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Last updated at: (Beijing Time) Wednesday, August 14, 2002

China's Financial Industry Operates Smoothly

China's financial industry was healthy and ran smoothly in July, according to statistics releasedby the People's Bank of China (PBOC) on Tuesday.


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China's financial industry was healthy and ran smoothly in July, according to statistics releasedby the People's Bank of China (PBOC) on Tuesday.

At the end of July outstanding broad money (M2) totaled 17.1 trillion yuan (about 2.07 trillion US dollars), up 14.4 percent from the same period last year; narrow money (M1) totaled 6.4 trillion yuan (about 773.88 billion dollars), up 17 percent; the monetary fluidity (M1/M2) stood at 37.2 percent, maintaining its upward momentum since May; and the outstanding money in circulation (M0) was 1.5 trillion yuan (about 181.38 billion dollars), up 9.1 percent.

By the end of July, outstanding deposits in all financial institutions totaled 15.9 trillion yuan (about 1.92 trillion dollars), up 18.7 percent, of which corporate deposits accounted for 5.3 trillion yuan (about 640.87 billion dollars), up 16.5 percent; individual deposits totaled 8.3 trillion yuan (about 1 trillion dollars), up 18.4 percent.

At the same time, outstanding loans totaled 12.2 trillion yuan (about 1.48 trillion dollars), with the structure of loans largelyimproved.

At the end of July, the central bank's base money amounted to four trillion yuan (about 483.68 billion dollars), up 16.9 percent.The exchange rate Renminbi was one dollar for 8.2766 RMB yuan, thesame as at the end of last year.

A PBOC spokesman said that the central bank would continue to practise a prudent and stable monetary policy, use various monetary policy tools to regulate money supply and improve loan structure, so as to promote the sustained, fast and healthy development of the national economy.


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