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China's Financial Industry Operates Smoothly
Statistics released Friday by the People's Bank of China show that China's financial industry has been operating healthily and smoothly in the first seven months.
According to the statistics, by the end of July the outstanding broad money (M2) was 14.9 trillion yuan, up 13.5 percent from the same period last year; that of narrow money (M1) was 5.4 trillion yuan, up 11.9 percent; while that of money in circulation (M0) was 1.4 trillion yuan, up seven percent.
By the end of July, total outstanding loans were 10.7 trillion yuan, up 13.2 percent in constant terms, with an accumulated increase of 769.2 billion yuan, or 58.9 billion yuan more than the same period last year.
At the same time, the outstanding deposits were 13.4 trillion yuan, up 14.1 percent, of which corporate deposit was 4.6 trillion yuan, up 14 percent; residents' savings deposit was 6.97 trillion yuan, up 10.9 percent. The accumulated deposit increase was 537.3 billion yuan, or 188.7 billion yuan more than the same period last year.
The exchange rate of the local currency, the Renminbi, was one U.S. dollar for 8.2767 RMB yuan, appreciating 14 basic points.
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