China Total Social Financing (TSF)
Total social financing is China's broadest measure of capital flows, capturing not only bank credit but also corporate bonds, entrusted loans, trust loans, undiscounted bankers' acceptances, and equity issues.
| Indicator | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | 07-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total social financing | 1,401.7 | 3,367.1 | 2,029.3 | 623.8 | 5,224 | 2,383.7 | 7,218.5 | 2,213.2 | 2,492.6 | 817.8 | 3,529.9 | 2,566 | 1,130.7 | 4,225.1 | 2,290 | 1,159.9 | 5,896.1 | 2,233.1 | 7,054.6 | 2,853.7 | 2,328.8 | 1,412 | 3,763.5 | 3,032.3 | 770.7 | 3,298.5 | 2,062.3 | -65.8 | 4,833.5 | 1,495.9 | 6,473.4 | 1,932.6 | 2,455.4 | 1,844.1 | 4,132.6 | 3,127.9 | 536.6 | |
| RMB-denominated loans | -589.6 | 1,765 | 496.5 | -400.6 | 3,152.2 | 845.8 | 4,901.6 | 980.4 | 409.6 | -15.4 | 1,608.1 | 625.3 | -429.6 | 2,360 | 592.3 | 88.4 | 3,823.4 | 652.8 | 5,219.4 | 840.2 | 521.6 | 296.5 | 1,974.2 | 1,041.1 | -80.8 | 2,192.7 | 819.7 | 334.9 | 3,292 | 977.3 | 4,840.1 | 1,109.2 | 1,112 | 483.7 | 2,536.9 | 1,341.2 | 36.4 | |
| Foreign currency-denominated loans | 8.5 | 45.5 | 11.7 | 18.4 | 42 | -3.6 | 46.8 | -67.5 | -22.2 | -20 | -12.9 | -9.1 | -8.7 | 32.5 | 13.4 | -13 | -29.5 | -28.1 | -39.2 | -67.5 | -46.8 | -71 | -48 | -61.2 | -89 | -80.7 | -48.7 | -31 | 54.3 | -0.9 | 98.9 | -63.5 | -35.7 | 15.2 | -58.3 | -20.1 | -33.9 | |
| Entrusted loans | -2.2 | 24.3 | -9 | -28.3 | -28.4 | -18.1 | -19.2 | 30.8 | -18.7 | 165.4 | 28.3 | -16.5 | -17.7 | -40 | -16.6 | -0.2 | -16.5 | -22.8 | 44.9 | -2 | -18.3 | -21.9 | 39.2 | 2.5 | 34.5 | -0.3 | -0.9 | 8.9 | -46.5 | -17.2 | -35.9 | -4.3 | -38.6 | -42.9 | 20.8 | 9.7 | 0.8 | |
| Trust loans | -22.6 | -50.3 | 5.3 | -12.9 | -17.3 | 31 | -0.4 | 67.9 | 84.3 | 15.5 | 6.2 | 35 | 14.9 | 81.6 | 17.3 | -7.7 | 23.8 | -33 | 62.3 | 15.1 | 9.1 | 17.2 | 0.6 | 48.4 | -2.6 | 74.8 | 22.4 | 14.2 | 68.1 | 57.1 | 73.2 | 34.7 | 19.7 | 39.3 | 40.2 | -22.1 | 23 | |
| Undiscounted bankers' acceptances | -53 | -108.4 | -68.5 | -528.4 | 125.8 | -175.5 | 629.3 | -149.2 | 148.8 | -289.5 | 323.4 | 197.3 | -163.8 | -190 | -116.4 | -279.4 | 363.2 | -298.7 | 465.4 | -133 | 91 | -139.6 | 131.2 | 65.1 | -107.5 | -204.5 | -133.1 | -449 | 355.2 | -368.6 | 563.6 | -186.5 | 20.2 | -253.6 | 239.7 | 112.9 | -196.3 | |
| Corporate bonds | 453.6 | 401.2 | 168 | 452 | 391 | 152.2 | 503.3 | 154.1 | 414.5 | 250 | 13.6 | 133.8 | 274.8 | 242.2 | 149.6 | 234 | -90.5 | 170.2 | 445.4 | -15.9 | 238.1 | 98.7 | -192.6 | 170.3 | 203.6 | 210 | 28.5 | 170.7 | 423.7 | 142.3 | 432 | -274.1 | 138.8 | 117.8 | 65 | 278.8 | 129 | |
| Non-financial corporate equities | 112.8 | 62.8 | 29.8 | 83.5 | 42.8 | 45.4 | 29.1 | 55.9 | 34.1 | 69.5 | 49.9 | 45.6 | 50.5 | 20.3 | 15.2 | 39.1 | 41.2 | 7.6 | 47.3 | 48.4 | 42.8 | 28.4 | 12.8 | 13.2 | 23.1 | 15.4 | 11.1 | 18.6 | 22.7 | 11.4 | 42.2 | 50.8 | 35.9 | 32.1 | 32.6 | 103.6 | 78.6 | |
| Government bonds | 1,317.6 | 768.3 | 1,223.6 | 904.1 | 1,165.8 | 1,401.4 | 976.4 | 683.3 | 1,207.7 | 485.2 | 1,189.3 | 1,367.2 | 1,248.2 | 1,350.8 | 1,458.5 | 972.9 | 1,486.6 | 1,693.9 | 693.3 | 1,756.6 | 1,308.9 | 1,049.5 | 1,535.7 | 1,617.7 | 688.1 | 847.6 | 1,226.6 | -93.7 | 462.6 | 601.1 | 294.7 | 932.4 | 1,151.2 | 1,563.8 | 992 | 1,175.9 | 410.9 | |
| Asset-backed securities of depository institutions | -15.9 | 32.2 | -24.1 | -12.8 | -13.2 | -5.6 | -9.9 | 0.7 | -1.3 | 9.8 | 7.3 | -4.8 | 1.1 | -11.1 | -10.2 | -31.6 | -7.6 | -26.9 | -22.7 | -11.7 | -11.2 | -20 | -16.3 | -46.6 | -49 | -69.5 | -42.6 | -196.7 | -58.8 | -21 | -20.3 | -27.8 | -135.5 | -253 | -17.2 | -13.5 | -29.6 | |
| Write-offs of non-performing loans | 79.8 | 318.8 | 101.6 | 58 | 253.8 | 37.9 | 35.5 | 284.5 | 112.2 | 45.2 | 203 | 87.5 | 54.8 | 247.8 | 83 | 63.1 | 196.7 | 54.2 | 39.7 | 263.7 | 82.4 | 57.7 | 215.4 | 75.8 | 44.8 | 209.2 | 73.4 | 52 | 158.7 | 48.8 | 47.4 | 234.7 | 74.2 | 42.7 | 179.9 | 59.6 | 40.2 |
Latest reading
The latest reading is 1,401.7 CNY billion, for Jul 2026. That is −1,965.4 CNY billion from Jun 2026 and +271 CNY billion from a year earlier. The series on this page is monthly and runs from Jan 2015 to Jul 2026. Source: People's Bank of China (PBOC).
- Latest
- 1,401.7 CNY billion
- Jul 2026
- vs previous period
- −1,965.4 CNY billion
- Jun 2026
- vs a year earlier
- +271 CNY billion
About this data
Total social financing is China's broadest measure of capital flows, capturing not only bank credit but also corporate bonds, entrusted loans, trust loans, undiscounted bankers' acceptances, and equity issues. Analysts track this indicator even more closely than credit growth because it reflects the actual injection of funds into the economy. The data represents the incremental change during the month and can therefore be negative when capital is subject to net withdrawal. Note: since 2018, China has broadened its definition of total social financing to include local government special bonds, written-off non-performing loans, and asset-backed securitisation in the headline figure. Consequently, the seven detailed components below do not sum to the total, with the discrepancy representing these newer additions, which have grown increasingly large.
