BEIJING () – China’s outstanding total social financing (TSF) was 251.31 trillion yuan ($36.5 trillion) at the end of December, up 10.7% from a year earlier, the central bank said on Thursday. 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. In December, TSF rose to 2.1 trillion yuan from 1.75 trillion yuan in November. Analysts polled by had expected December’s TSF to be 1.7 trillion yuan. Reporting by Judy Hua and Kevin Yao; Editing by Jacqueline WongOur Standards:The Thomson Trust Principles.