Money Supply Increases in AprilStatistics released today by the People's Bank of China (PBOC), China's central bank, show that the money supply increased in April.According to the bank, financial operations in the first quarter featured a stable yuan exchange rate and increased loans and deposits, showing that the Chinese economy is increasingly active and flourishing. At the end of April, the outstanding amount of broad money (M2) was 12.4122 trillion yuan, up 13.7 percent from the same period last year or 0.7 percentage points higher than at the end of March. M2 is money in circulation plus all bank deposits. Meanwhile, the outstanding amount of narrow money (M1), money in circulation plus current deposits, was 4.6319 trillion yuan, up 21.7 percent from the same period last year or three percentage points higher than at the end of March. By the end of April, the amount of loans extended by all financial institutions was 9.6605 trillion yuan, up 13.8 percent, while the amount of deposits was 11.3386 trillion yuan, up 13.1 percent. Economists noted that the Chinese enterprises have a strong ability of payment and their economic performance has improved, citing that the deposits of enterprises grew 19.5 percent to 3. 8357 trillion yuan. The deposits of urban and rural residents was 6.2536 trillion yuan at the end of April, up 7.1 percent on a yearly basis. The yuan exchange rate against one U.S. dollar was 8.2798, five basic points higher than at the end of last year; the yuan remained stable. |
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