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China's Financial Industry Operates Smoothly
China's financial industry maintained healthy and smooth operations in the first four months of the year, with the money supply continuing to appropriate growth, the credit structure being rationalized and the exchange rate remaining stable.
Statistics released Tuesday by the People's Bank of China (PBOC) show that at the end of April, outstanding broad money totaled 14 trillion yuan, up 12.8 percent from the same period last year; that of narrow money was 5.3 trillion yuan, up 15 percent; while that of money in circulation was 1.5 trillion yuan, up 6.9 percent.
A spokesman for the PBOC said that the growth of broad money and narrow money were four percentage points and 6.2 percentage points higher than the sum of the first quarter's GDP and consumer price index, respectively, indicating that the current growth of the money supply is adequate for the demands of economic development.
At the end of April, outstanding loans totaled 10.3 trillion yuan, up 13.7 percent in constant terms. In the first four months loans of 409 billion yuan were granted, an increase of 43.9 billion yuan over the same period last year.
At the same time, outstanding deposits totaled 13.1 trillion yuan, up 15.5 percent. Of which corporate deposits were 4.6 trillion yuan, up 19.3 percent; while residents' savings were 6.9 trillion yuan, up 9.7 percent.
At the end of April, the exchange rate for Renminbi was one US dollar for 8.2773 yuan RMB, appreciating eight basic points from the end of last year.
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