BEIJING, April 12 (Reuters) - China’s outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, rose 12.3% to 294.55 trillion yuan ($44.95 trillion) at the end of March from a year earlier, the central bank said on Monday. In March, TSF rose to 3.34 trillion yuan from 1.71 trillion yuan in February. Analysts polled by Reuters had expected March TSF to rise to 3.7 trillion yuan. 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. ($1 = 6.5533 Chinese yuan renminbi)