November 13, 2018 / 9:04 AM / a month ago

China Oct total social financing falls to 728.8 bln yuan

BEIJING, Nov 13 (Reuters) - China’s total social financing (TSF), a broad measure of credit and liquidity in the economy, fell to 728.8 billion yuan ($104.80 billion) in October, data from the central bank showed on Tuesday.

In September, TSF rose to 2.21 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.

The People’s Bank of China has revised the way it calculates TSF by adding financial institutions’ asset-backed securities and loan write-offs. It has also added local government special bonds issuance into the TSF calculation from September.

TSF is used as a barometer of fundraising trends and can provide hints of activity in China’s vast and unregulated shadow banking sector. Chinese authorities have been trying to clamp down on riskier forms of lending as part of a broader campaign to contain and reduce systemic financial risks. ($1 = 6.9541 Chinese yuan renminbi)

Reporting by Beijing Monitoring Desk; Editing by Kim Coghill

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