According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB2.43 trillion in August 2022, down RMB557.1 billion from the same period of 2021. Specifically, RMB loans to the real economy registered an increase of RMB1.33 trillion, RMB63.1 billion more than the increase in August 2021; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB82.6 billion, RMB117.3 billion more than the decrease in August 2021; entrusted loans registered an increase of RMB175.5 billion, RMB157.8 billion more than the increase in August 2021; trust loans recorded a decrease of RMB47.2 billion, RMB89.0 billion less than the decrease in August 2021; undiscounted bankers’ acceptances recorded an increase of RMB348.5 billion, RMB335.8 billion more than the increase in August 2021; net financing of corporate bonds posted RMB114.8 billion, down RMB350.1 billion year on year (y-o-y); net financing of government bonds was RMB304.5 billion, down RMB669.3 billion y-o-y; domestic equity financing by non-financial enterprises amounted to RMB125.1 billion, down RMB22.7 billion y-o-y. From January to August, the AFRE (flow) amounted to RMB24.17 trillion cumulatively, up RMB2.31 trillion y-o-y.

Note 1: AFRE (flow) refers to the volume of financing provided by the financial system to the real economy within a certain period. In the calculations of AFRE (flow), data are from the organizations including the PBC, CBIRC, CSRC, CCDC and NAFMII.

Note 2: The PBC further improved the statistics of AFRE from December 2019 by incorporating “treasury bonds” and “local government general bonds” into the statistics of AFRE and combining them with the existing “local government special bonds” under the item “government bonds”. The value of the indicator is the face value of the bonds under custody. The PBC improved the statistics of “corporate bonds” of AFRE from September 2019, which incorporated “exchange-listed corporate asset-backed securities” into “corporate bonds”. The PBC incorporated “local government special bonds” into the statistics of AFRE from September 2018. The PBC further improved the statistical method of AFRE from August 2018, which incorporated “asset-backed securities of depository financial institutions” and “written-off loans” into AFRE statistics under the item of “other financing”.

Note 3: The year-on-year statistics in this report are on a comparable basis.