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China Continues Steady Monetary Policies
A spokesman for the People's Bank of China (PBOC) said Tuesday, December 12, that China will continue to uphold steady monetary policies and carry out existing monetary policies and measures to support economic growth.
The spokesman said that the central bank will continue to track and study economic and financial operating conditions and related problems, using monetary policy tools in a flexible way to control money supply and guide credit flows, so as to reinforce economic momentum.
The latest statistics released today by the PBOC show that by the end of November, the outstanding amount of broad money (M2) was 13.1 trillion yuan, up 12.4 percent from the same period last year; while that of narrow money (M1) was more than 5.07 trillion yuan, up 17.1 percent; and that of money in circulation (M0) was over 1.38 trillion yuan, up 11.2 percent.
By the end of November, the outstanding amount of all deposits was 12.18 trillion yuan, up 13.6 percent, of which corporate deposits was 4.25 trillion yuan, up 18.8 percent and residents' deposits was 6.35 trillion yuan, up 7.3 percent.
At the same time, the outstanding amount of all loans was 9.81 trillion yuan, up 14.7 percent in constant terms. In the first 11 months loans increased an aggregate of 1.2 trillion yuan, an increase of 350 billion yuan over the same period last year.
At the end of November, the exchange rate of Renminbi was one US dollar to 8.2777 RMB yuan, appreciating 16 basic points from the beginning of the year.
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