China outstanding total social financing rises 12.9% y/y at end-July

China's outstanding total social financing (TSF) was 273.33 trillion yuan ($39.32 trillion) at the end of July, up 12.9% from a year earlier, the central bank said on Tuesday.

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 July, TSF fell to 1.69 trillion yuan from 3.43 trillion yuan in June. Analysts polled by Reuters had expected July TSF of 1.85 trillion yuan. ($1 = 6.9516 Chinese yuan renminbi)