Total Social Financing (TSF) is a broad measure of credit and liquidity in the Chinese economy, representing the total amount of financing provided by the financial system to the real economy. It includes not only traditional bank loans but also off-balance sheet items such as trust loans, entrusted loans, and bank acceptance bills, as well as corporate bonds and equity issuance. Economists monitor this indicator closely as it serves as a leading signal for future investment and industrial activity in China.
The People's Bank of China (PBOC) calculates TSF by aggregating data on new yuan loans, foreign currency loans, trust loans, entrusted loans, undiscounted bank acceptances, corporate bonds, and non-financial enterprise equity sales.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Aug 14, 2026 | 1410.00 | 1200.00 | +210.00 |
| Jul 15, 2026 | 3360.00 | 3770.00 | -410.00 |
| Jun 12, 2026 | 2030.00 | 1870.00 | +160.00 |
| May 14, 2026 | 620.00 | 1500.00 | -880.00 |
| Apr 13, 2026 | 5230.00 | 5400.00 | -170.00 |
| Mar 14, 2026 | 2380.00 | 2130.00 | +250.00 |
| Mar 13, 2026 | 2380.00 | 2130.00 | +250.00 |
| Feb 14, 2026 | 7220.00 | 7500.00 | -280.00 |
| Jan 15, 2026 | 2210.00 | 2000.00 | +210.00 |
| Dec 12, 2025 | 2490.00 | 1650.00 | +840.00 |
| Nov 13, 2025 | 810.00 | 1230.00 | -420.00 |
| Oct 15, 2025 | 3530.00 | 3320.00 | +210.00 |
| Sep 12, 2025 | 2570.00 | 2460.00 | +110.00 |
| Aug 14, 2025 | 1160.00 | 1500.00 | -340.00 |
| Aug 13, 2025 | 1160.00 | 1500.00 | -340.00 |
| Jul 14, 2025 | 4200.00 | 3650.00 | +550.00 |
| Jun 13, 2025 | 2290.00 | 2300.00 | -10.00 |
| May 14, 2025 | 1160.00 | 1220.00 | -60.00 |
| Apr 13, 2025 | 5890.00 | 4800.00 | +1090.00 |
| Mar 14, 2025 | 2290.00 | 2500.00 | -210.00 |
| Feb 14, 2025 | 7060.00 | 6400.00 | +660.00 |
| Jan 14, 2025 | 2860.00 | 2000.00 | +860.00 |
| Dec 13, 2024 | 2340.00 | 2800.00 | -460.00 |
| Nov 11, 2024 | 1400.00 | 1545.00 | -145.00 |
| Oct 14, 2024 | 3760.00 | 3730.00 | +30.00 |
| Sep 13, 2024 | 3030.00 | 2950.00 | +80.00 |
| Aug 13, 2024 | 770.00 | 1100.00 | -330.00 |
| Jul 12, 2024 | 3300.00 | 5300.00 | -2000.00 |
| Jun 14, 2024 | 2070.00 | -50.00 | +2120.00 |
| May 11, 2024 | -200.00 | 1780.00 | -1980.00 |
| Apr 12, 2024 | 4870.00 | 4700.00 | +170.00 |
| Mar 15, 2024 | 1558.30 | 2220.00 | -661.70 |
| Feb 9, 2024 | 6500.00 | 5550.00 | +950.00 |
| Jan 12, 2024 | 1940.00 | 2200.00 | -260.00 |
| Dec 13, 2023 | 2450.00 | 2600.00 | -150.00 |
| Nov 13, 2023 | 1850.00 | 1900.00 | -50.00 |
| Oct 13, 2023 | 4120.00 | 3800.00 | +320.00 |
| Sep 9, 2023 | 3120.00 | 2460.00 | +660.00 |
| Aug 11, 2023 | 528.20 | 1100.00 | -571.80 |
| Jul 11, 2023 | 4220.00 | 3000.00 | +1220.00 |
| Jun 13, 2023 | 1560.00 | 2000.00 | -440.00 |
| May 11, 2023 | 1220.00 | 2000.00 | -780.00 |
| Apr 11, 2023 | 5380.00 | 4500.00 | +880.00 |
| Mar 10, 2023 | 3160.00 | 2200.00 | +960.00 |
| Feb 10, 2023 | 5980.00 | 5400.00 | +580.00 |
| Jan 10, 2023 | 1310.00 | 1600.00 | -290.00 |
| Dec 12, 2022 | 1990.00 | 2100.00 | -110.00 |
| Nov 10, 2022 | 907.90 | 1600.00 | -692.10 |
| Oct 11, 2022 | 3530.00 | 2725.00 | +805.00 |
| Sep 9, 2022 | 2430.00 | 2075.00 | +355.00 |
