Central Bank of the Republic of China reports CNY 26.56 trillion increase in social financing in January–August 2025

The Central Bank of the Republic of China released preliminary statistics showing that the cumulative increase in total social financing to the real economy reached CNY 26.56 trillion in the first eight months of 2025, CNY 4.66 trillion higher than in the same period of 2024. RMB loans to the real economy rose by CNY 12.93 trillion, which was CNY 485.1 billion less than a year earlier, while foreign-currency loans (RMB equivalent) fell by CNY 81.6 billion, a smaller decline by CNY 76.7 billion. Net government bond financing totalled CNY 10.27 trillion, up CNY 4.63 trillion, while corporate bond net financing was CNY 1.56 trillion, down CNY 221.4 billion. Other components included a CNY 85.5 billion fall in entrusted loans, a CNY 194.2 billion rise in trust loans, a CNY 22.3 billion reduction in undiscounted bankers’ acceptances, and CNY 266.9 billion in domestic equity financing by non-financial firms, up CNY 109.3 billion. The release reiterated that the social financing flow measures funds obtained by the real economy from the financial system and draws on data from the central bank and other regulators and market infrastructure bodies. It also noted that, from January 2023, consumer finance companies, wealth management companies and financial asset investment companies were added to the statistical scope, leading to adjustments to the ‘RMB loans to the real economy’ and ‘loan write-offs’ series within the social financing data.