PBOC: China's Total Social Financing Rises RMB 23.91 Trillion in First Eight Months of 2026

Preliminary statistics from the People's Bank of China show that the cumulative increment in total social financing in the first eight months of 2026 was RMB 23.91 trillion, RMB 2.64 trillion less than in the same period of 2025. Of this, RMB loans to the real economy increased by RMB 10.23 trillion, a year-on-year decrease of RMB 2.71 trillion; foreign currency loans to the real economy increased by RMB 210.3 billion in RMB terms, a year-on-year increase of RMB 291.9 billion.

Over the same period, entrusted loans decreased by RMB 58.2 billion, a smaller decline of RMB 27.3 billion year on year; trust loans decreased by RMB 90.5 billion, a larger decline of RMB 284.7 billion year on year; and undiscounted bankers' acceptances decreased by RMB 140.4 billion, a larger decline of RMB 118.1 billion year on year. Net financing through corporate bonds was RMB 2.79 trillion, up RMB 1.23 trillion year on year; net financing through government bonds was RMB 8.77 trillion, down RMB 1.5 trillion year on year; and domestic equity financing by non-financial enterprises was RMB 470 billion, up RMB 203.1 billion year on year.

In terms of the stock, outstanding total social financing at the end of August 2026 was RMB 464.8 trillion, up 7.2% year on year. Of this, the balance of RMB loans to the real economy was RMB 278.63 trillion, up 5% year on year; the balance of foreign currency loans to the real economy was RMB 1.23 trillion in RMB terms, up 3.1% year on year; the balance of entrusted loans was RMB 11.26 trillion, up 1% year on year; and the balance of trust loans was RMB 4.58 trillion, up 1.9% year on year.

At the end of August, the balance of undiscounted bankers' acceptances was RMB 2.01 trillion, down 5.1% year on year; the balance of corporate bonds was RMB 36.71 trillion, up 9.7% year on year; the balance of government bonds was RMB 103.69 trillion, up 13.5% year on year; and the balance of domestic equity of non-financial enterprises was RMB 12.67 trillion, up 5.7% year on year.