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China's Financial Sector Continues Healthy Development
Statistics released Monday by the People's Bank of China (PBOC) show that in January China's financial sector continued its healthy and stable development momentum, with money supply, deposits and loans maintaining steady growth.
At the end of January, outstanding broad money (M2) totaled 13. 8 trillion yuan, up 13.5 percent from the same period last year; outstanding narrow money (M1) stood at 5.4 trillion yuan, up 16.8 percent; while money in circulation (M0) was 1.7 trillion yuan, up 5.8 percent.
At the end of the month, outstanding loans were 10.1 trillion yuan, up 14.3 percent from the same period last year in constant terms. Within the month financial institutions saw an increase of 128.5 billion yuan in their loans, or 60.05 billion yuan more than the same month last year.
At the same time, the outstanding deposits in all financial institutions were 12.5 trillion yuan, up 16 percent. Within the month the deposits increased 148.8 billion yuan, or 210.1 billion yuan more than the same month last year.
Of the total outstanding deposits, corporate deposits accounted for 4.3 trillion yuan, up 22 percent from the same period last year; while individual deposits accounted for 6.7 trillion yuan, up 10.5 percent.
At the end of January, the exchange rate of Renminbi was one US dollar for 8.2781 RMB yuan, remaining unchanged from the end of last year.
A PBOC spokesman said that the good momentum of financial operation in January indicates the continued positive effects of the country's steady monetary policies. He said the central bank will continue to carry out the steady monetary policies and pay special attention to financial supervision, so as to consolidate the good economic and financial situation.
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