The People’s Bank of China: In the first half of 2026, total social financing balance grew by 7.4% year over year

The People’s Bank of China data shows that, based on preliminary statistics, by the end of June 2026, the outstanding stock of social financing was 462.06 trillion yuan, up 7.4% year on year. Of this, the balance of RMB loans issued to the real economy was 279.16 trillion yuan, up 5.3%; the balance of foreign-currency loans issued to the real economy, converted into RMB, was 1.18 trillion yuan, down 2.9% year on year; the balance of entrusted loans was 11.24 trillion yuan, up 0.5%; the balance of trust loans was 4.62 trillion yuan, up 4%; the balance of bank acceptance bills not yet discounted was 2.02 trillion yuan, down 2.8%; the balance of corporate bonds was 36.08 trillion yuan, up 8.9%; the balance of government bonds was 101.36 trillion yuan, up 14.2%; and the balance of domestic stocks of non-financial enterprises was 12.49 trillion yuan, up 5%.

In terms of structure, as of the end of June, the balance of RMB loans issued to the real economy accounted for 60.4% of the outstanding stock of social financing in the same period, down 1.2 percentage points year on year; the foreign-currency loans issued to the real economy, converted into RMB, accounted for 0.3%, unchanged year on year; entrusted loans accounted for 2.4%, down 0.2 percentage points year on year; trust loans accounted for 1%, unchanged year on year; the balance of bank acceptance bills not yet discounted accounted for 0.4%, down 0.1 percentage points year on year; corporate bonds accounted for 7.8%, up 0.1 percentage points year on year; government bonds accounted for 21.9%, up 1.3 percentage points year on year; and domestic stocks of non-financial enterprises accounted for 2.7%, down 0.1 percentage points year on year. (PBOC)