China outstanding total social financing up 11.7% year-on-year at end-April

China’s outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, rose 11.7% to 296.16 trillion yuan ($45.97 trillion) at the end of April from a year earlier, the central bank said on Wednesday.

In April, TSF fell to 1.85 trillion yuan from 3.34 trillion yuan in March. Analysts polled by Reuters had expected March TSF to fall to 2.25 trillion yuan.

TSF includes off-balance-sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.