The Central Bank of the Republic of China published preliminary end-April 2025 data on the outstanding stock of total social financing, putting the balance of funds provided to the real economy at CNY 424.0 trillion, up 8.7% year on year. The composition data show RMB loans remained the largest component but with a lower share than a year earlier, while government bonds increased their share. RMB loans to the real economy totalled CNY 262.27 trillion, up 7.1% year on year, and foreign-currency loans (converted to RMB) were CNY 1.18 trillion, down 33.9%. Entrusted loans stood at CNY 11.24 trillion, up 0.5%, trust loans at CNY 4.35 trillion, up 5.6%, and undiscounted bank acceptance bills at CNY 2.39 trillion, down 7.6%. Corporate bonds were CNY 32.8 trillion, up 3.2%, government bonds were CNY 85.93 trillion, up 20.9%, and domestic equity of non-financial enterprises was CNY 11.86 trillion, up 2.9%. In share terms, RMB loans accounted for 61.9% of total social financing stock (down 0.9 percentage points year on year) and government bonds for 20.3% (up 2.1 percentage points), with other components also showing modest share declines. The release notes that total social financing stock is defined as the period-end balance of funds the real economy has obtained from the financial system, with data compiled from multiple bodies including the People’s Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, China Central Depository and Clearing Co., Ltd., and the National Association of Financial Market Institutional Investors. It also notes that, from January 2023, three types of non-deposit-taking banking financial institutions were added to the statistical coverage, with corresponding adjustments to the RMB loan and loan write-off series within total social financing.

Original source View in tracker