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China's Financial Sector Performs Well
China's financial sector has experienced positive changes and has done its due part in promoting the recovery of the national economy, thanks to the steady monetary policies pursued by the People's Bank of China, the central bank.
Statistics released today by the central bank show that by the end of July, the outstanding amount of broad money (M2) was 12.6324 trillion yuan, up 13.4 percent from the same period last year, while that of narrow money (M1) was 4.7803 trillion yuan, up 22.6 percent.
A bank spokesman said the current money supply is appropriate for the development of China's economy.
In July, the net input of cash was 15 billion yuan, or 16.8 billion yuan less than a year earlier; while the amount of money withdrawn from circulation in the first seven months was 29.9 billion yuan, an increase of 29.4 billion yuan on a year-on-year basis.
At the end of July, the amount of money in circulation was 1.3157 trillion yuan, up 17.5 percent from the same period last year.
The outstanding amount of deposits at the end of July was 11.7155 trillion yuan, up 13.9 percent from a year earlier, and that of loans was 9.4363 trillion yuan, up 14.1 percent.
At the end of July, the exchange rate of the Chinese currency, Renminbi, was one U.S. dollar for 8.2792 yuan, appreciating one basis point from the end of last year.
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