Central Bank of the Republic of China reports end-February 2025 social financing stock at CNY 417.29 trillion up 8.2% year on year

The Central Bank of the Republic of China published preliminary end-February 2025 data showing the outstanding stock of total social financing at CNY 417.29 trillion, an 8.2% increase from a year earlier. The stock of renminbi loans to the real economy stood at CNY 258.36 trillion, up 7.1%, while foreign-currency loans to the real economy (converted to renminbi) were CNY 1.22 trillion, down 30.9%. Other components included entrusted loans of CNY 11.25 trillion (up 0.3%), trust loans of CNY 4.33 trillion (up 7.4%), undiscounted bankers’ acceptances of CNY 2.3 trillion (down 14%), corporate bonds of CNY 32.8 trillion (up 4%), government bonds of CNY 83.47 trillion (up 18.1%), and domestic equity financing by non-financial corporates of CNY 11.78 trillion (up 2.5%). In the composition of total social financing, renminbi loans accounted for 61.9% (down 0.7 percentage points year on year) and government bonds 20.0% (up 1.7 percentage points). The central bank reiterated that total social financing stock measures the outstanding amount of funds obtained by the real economy from the financial system at a period end. It also noted that, from January 2023, consumer finance companies, wealth management companies and financial asset investment companies were included in the financial statistics, with corresponding adjustments to the “renminbi loans to the real economy” and “loan write-off” series.