounted bankers’ acceptances of CNY 2.67 trillion (-12.1%), corporate bonds of CNY 32.59 trillion (+2.4%), government bonds of CNY 84.96 trillion (+19.4%), and domestic equity financing by non-financial firms of CNY 11.82 trillion (+2.7%). In share terms, RMB loans accounted for 62% of the total (down 0.7 percentage points from a year earlier) and government bonds 20.1% (up 1.9 percentage points), with other categories showing small declines. The release also reiterated that, from January 2023, the statistical scope was expanded to include certain non-deposit-taking banking institutions, with corresponding adjustments to the “RMB loans to the real economy” and “loan write-offs” series.
Central Bank of the Republic of China 2025-04-13
Central Bank of the Republic of China reports March 2025 total social financing stock up 8.4% to CNY 422.96 trillion
The Central Bank of the Republic of China reported that the outstanding stock of total social financing reached CNY 422.96 trillion at the end of March 2025, marking an 8.4% increase year on year. RMB loans to the real economy were CNY 262.18 trillion (+7.2%), while government bonds rose to CNY 84.96 trillion (+19.4%). The statistical scope was expanded from January 2023 to include certain non-deposit-taking banking institutions.