The Central Bank of the Republic of China released preliminary end-August 2025 statistics on the outstanding stock of total social financing, estimating the balance at CNY 433.66 trillion, up 8.8% from a year earlier. Renminbi loans to the real economy remained the largest component, while government bond financing increased its share of the total. Outstanding Renminbi loans to the real economy were CNY 265.42 trillion (+6.6% year on year), accounting for 61.2% of total social financing (down 1.2 percentage points). Government bonds reached CNY 91.36 trillion (+21.1%), lifting their share to 21.1% (up 2.2 percentage points); corporate bonds were CNY 33.47 trillion (+3.7%) with a 7.7% share (down 0.4 percentage points). Other components included entrusted loans of CNY 11.15 trillion (-0.6%) with a 2.6% share (down 0.2 percentage points), trust loans of CNY 4.49 trillion (+5.5%) with a 1.0% share (down 0.1 percentage points), undiscounted bankers’ acceptances of CNY 2.12 trillion (-4.1%) with a 0.5% share (down 0.1 percentage points), foreign-currency loans to the real economy (RMB equivalent) of CNY 1.19 trillion (-21%) with a 0.3% share (down 0.1 percentage points), and domestic equity financing for non-financial enterprises of CNY 11.99 trillion (+3.4%) with a 2.8% share (down 0.1 percentage points). The release reiterated that total social financing stock measures the end-period balance of funds obtained by the real economy from the financial system, drawing on data from multiple authorities and market infrastructures. It also noted that, from January 2023, certain non-deposit-taking banking institutions were included in the statistical scope, with corresponding adjustments to Renminbi loan and loan write-off series.

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