China's Financial Institutions Report Brisk Business

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Last updated at: (Beijing Time) Tuesday, August 12, 2003

China's Financial Institutions Report Brisk Business

China's financial institutions reported brisk business in the first seven months, with both loans and deposits increasing markedly.

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China's financial institutions reported brisk business in the first seven months, with both loans and deposits increasing markedly.

According to the statistics released Monday by the People's Bank of China, the central bank, outstanding loans reached 16 trillion yuan (about 1.93 trillion US dollars) by the end of July,up 23.2 percent year-on-year, and outstanding deposits reached 20.79 trillion yuan (about 2.5 trillion US dollars), up 21.8 percent.

By the end of July, broad money M2 reached 20.62 trillion yuan (about 2.48 trillion US dollars) and narrow money M1 reached 7.62 trillion yuan (about 0.92 trillion US dollars).

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