China outstanding total social financing up 11% y/y at end-May

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BEIJING — China’s outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, rose 11% to 297.98 trillion yuan ($46.64 trillion) at the end of May from a year earlier, the central bank said on Thursday.

In May, TSF rose to 1.92 trillion yuan from 1.85 trillion yuan in April. Analysts polled by Reuters had expected May TSF to tick up to 2.00 trillion yuan.

TSF includes off-balance-sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales. ($1 = 6.3894 Chinese yuan renminbi) (Reporting by Lusha Zhang and Kevin Yao Editing by Peter Graff)