The Central Bank of the Republic of China released preliminary statistics showing that the cumulative increase in aggregate financing to the real economy totalled CNY 18.63 trillion in the first five months of 2025, up CNY 3.83 trillion from the same period a year earlier. By component, RMB loans to the real economy increased by CNY 10.38 trillion, while foreign-currency loans (RMB equivalent) fell by CNY 96.3 billion. Government bond net financing reached CNY 6.31 trillion and corporate bond net financing was CNY 908.7 billion, while undiscounted bankers’ acceptances rose by CNY 134.3 billion and non-financial corporates’ domestic equity financing totalled CNY 150.4 billion. The release notes that the aggregate social financing flow measure captures funds obtained by the real economy from the financial system and draws on data from multiple authorities and market infrastructures. It also reiterates that, from January 2023, three types of non-deposit-taking banking institutions were added to the statistical coverage, with corresponding adjustments to RMB loan and loan write-off data within the aggregate social financing framework.
Central Bank of the Republic of China 2025-06-13
Central Bank of the Republic of China publishes preliminary January to May 2025 social financing data showing a CNY 18.63 trillion increase
The Central Bank of the Republic of China reported a cumulative increase in aggregate financing to the real economy of CNY 18.63 trillion for the first five months of 2025, up CNY 3.83 trillion from the previous year. RMB loans increased by CNY 10.38 trillion, while foreign-currency loans fell by CNY 96.3 billion. The report highlights adjustments to the aggregate social financing framework, adding non-deposit-taking banking institutions to the statistical coverage.