The Central Bank of the Republic of China released preliminary end-January 2025 data on China’s aggregate social financing outstanding, reporting a total stock of CNY 415.2 trillion, up 8% year on year. By instrument, RMB loans to the real economy totalled CNY 257.71 trillion (up 7.2%), foreign-currency loans (RMB equivalent) were CNY 1.24 trillion (down 29.4%), entrusted loans CNY 11.28 trillion (up 0.4%), trust loans CNY 4.36 trillion (up 9.7%), undiscounted bankers’ acceptances CNY 2.6 trillion (down 14.6%), corporate bonds CNY 32.69 trillion (up 4.1%), government bonds CNY 81.78 trillion (up 16.7%), and domestic equity financing by non-financial enterprises CNY 11.77 trillion (up 2.6%). RMB loans accounted for 62.1% of the total stock (down 0.4 percentage points), while government bonds rose to 19.7% (up 1.5 percentage points). The release reiterates that aggregate social financing outstanding measures the period-end balance of funding obtained by the real economy from the financial system and is compiled from multiple official sources. It also notes that, from January 2023, consumer finance companies, wealth management companies and financial asset investment companies were added to the statistical coverage, with corresponding adjustments to RMB loan and loan write-off data within the aggregate social financing series.
Central Bank of the Republic of China 2025-02-14
Central Bank of the Republic of China publishes end-January 2025 aggregate social financing data showing CNY 415.2 trillion outstanding
The Central Bank of the Republic of China reported China's aggregate social financing outstanding reached CNY 415.2 trillion at the end of January 2025, marking an 8% year-on-year increase. RMB loans to the real economy totaled CNY 257.71 trillion, while government bonds rose to CNY 81.78 trillion. The data now includes consumer finance, wealth management, and financial asset investment companies, reflecting adjustments in RMB loan and loan write-off statistics.