Total social financing (TSF) for the first half of 2022 increased by more than 3 trillion yuan compared to the figure for the same period last year.
TSF was around 21 trillion yuan in the first half, according to preliminary data released by the People’s Bank of China (PBOC) on 11 July. The TSF reading is over 3.2 trillion yuan more than the figure for the same period in 2021.
First half TSF included an increase in renminbi loans to the real economy of 13.58 trillion yuan – 632.9 billion yuan more than the figure for the same period last year.
Foreign currency loans to the real economy increased 45.8 billion yuan – 182.3 billion yuan less than the print for the first half of 2021, while entrusted loans fell 5.4 billion yuan – for a decline of 109.1 billion yuan.
Trust loans declined 375.2 billion yuan, for a contraction of 348.7 billion yuan compared to the first half of 2021, while undiscounted banker’s acceptance bills declined 176.8 billion yuan, for a YoY contraction of 171.4 billion yuan.
Net enterprise bond financing was 1.95 trillion yuan in the first half of 2022, 391.3 billion more than the figure for the same period last year, while net government bond financing was 4.65 trillion yuan, for a 2.2 trillion yuan increase.