Money supply grows at faster pace in 2003: central bank

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Last updated at: (Beijing Time) Friday, January 16, 2004

Money supply grows at faster pace in 2003: central bank

China's money supply increased at a faster pace in 2003, according to an annual report from the central bank Thursday.

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China's money supply increased at a faster pace in 2003, according to an annual report from the central bank Thursday.

The outstanding M2, the broad measure for money supply that includes money in circulation and all deposits, amounted to 22.1 trillion yuan (2.66 trillion US dollars) at the year end, up 19.6 percent from a year ago. The increase was 2.8 percentage points more than that of 2002.

The report noted that the outstanding narrow money M1, including money in circulation and demand deposits of enterprises,rose year-on-year 18.7 percent to 8.4 trillion yuan (about 1.01 trillion dollars) by the end of last December and the jump was 1.9percentage points more than that of 2002.

Both the growth of M2 and M1 exceeded the country's gross domestic product increase by a big margin, indicating fairly amplemoney supply in China, said the report.

The central bank pumped 246.8 billion yuan (29.73 billion dollars) into the monetary market in total last year, 87.9 billionyuan (10.59 billion dollars) more than in the previous year.

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