Total Social Financing (TSF)

Total Social Financing (TSF) is a liquidity measurement tool used in China since 2011. It has become prominent in recent times as a measure of monetary policy in that country. It sums up total fund raising by the non-state entities including individuals and non-financial corporate of China. It comprises Yuan loans from banks, foreign currency loans, trust loans, bank acceptance bills, corporate bonds and equity sales of the non-financial institutions.