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Last updated at: (Beijing Time) Tuesday, April 15, 2003

China's Forex Reserve Exceeds 300 Billion US Dollars

China's foreign exchange reserves had reached 316 billion US dollars by the end of March, up 38.8 percent from the same period last year, according to statistics released Monday by the People's Bank of China.


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China's foreign exchange reserves had reached 316 billion US dollars by the end of March, up 38.8 percent from the same period last year, according to statistics released Monday by the People's Bank of China.

In the first three months of this year, the country's forex reserves increased by 29.6 billion dollars, or 14.2 billion dollars more than the same quarter last year.

The central bank's statistical report says that China continued to pursue a prudent monetary policy and maintained the stability of monetary policies this year. In the first quarter, the financial industry displayed noticeable changes with a sharp growth of money supply, loans and deposits and forex reserves.

The statistics show that by the end of March, the outstanding broad money (M2) was 19.4 trillion yuan (about 2.35 trillion dollars), a rise of 18.5 percent from the same period last year; that of narrow money (M1) was 7.1 trillion yuan, up 20.1 percent; while that of money in circulation (M0) was 1.7 trillion yuan, up 10.1 percent.

In the first quarter, a total of 17.2 billion yuan of cash was withdrawn from circulation, 2.7 billion yuan more than the same quarter last year.

By the end of March, the total deposits stood at 19.5 trillion yuan, up 22.5 percent from the same period last year, of which corporate deposits were 6.2 trillion yuan, up 25 percent; and individual savings deposits were 9.5 trillion yuan, up 20.1 percent.

Meanwhile, total loans reached 14.8 trillion yuan, up 19.5 percent from the same period last year, and much of the increase went to agriculture, infrastructure and individual consumption.

At the end of March, the exchange rate of the Renminbi was one US dollar for 8.2771 RMB yuan, remaining stable.


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