New yuan loans hit 7.95 trillion yuan in 2010

17:09, January 11, 2011      

Email | Print | Subscribe | Comments | Forum 

New yuan-denominated lending in China reached 7.95 trillion yuan (about 1.2 trillion U.S. dollars) last year, the People's Bank of China (PBOC), the central bank, said Tuesday.
The figure was 1.65 trillion yuan less than the 2009 level of 9.6 trillion yuan, said the bank in a statement on its website. But it has overshot the government's full-year target of 7.5 trillion yuan.

New yuan-denominated loans in December last year stood at 480.7 billion yuan.The country's foreign exchange reserves reached 2.85 trillion U.S.dollars by the end of last year, up 18.7 percent from a year earlier, said the statement.China's broad money supply (M2), which covers cash in circulation and all deposits, had increased 19.7 percent year on year to 72.58 trillion yuan at the end of last year.

The growth rate was 8 percentage points slower from a year ago, but still exceeded the government target of 17 percent.The narrow measure of money supply (M1), cash in circulation plus current corporate deposits, climbed 21.2 percent from a year earlier to 26.66 trillion yuan.

Chinese government had been working to tighten bank lending to cub liquidity and restrain assets bubbles by increasing one-year lending and deposit interest rate twice and bank reserve requirement ratio six times in 2010.

Source: Xinhua
  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Focus On China
  • Shanghai World Expo 2010
Major headlines
Editor's Pick
  • Van drivers forced to kneel with dead dog
  • Amazing winter scenery on Changbai Mountain
  • Queensland's floods are shocking, mind-boggling: Australian PM
  • Premiere of film 'The Green Hornet' at the Grauman's Chinese theatre in Hollywood
  • Iran holds funeral for air crash victims
  • 'Single Men and Women' releases posters
Hot Forum Dicussion