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China's Money Supply Continues to Grow
China's money supply of all kinds in October has maintained appropriate growth, and with the continued increase in total loans, the credit structure has been clearly restructured.
Statistics released Monday by the People's Bank of China show that some 40 percent of the newly increased loans so far this year has been channeled to individual housing and other consumption sectors.
According to the statistics, by the end of October the outstanding amount of broad money (M2) was more than 12.95 trillion yuan, up 12.3 percent from the same period last year; while that of narrow money (M1) was 4.99 trillion yuan, up 18.2 percent.
The outstanding amount of money in circulation (M0) was 1.36 trillion yuan, up 11.8 percent, and the amount of money withdrawn from circulation in October was 30.5 billion yuan, an increase of 20.4 billion yuan over the same month last year.
By the end of October, the outstanding amount of all deposits was 11.99 trillion yuan, up 13.3 percent, of which corporate deposits amounted to 4.21 trillion yuan, up 19.8 percent; while residential deposits were 6.31 trillion yuan, up 6.5 percent.
At the same time, the outstanding amount of all loans was 9.67 trillion yuan, up 14.5 percent in constant terms. In the first 10 months a total of 1.05 trillion yuan of loans was increased, increasing more than 300 billion yuan over the same period last year.
At the end of October, the exchange rate of Renminbi was one US dollar for 8.2775 yuan RMB, appreciating 18 basic points over the beginning of the year.
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