China's total social financing grew 7.9% year-on-year in March 2026, reaching 456.46 trillion yuan ($65.21 trillion), according to data released by the People's Bank of China (PBOC). The figure underscores sustained momentum in credit expansion amid efforts to stabilize economic growth.
First-quarter social financing increased by 14.83 trillion yuan, maintaining what the PBOC described as a "relatively high level" of liquidity support. Yuan-denominated loans rose by 8.6 trillion yuan during the same period, with outstanding loans climbing 5.7% to 280.51 trillion yuan.
Monetary indicators also reflected robust activity: the broad M2 money supply grew 8.5% to 353.86 trillion yuan, while the narrower M1 measure increased 5.1% to 119.32 trillion yuan. Currency in circulation (M0) surged 12.5% to 14.71 trillion yuan, signaling heightened transactional demand.
Analysts suggest the data aligns with broader efforts to bolster economic stability through targeted financial measures. The PBOC has maintained a proactive stance this year, balancing liquidity injections with structural reforms aimed at optimizing credit allocation.
