This page shows both social financing flow and social financing stock. Flow is monthly new financing; stock is the end-period balance. Both level series are in CNY 100mn.
How to use it: Flow is best viewed as level or YTD to track the pace of new credit creation. Stock is best viewed as level or official YoY growth to track the broad credit cycle.
Interpretation note: Flow YoY percentages can be noisy because of Lunar New Year timing and issuance schedules. Stock YTD is not very meaningful because stock is already an end-period balance.