China’s aggregate financing rose by CNY 5.89 tln in March, exceeding expectations amid a surge in government bond issuance to offset US tariffs. New loans totaled CNY 3.64 tln, while net sovereign and local bond financing reached a record CNY 1.5 tln—the highest for any March since 2017—according to PBOC data. The government had pledged front-loaded fiscal spending to cushion looming trade tensions.