PBOC:Report on Aggregate Financing to the Real Economy (Flow) (November 2023)
According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB33.65 trillion in the first eleven months of 2023, up RMB2.79 trillion from the same period of 2022. The AFRE (flow) was RMB2.45 trillion in November 2023, up RMB455.6 billion from the same period of 2022. Specifically, RMB loans to the real economy registered an increase of RMB1.11 trillion, RMB44.7 billion less than the increase in the same period of 2022; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB35.7 billion, RMB29.1 billion less than the decrease in the same period of 2022; entrusted loans registered a decrease of RMB38.6 billion, RMB29.8 billion more than the decrease in the same period of 2022; trust loans recorded an increase of RMB19.7 billion, RMB56.2 billion more than the increase in the same period of 2022; undiscounted bankers’ acceptances recorded an increase of RMB20.3 billion, RMB1.2 billion more than the increase in the same period of 2022; net financing of corporate bonds was RMB133.0 billion, up RMB72.6 billion year on year (y-o-y); net financing of government bonds was RMB1.15 trillion, up RMB499.2 billion y-o-y; domestic equity financing by non-financial enterprises was RMB35.9 billion, down RMB42.9 billion y-o-y.
Note 1: AFRE (flow) refers to the volume of financing provided by the financial system to the real economy within a certain period. In the calculations of AFRE (flow), data are from the PBOC, National Administration of Financial Regulation (NAFR), CSRC, CCDC, NAFMII, etc.
Note 2: Starting from January 2023, the PBOC added three types of non-depository banking financial institutions, namely consumer finance companies, wealth management companies, and financial asset investment companies, into financial statistics, hence adjustments to “RMB loans to the real economy” and “loan write-offs” in AFRE. At end-January 2023, the balance of RMB loans issued to the real economy by the above-mentioned institutions registered RMB841.0 billion, up RMB5.7 billion month on month; the balance of loan write-offs registered RMB170.6 billion, up RMB3.0 billion month on month. The statistics in this report are on a comparable basis.
Date of last update Nov. 29 2018
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