China's total social financing (TSF), a broad measure of credit and liquidity in the economy, expanded to 2.03 trillion yuan in May from 620 billion yuan in the previous month, according to data from the People's Bank of China (PBOC) released on Friday.

The reading beat the consensus forecast of 1.87 trillion yuan tracked by Investing.com.

Outstanding TSF growth slowed to 7.7% year over year at the end of May, totaling 458.81 trillion yuan. The slowdown was due to a drop in outstanding foreign currency loans to the real economy and outstanding undiscounted bank acceptance bills.