China's Financial Industry Continues Steady DevelopmentStatistics released Monday by the People's Bank of China (PBOC) show that in February China's financial industry continued its healthy and steady development momentum, with money supply, loans and deposits maintaining robust growth.By the end of February, the outstanding broad money (M2) was 13.62 trillion yuan, up 12 percent from the same period last year; that of narrow money (M1) was 5.2 trillion yuan, up 16.4 percent; while that of money in circulation (M0) was 1.49 trillion yuan, up 6.6 percent. Outstanding deposits were 12.55 trillion yuan, up 14.1 percent, of which corporate deposits accounted for 4.34 trillion yuan, up 20.6 percent, and residents deposits were 6.73 trillion yuan, up 8.2 percent. In the first two months deposits increased a total of 303.8 billion yuan, or 12.4 billion yuan more than the same period last year. Outstanding loans at the end of February totaled 10.14 trillion yuan, up 14.5 percent in constant terms. In the first two months of the year, total loans increased 202.4 billion yuan, or 82.4 billion yuan more than the same period last year. At the end of February, the exchange rate of RMB was one US dollar for 8.2783 RMB yuan, appreciating two basic points over the end of last year. A spokesman for the PBOC said that the central bank will continue to practice robust monetary policies and use all kinds of monetary policy tools to appropriately increase money supply. Efforts will also be made to reinforce financial supervision and minimize financial risks. |
| People's Daily Online --- http://english.peopledaily.com.cn/ |