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China's Financial Sector Maintains Steady Growth
The People's Bank of China, the central bank, said Tuesday China's financial sector maintained a healthy and steady development momentum in May, with money supply growing rapidly in a proper manner, the structure of loans and deposits continuing to improve and exchange rate remaining to be stable.
At the end of May, the outstanding amount of broad money (M2) stood at 13.9 trillion yuan, up 12 percent from a year earlier; that of narrow money (M1) at 5.34 trillion yuan, up 14.9 percent; and that of money in circulation (M0) at 1.39 trillion yuan, up 6. 6 percent.
By the same time, the outstanding amount of deposits reached 13. 04 trillion yuan, up 13.7 percent year on year. Of the total, corporate deposits accounted for 4.44 trillion yuan, a rise of 13. 7 percent, and individual deposits made up 6.84 trillion yuan, a growth of 10 percent.
Total deposits increased by 408.9 billion yuan in the January- May period, which was 124.9 billion yuan more than in the same period last year.
This year's outstanding amount of loans as of the end of May totaled 10.47 trillion yuan, up 13.7 percent year on year in constant terms. Total loans increased 531.3 billion yuan in the five months, or 86.8 billion yuan more than in the same period last year.
At the end of May, the exchange rate of the Chinese yuan stood at one U.S. dollar for 8.2770 RMB yuan, appreciating 11 base points over the end of last year.
A bank spokesman said the central bank will continue to carry out positive and prudent monetary policies, strengthen credit supervision and administration, help commercial banks to reduce non-performing loans, minimize financial risks, and maintain the development momentum of the financial sector.
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