China's Money Supply Growth Speeds Up: Central Bank

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Last updated at: (Beijing Time) Wednesday, October 16, 2002

China's Money Supply Growth Speeds Up: Central Bank

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Statistics released Tuesday by the People's Bank of China (PBOC), the central bank, show that in the first three quarters of this year, China's financial industry operated smoothly with a number of indicators growing faster.

According to the PBOC, by the end of September, outstanding broad money (M2) was 17.7 trillion yuan (about 2.14 trillion US dollars), up 16.5 percent from the same period last year. Outstanding narrow money (M1) stood at 6.7 trillion yuan, up 15.9 percent, while money in circulation was 1.62 trillion yuan, up 7.8percent.

At the same time, outstanding deposits in both RMB and foreign exchanges totaled 17.77 trillion yuan, increasing 2.3 trillion yuan over the beginning of the year. Corporate deposits in RMB amounted to 5.69 trillion yuan, up 15.9 percent, while private savings deposits reached 8.41 trillion yuan, up 18.1 percent.

Outstanding loans totaled 12.64 trillion yuan, increasing 14.2 percent in constant terms. The quality of loans saw clear improvement, with the amount of non-performing loans down 4.9 billion yuan and the rate down 3.3 percentage points from the beginning of the year.

At the end of September, the state's foreign exchange reserves reached 258.6 billion dollars, increasing 46.5 billion dollars. The exchange rate of the RMB to the US dollar remained basically stable at 8.2771 yuan.

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