People's Bank of China reports CNY 23.99 trillion increase in total social financing in January to July 2025

The People's Bank of China published preliminary data showing that the increase in total social financing in the first seven months of 2025 reached CNY 23.99 trillion, CNY 5.12 trillion higher than the same period in 2024. By component, RMB loans to the real economy rose by CNY 12.31 trillion, which was CNY 69.4 billion less than a year earlier, while foreign-currency loans to the real economy fell by CNY 72.5 billion (a smaller decline of CNY 24.5 billion year on year). Entrusted loans declined by CNY 68.9 billion and trust loans increased by CNY 159.2 billion, while undiscounted bankers’ acceptances fell by CNY 219.6 billion. Net corporate bond financing was CNY 1.43 trillion (CNY 184.9 billion lower year on year), net government bond financing was CNY 8.9 trillion (CNY 4.88 trillion higher), and domestic equity financing by non-financial firms was CNY 221.2 billion (CNY 76.7 billion higher). The central bank noted that the series measures funding obtained by the real economy from the financial system and is compiled using inputs from multiple agencies and market infrastructures, and that since January 2023 it has expanded the financial statistics perimeter to include certain non-deposit-taking banking institutions, with corresponding adjustments to RMB loan and loan write-off data within total social financing.