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China's Financial Sector Operates Smoothly
China's financial industry has been operating smoothly in the first nine months, with enough money to meet the demand of economic growth, according to statistics released Tuesday by the People's Bank of China.
The statistics show that by the end of September, the outstanding broad money (M2) was 15.2 trillion yuan, up 13.6 percent from the same period last year; while that of narrow money (M1) was 5.7 trillion yuan, up 12.3 percent; and that of money in circulation was 1.5 trillion yuan, up 8.4 percent.
By the end of September, the outstanding amount of deposits stood at 13.9 trillion yuan, up 15.9 percent from the same period last year or 2.1 percentage points higher than the end of last year. Corporate deposits came to 4.9 trillion yuan, up 14.9 percent; and residents' deposits stood at 7.1 trillion yuan, up 12.7 percent.
At the same time the outstanding loans were 10.9 trillion yuan,up 12.3 percent in constant terms. Agricultural loans, individual consumption credit and note discount enjoyed big increases, which helped rationalize credit structure and improve credit quality.
By the end of September, the outstanding deposits in foreign exchange reached 134.8 billion US dollars, up 12 percent from the same period last year; while that of loans in foreign exchange stood at 82.45 billion US dollars, decreasing 2.48 billion US dollars from the beginning of this year.
The country's foreign exchange reserves had reached 195.76 billion U.S. dollars by the end of September. In the first nine months of this year, China's forex reserves increased a total of 30.19 billion US dollars, or 24.79 billion US dollars more than in the same period last year.
At the end of September, the exchange rate of renminbi was one US dollar for 8.2769 yuan, remaining stable.
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