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Last updated at: (Beijing Time) Wednesday, June 12, 2002

China's Financial Sector Operates Smoothly

Statistics released on Wednesday by the People's Bank of China say that China's financial sector continued to run smoothly in May.


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Statistics released on Wednesday by the People's Bank of China say that China's financial sector continued to run smoothly in May.

According to the report, at the end of May, the outstanding broad money (M2) was 16.6 trillion yuan, up 14 percent from the same period last year; that of narrow money (M1) stood at 6.12 trillion yuan, up 14.5%; while that of money in circulation (M0) was 1.52 trillion yuan, up 9.3 percent.

At the same time, money liquidity (M1/M2) was 36.9 percent, up 0.8 percentage points from the same time last year, which is also the first time since September 2001 that money fluidity has risen.

At the end of May, total outstanding deposits were 15.33 trillion yuan, up 17.4 percent. Of that amount, corporate depositswere 5.15 trillion yuan, up 14.1 percent, and residents' savings were 8.04 trillion yuan, up 17.6 percent.

Outstanding loans totaled 11.83 trillion yuan, up 11.4 percent in constant terms.

The outstanding amount of the central bank's base money stood at 4.02 trillion yuan, up 19.4 percent, continuing its rapid growth momentum. The exchange rate of the Renminbi was one U.S. dollar for 8.2766 RMB yuan, the same as at the end of last year.

The report says that the central bank will continue to follow aprudent monetary policy, further improve financial services, and reinforce financial support for national economic development.


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