Report on Aggregate Financing to the Real Economy (Flow)
Specifically, RMB loans to the real economy registered an increase of RMB1.14 trillion, RMB157.3 billion less than the increase in the same period of 2021; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB64.8 billion, RMB51.4 billion more than the decrease in the same period of 2021; entrusted loans registered a decrease of RMB8.8 billion, RMB12.3 billion more than the decrease in the same period of 2021; trust loans recorded a decrease of RMB36.5 billion, RMB182.5 billion less than the decrease in the same period of 2021; undiscounted bankers’ acceptances recorded an increase of RMB19.0 billion, RMB57.3 billion more than the increase in the same period of 2021; net financing of corporate bonds stood at RMB59.6 billion, down RMB341.0 billion year on year (y-o-y); net financing of government bonds was RMB652.0 billion, down RMB163.8 billion y-o-y; domestic equity financing by non-financial enterprises amounted to RMB78.8 billion, down RMB50.6 billion y-o-y. From January to November, the AFRE (flow) amounted to RMB30.49 trillion cumulatively, up RMB1.51 trillion 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 organizations including the PBC, CBIRC, CSRC, CCDC and NAFMII.
Note 2: The PBC further improved the statistics of AFRE from December 2019 by incorporating “treasury bonds” and “local government general bonds” into the statistics of AFRE and combining them with the existing “local government special bonds” under the item “government bonds”. The value of the indicator is the face value of the bonds under custody. The PBC improved the statistics of “corporate bonds” of AFRE from September 2019, which incorporated “exchange-listed corporate asset-backed securities” into “corporate bonds”. The PBC incorporated “local government special bonds” into the statistics of AFRE from September 2018. The PBC further improved the statistical method of AFRE from July 2018, which incorporated “asset-backed securities of depository financial institutions” and “written-off loans” into AFRE statistics under the item of “other financing”.
Note 3: The year-on-year statistics in this report are on a comparable basis.
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