China's February social financing hit 1.04 trl yuan

China's social financing, a broad measure of funds raised by entities in the real economy, hit 1.04 trillion yuan (165 billion U.S. dollars) in February, up 391.2 billion yuan over the same period last year, the central bank announced Friday. Of the total, new yuan-denominated lending reached 710.7 billion yuan in February, up 173 billion yuan year-on-year, while new foreign currency-denominated lending hit 52.6 billion yuan, up 17.9 billion yuan. Social financing is a relatively new gauge raised by the central bank in late 2010 to reflect the increasingly diversified sources of the country's credit creation. It includes loans of local and foreign currencies, entrusted loans, trust loans, bank acceptance bills, corporate bonds and equity financing.