China's credit expansion slows down in October

11:32, November 11, 2009      

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According to latest data published on the website of the People's Bank of China (PBOC), China's central bank, outstanding Renminbi loans of China's financial institutions increased by 253 billion yuan in October, much lower than the previous month.

Outstanding foreign currency loans increased by 16.3 billion U.S. dollars in October. Total outstanding Renminbi loans topped 39.29 trillion yuan, up 34.19 percent year on year, the increase rate is 15.46 percentage points higher compared with the end of 2008 and 0.03 percentage points higher than the end of the September.

By the end of October, the broad money supply, or M2, grew 29.42 percent year on year to 58.62 trillion yuan, up 11.60 percentage points from the end of 2008 and up 0.12 percentage points from the end of the previous month.

The narrow measure of money supply, M1 (cash in circulation plus corporate current deposits), was up 32.03 percent year on year to 20.75 trillion yuan, which was 2.53 percentage points higher than the September level.

Outstanding M0, or cash in circulation, hit 3.57 trillion yuan, up 14.09 percent from the same period last year.

By People's Daily Online
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