The People's Bank of China published preliminary end-May 2025 figures for China’s total social financing stock, showing outstanding funding to the real economy from the financial system at CNY 426.16 trillion, up 8.7% year on year. RMB loans to the real economy remained the largest component at CNY 262.86 trillion, up 7%. Other components included foreign-currency loans to the real economy at CNY 1.19 trillion (RMB equivalent), down 31.5%, entrusted loans at CNY 11.22 trillion, up 0.4%, trust loans at CNY 4.36 trillion, up 5.4%, undiscounted bankers’ acceptances at CNY 2.27 trillion, down 7.4%, corporate bonds at CNY 32.91 trillion, up 3.4%, government bonds at CNY 87.39 trillion, up 20.9%, and domestic equity financing by non-financial firms at CNY 11.87 trillion, up 2.9%. In the overall mix, the share of government bonds rose to 20.5% (up 2.1 percentage points), while the shares of RMB loans (61.7%) and most other categories declined year on year. The release also reiterated that, from January 2023, the PBOC expanded statistical coverage to include consumer finance companies, wealth management companies and financial asset investment companies, with corresponding adjustments to the total social financing series for RMB loans to the real economy and loan write-offs.
Central Bank of the Republic of China 2025-06-13
People's Bank of China publishes May 2025 total social financing stock at CNY 426.16 trillion up 8.7% year on year
The People's Bank of China reported China's total social financing stock reached CNY 426.16 trillion at the end of May 2025, marking an 8.7% year-on-year increase. RMB loans to the real economy were the largest component at CNY 262.86 trillion, up 7%, while government bonds rose significantly by 20.9% to CNY 87.39 trillion. The PBOC also noted expanded statistical coverage from January 2023 to include consumer finance, wealth management, and financial asset investment companies.