China's social financing expansion eases in Jan–May 2026, reaching 17.48 trillion yuan

Preliminary data from the People's Bank of China showed that China's aggregate social financing rose by 17.48 trillion yuan in the first five months of 2026, down 1.16 trillion yuan from the same period a year earlier. Market estimates had pointed to 1.715 trillion yuan, versus the prior reading of 1.545 trillion yuan. By component, yuan loans to the real economy increased by 9.0 trillion yuan, 1.38 trillion yuan less than a year earlier. Foreign-currency loans to the real economy, converted into yuan, rose by 115.3 billion yuan, up 211.6 billion yuan year on year. Entrusted loans fell by 103.1 billion yuan, an additional 91.8 billion yuan decline from a year earlier. Trust loans increased by 5.7 billion yuan, 57.0 billion yuan less than a year earlier. Undiscounted bank acceptance bills fell by 17.2 billion yuan, a further 151.4 billion yuan drop year on year. Net corporate bond financing totaled 1.67 trillion yuan, up 757.7 billion yuan from a year earlier. Net government bond financing came in at 5.67 trillion yuan, down 634.0 billion yuan year on year. Domestic equity financing by nonfinancial enterprises reached 230.5 billion yuan, up 79.9 billion yuan from a year earlier.