China's outstanding total social financing up 10.6% y/y at end-May

China's outstanding total social financing (TSF) was 211.06 trillion yuan ($30.5 trillion) at the end of May, up 10.6% from a year earlier, the central bank said on Wednesday. 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 May, TSF rose to 1.4 trillion yuan from 1.36 trillion yuan in April. Analysts polled by Reuters had expected May TSF of 1.41 trillion yuan.