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China's Financial Industry Continues Smooth Operation
China's financial sector continued its momentum of smooth operation in the first five months of this year, with banking loans increasing at a faster step and corporate deposits registering marked increases.
Statistics released Monday by the People's Bank of China (PBOC), the country's central bank, shows that by the end of May, the outstanding amount of loans by all financial institutions stood at 9.6175 trillion yuan (about 1.23 trillion U.S. dollars), up 13.9 percent from the same period last year in constant terms.
At the end of May, the outstanding amount of broad money was 12. 4053 trillion yuan, up 12.7 percent from the same period last year but down one percentage point from the previous month, the growth decline was caused mainly by the downturn in residents' deposits.
According to the statistics, at the end of May the outstanding amount of residents' deposits was 6.2195 trillion yuan, up 5.5 percent from the same period last year but down 1.6 percentage points from the previous month, major reasons accounting for the downturn were that residents drew money from banks to invest in the stock market and treasury bonds.
The outstanding amount of narrow money was 4.649 trillion yuan, up 22.3 percent from the same period last year and up 0.6 percentage points from the previous month, this rise of growth speed was mainly contributed by the sharp increase in corporate deposits. By the end of May the outstanding amount of corporate deposits was 3.9056 trillion yuan, up 20 percent from the same period last year and 0.5 percentage points from the previous month.
The outstanding amount of money in circulation was 1.375 trillion yuan, up 20.1 percent. In May the amount of money withdrawn from circulation was 60 million yuan.
At the end of May the exchange rate of the local currency Renminbi was one U.S. dollar for 8.2773 yuan RMB, with the RMB appreciating 20 basic points from the end of last year.
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