The latest figures from the Chinese central bank point to a sizeable YoY rise in total social financing in the first half of 2019.
Preliminary figures from the People’s Bank of China (PBOC) put the increase in total social financing at 13.23 trillion yuan for the first half of 2019, for an increase of 3.18 trillion yuan compared to the same period last year.
Renminbi loans to the real economy increased 10.02 trillion yuan in the first half, 1.26 trillion ahead of the figure for the same period last year, while foreign-currency loans to the real economy increased 9.7 billion yuan in renminbi terms, 22.2 billion yuan ahead of the figure for the same period last year.
Renminbi loans to the real economy accounted for 75.8% of total social financing in the first half of 2019, for a decline of 11.4 percentage points compared to the first half of the preceding year.
Entrusted loans contracted 493.3 billion yuan, for a decline of 307 billion yuan compared to the same period last year.
Trust loans increased 92.8 billion yuan, 281.5 billion yuan ahead of the figure for the first half of 2018.
Undiscounted bank acceptance bills fell 38.9 billion yuan in the first half, for a decline of 232.7 billion yuan compared to the same period last year, while net corporate bond financing was 1.46 trillion yuan, for a YoY increase of 438.2 billion yuan.
Financing via local government special bonds was 1.19 trillion yuan, for a YoY expansion of 825.8 billion yuan, and non-financial enterprise domestic equity financing was 120.5 billion yuan, for a YoY decline of 130.6 billion yuan.
