China's outstanding total social financing up 12% y/y at end-April

China's outstanding total social financing (TSF) was 265.22 trillion yuan ($37.45 trillion) at the end of April, up 12% from a year earlier, the central bank said on Monday. 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.

In April, TSF fell to 3.09 trillion yuan from 5.15 trillion yuan in March. Analysts polled by Reuters had expected April TSF of 2.65 trillion yuan. ($1 = 7.0811 Chinese yuan renminbi)