China's March total social financing grows by 7.9% y/y

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China's outstanding total social financing reached 456.46 trillion yuan ($65.21 trillion) at the end of March, representing a year-on-year increase of 7.9%, according to data from the People's Bank of China (PBOC) released Monday.

In the first quarter, the increase in total social financing reached 14.83 trillion yuan, remaining at a relatively high level, said the PBOC.

China's yuan-denominated loans rose 8.6 trillion yuan in the first quarter of 2026, the central bank data showed. At the end of March, outstanding yuan loans stood at 280.51 trillion yuan, up 5.7 percent year on year.

By the end of March, the broad money supply, or M2, a broad measure of money supply that covers cash in circulation and all deposits, stood at 353.86 trillion yuan, up 8.5% year on year; the narrow money supply (M1), which covers cash in circulation, demand deposits and client reserves of non-bank payment institutions, was 119.32 trillion yuan, marking a 5.1% increase.

Meanwhile, the currency in circulation (M0) totaled 14.71 trillion yuan, representing a 12.5% year-on-year rise.

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