China's Financial Industry Continues Robust OperationChina's financial industry continued to operate in a steady and healthy way, the People's Bank of China said Tuesday.Statistics offered by the bank show that by the end of March, the outstanding amount of broad money (M2) supply was 13.9 trillion yuan, up 13.2 percent year on year; that of narrow money (M1) supply was 5.3 trillion yuan, up 17.4 percent; that of money in circulation (M0) stood at 1.4 trillion yuan, up 8.5 percent. In the three months, 29.1 billion yuan in cash was withdrawn from circulation, seven billion yuan more than a year earlier. By the end of March, the outstanding amount of deposits increased 14.7 percent year on year to 12.9 trillion yuan, including 4.5 trillion yuan of corporate deposits and 6.7 trillion yuan of individual deposits. Total loans outstanding by the end of March stood at 10.2 trillion yuan, up 13.9 percent from a year earlier. The bank said changes in loan distribution shows obvious readjustments in the credit structure. According to the bank, China's foreign exchange reserves reached 175.85 billion U.S. dollars by the end of March, up 12.1 percent from one year earlier. The first three months saw an increase of 10.027 billion U.S. dollars, 8.12 billion U.S. dollars more than the same period last year. The exchange rate of Renminbi was one U.S. dollar for 8.2779 yuan RMB, appreciating by two basic points from at the end of last year. |
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