The central government has said it would keep the growth of bank loans and total social financing steady this year. But its control over total financing has weakened because the share of bank loans in Total Social Financing (TSF) has declined.

That means it would be very difficult to keep the growth of the money supply at a modest level.

TSF is a term coined by the central bank to monitor aggregate financing apart from yuan bank loans. It contains six other categories: foreign-currency loans, entrusted loans, trust loans, bankers' acceptance bills, corporate bonds and non-financial stock sales.