China's Forex Reserves Hit 233.8 Billion US Dollars

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Last updated at: (Beijing Time) Saturday, June 01, 2002

China's Forex Reserves Hit 233.8 Billion US Dollars

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China's foreign exchange reserves reached 233.8 billion U.S. dollars by the end of April, up 21.6 billion U.S. dollars over the beginning of this year, according to the People's Bank of China, the central bank.

Dai Xianglong, governor of China's central bank, told a meeting of managers of the bank's branches that by the end of April outstanding broad money (M2) rose 14.1 percent year-on-year to 16, 500 billion yuan (about 1,988 billion U.S. dollars), while outstanding narrow money (M1) rose 11.5 percent to 6,000 billion yuan (about 723 billion U.S. dollars).

He said that during the January-April period loans extended by financial institutions increased by 449.4 billion yuan (about 54.14 billion U.S. dollars), 64.1 billion yuan (about 7.72 billion U.S. dollars) more than in the same period of last year.

In addition, Dai said that, since the beginning of this year, outstanding bad loans and their percentages at all financial institutions have both posted a downward trend.

By the end of April, outstanding bad loans at state-owned commercial banks had dropped by 10.56 billion yuan (about 1.27 billion U.S. dollars), with the percentage of bad loans dropping by 1.19 percentage points to 24.54 percent.

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