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Last updated at: (Beijing Time) Tuesday, January 14, 2003

Chinese Residents' Bank Deposits up US$158bn in 2002

The combined bank deposits of Chinese mainland residents rose by 1.3 trillion yuan (158.5 billion US dollars) last year, China's central bank said on Monday.


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The combined bank deposits of Chinese mainland residents rose by 1.3 trillion yuan (158.5 billion US dollars) last year, China's central bank said on Monday.

That translates into a per-capita increase of 132 US dollars in 2002 for the country's 1.2 billion residents.

According to a report released by the People's Bank of China, the increase for 2002 is about 377.5 billion yuan (46 billion US dollars) more than that of the previous year.

As of the end of December 2002, the outstanding amount of bank deposits of urban and rural Chinese residents totaled 8.7 trillion Yuan (1.06 trillion US dollars), up 17.8 percent year-on-year, according to the report.

The growth rate is 3.1 percentage points higher than that of 2001.

By the end of December 2002, the outstanding amount of bank deposits of all financial and banking institutions stood at 18.3 trillion yuan (2.231 trillion US dollars), up 18.1 percent from 2001.

The outstanding bank deposits in foreign exchange reached 150.7billion US dollars, up 7.5 percent, a net increase of 10.7 billion US dollars.

China ended 2002 with foreign exchange reserves of 286.4 billion US dollars, an increase of 34.9 percent over 2001, and a net increase of 74.2 billion US dollars.

The net increase is 27.6 billion US dollars more than that of 2001.

Experts with the central bank said that its prudent monetary policies and flexible policy tools helped to promote economic development and economic restructuring in 2002.


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