Steady Growth of Money Supply in January

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Last updated at: (Beijing Time) Thursday, February 21, 2002

Steady Growth of Money Supply in January

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China's financial industry maintained healthy and steady operations in January, with an appropriate growth in the money supply, said a statistical report released Wednesday by the People's Bank of China, the central bank.

According to statistics, at the end of January the outstanding broad money (M2) stood at 15.97 trillion yuan, 13.1 percent higherthan a year earlier; while the outstanding narrow money (M1) rose 9.5 percent to 6.06 trillion yuan. The total amount of money in circulation (M0) was 1.67 trillion yuan, down by 1.7 percent, and the monthly net cash supply was 103.7 billion yuan.

At the same time, outstanding loans by all financial institutions added up to 11.3 trillion yuan, up 10.9 percent in constant terms. Outstanding deposits were 14.34 trillion yuan, 7.5trillion yuan of which came from personal deposits which were up 12.6 percent.

The exchange rate of Renminbi was one U.S. dollar for 8.2765 yuan, an appreciation of one base point from December.

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