PBOC：Report on Aggregate Financing to the Real Economy (Flow) (January 2024)
According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB6.5 trillion in January 2024, up RMB506.1 billion from the same period of 2023. Specifically, RMB loans to the real economy registered an increase of RMB4.84 trillion, RMB91.3 billion less than the increase in the same period of 2023; foreign currency-denominated loans to the real economy (RMB equivalent) recorded an increase of RMB98.9 billion, RMB112.0 billion more than the increase in the same period of 2023; entrusted loans registered a decrease of RMB35.9 billion, RMB94.3 billion more than the decrease in the same period of 2023; trust loans recorded an increase of RMB73.2 billion, RMB79.4 billion more than the increase in the same period of 2023; undiscounted bankers’ acceptances recorded an increase of RMB563.5 billion, RMB267.2 billion more than the increase in the same period of 2023; net financing of corporate bonds was RMB483.5 billion, up RMB319.7 billion year on year (y-o-y); net financing of government bonds was RMB294.7 billion, down RMB119.3 billion y-o-y; domestic equity financing by non-financial enterprises was RMB42.2 billion, down RMB54.2 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.
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