China Achieves Financial-Control Goals ����A People's Bank of China spokesman said January 12 that the central bank reached its financial-control goals in 1998 by increasing the money supply and improving financial services. ����The bank says that by the end of 1998, the amount of broad money (M2) was 10.45 trillion yuan, up 15.3 percent on 1997, the amount of narrow money (M1) was 3.89 trillion yuan, up 11.9 percent. There was 1.12 trillion yuan in circulation, up 10.1 percent and the net money supply was 102.65 billion yuan. ����By the end of 1998, financial institutions had 8.65 trillion yuan in outstanding loans, up 15.5 percent on the previous year, and 9.5 trillion yuan in deposits, up 16.1 percent. Of that amount, 3.2 trillion yuan was from enterprises and 5.34 trillion yuan from individuals, up 13.4 percent and 17.1 percent respectively. ����By the end of 1998, the US dollar was trading at 8.279 renminbi. The country's foreign exchange reserves amounted to US$144.9 billion, up US$5 billion from the end of the previous year. ���� Economicnews 1999-01-13 Page1 Full Story in Chinese