PBOC: China Jan-May Aggregate Social Financing Reaches RMB 17.48 Trillion, RMB Loans Increase by 9.11 Trillion Yuan

I. Social Financing Stock Up 7.7% Year-on-Year

Preliminary data shows that China’s outstanding aggregate social financing stock stood at RMB 458.81 trillion at end-May 2026, up 7.7% year-on-year. Of this, RMB loans to the real economy amounted to RMB 277.4 trillion, up 5.5%; foreign currency loans to the real economy (RMB equivalent) totaled RMB 1.14 trillion, down 4.3%; entrusted loans reached RMB 11.22 trillion, flat year-on-year; trust loans stood at RMB 4.67 trillion, up 7.1%; undiscounted bankers’ acceptances were RMB 2.13 trillion, down 6.2%; corporate bonds totaled RMB 35.69 trillion, up 8.4%; government bonds reached RMB 100.6 trillion, up 15.1%; and domestic equity of non-financial enterprises amounted to RMB 12.43 trillion, up 4.7%.

By structure, RMB loans to the real economy accounted for 60.5% of the total social financing stock at end-May, down 1.2 percentage points year-on-year. Foreign currency loans (RMB equivalent) accounted for 0.2%, down 0.1 ppts; entrusted loans 2.4%, down 0.2 ppts; trust loans 1.0%, flat; undiscounted bankers’ acceptances 0.5%, flat; corporate bonds 7.8%, up 0.1 ppts; government bonds 21.9%, up 1.4 ppts; and domestic equity of non-financial enterprises 2.7%, down 0.1 ppts.

II. Jan-May Aggregate Social Financing Increment Reaches RMB 17.48 Trillion

Preliminary data shows that China’s aggregate social financing increment for the first five months of 2026 reached RMB 17.48 trillion, down RMB 1.16 trillion from the same period last year. Within this, RMB loans to the real economy increased by RMB 9 trillion, down RMB 1.38 trillion year-on-year; foreign currency loans to the real economy (RMB equivalent) rose by RMB 115.3 billion, up RMB 211.6 billion; entrusted loans decreased by RMB 103.1 billion; trust loans increased by RMB 5.7 billion; and net corporate bond financing rose by RMB 2.24 trillion.

III. Broad Money Supply Maintains Steady Growth

At end-May, broad money (M2) balance stood at RMB 353.67 trillion, up 8.6% year-on-year. Narrow money (M1) balance reached RMB 114.89 trillion, up 5.5%. Currency in circulation (M0) amounted to RMB 14.69 trillion, up 11.9%. Net cash injection in the first five months totaled RMB 590.7 billion.

The People’s Bank of China noted that social financing conditions remained relatively accommodative, with the aggregate financing stock and broad money both maintaining reasonable growth. The central bank emphasized the importance of structural optimization in credit allocation to enhance the effectiveness of financial support for the real economy.