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Report on Aggregate Financing to the Real Economy (Flows) in October, 2018

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According to preliminary statistics, aggregate financing to the real economy (AFRE) (flows) was RMB 728.8 billion in October, 2018, down RMB 471.6 billion year on year (y-o-y). Specifically, RMB loans to the real economy registered an increase of RMB 714.1 billion, RMB 50.6 billion more than the same period of 2017; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB 80 billion, dropping RMB 75.6 billion further y-o-y; entrusted loans registered a decrease of RMB 94.9 billion, dropping RMB 99.2 billion further y-o-y; trust loans registered a decrease of RMB 127.3 billion, dropping RMB 229.2 billion further y-o-y; undiscounted bankers’ acceptances recorded a decrease of RMB 45.3 billion, dropping RMB 46.5 further y-o-y; net financing of corporate bond stood at RMB 138.1 billion, down RMB 10.1 billion y-o-y; outstanding local government special bonds reached RMB 86.8 billion, down RMB 44.7 billion y-o-y; domestic equity financing by non-financial enterprises amounted to RMB 17.6 billion, down RMB 42.5 billion y-o-y.

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

Note 2: The PBC improved the statistical method of AFRE in July, 2018. Specifically, the PBC incorporated “asset-backed securities of depository financial institutions” and “written-off loans” into AFRE statistics under the item of “other financing.”

Note 3: On incorporating local government special bonds into AFRE statistics: Local government special bonds refer to the government bonds issued by local governments for public welfare projects with certain earnings, whose principal and interests will be repaid with the government funds or special income from the public welfare projects within a certain period of time as agreed. The issuance of local government special bonds has sped up since August, 2018, exhibiting visible replacement effect for bank loans and corporate bonds. In order to have the replacement effect reflected in the statistics, the PBC has incorporated local government special bonds into AFRE since September, 2018. Local government special bonds are recorded when claims and obligations are registered with custody institutions.

The monthly comparable statistics of AFRE (flows) since 2017 are as follows.

Month

January

2017

February

2017

March

2017

April

2017

May

2017

June

2017

Flow of the Month (Unit: RMB 100 million)

37095

11046

24001

15604

13136

21131

In which: Local Government Special Bonds

0

0

1806

2019

1934

1991

Asset-backed Securities of Depository Financial Institutions

-129

-10

164

-505

294

113

Written-off Loans

253

149

846

210

277

1309

Month

July

2017

August

2017

September

2017

October

2017

November

2017

December

2017

Flow of the Month (Unit: RMB 100 million)

14983

17514

22451

12004

19139

15865

In which: Local Government Special Bonds

3326

1924

2517

1315

2282

849

Asset-backed Securities of Depository Financial Institutions

-505

446

324

61

248

1476

Written-off Loans

205

250

1276

271

481

2059

Month

January

2018

February

2018

March

2018

April

2018

May

2018

June

2018

Flow of the Month (Unit: RMB 100 million)

30793

11894

15854

17771

9518

14877

In which: Local Government Special Bonds

0

108

662

808

1012

1019

Asset-backed Securities of Depository Financial Institutions

-137

-146

387

821

377

272

Written-off Loans

320

261

1234

259

479

1737

Month

July

2018

August

2018

September

2018

October

2018

Flow of the Month (Unit: RMB 100 million)

12244

19401

21682

7288

In which: Local Government Special Bonds

1851

4106

7389

868

Asset-backed Securities of Depository Financial Institutions

123

501

895

188

Written-off Loans

176

377

1615

445

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