China's Currency Stable in First Two Months of 2003

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Last updated at: (Beijing Time) Thursday, March 13, 2003

China's Currency Stable in First Two Months of 2003

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China's financial performance was healthy and stable in the first two months of the year, with the Renminbi exchange rate remaining stable, according to the latest statistics from the People's Bank of China.

By the end of February, one US dollar equaled 8.2774 yuan, showing continued stability.

Savings in banking institutions increased significantly. Total domestic and foreign savings reached 18.9 trillion yuan (2.3 trillion US dollars), up 21.2 percent compared with last year.

Loans from state-owned commercial banks increased by 306.2 billion yuan (38 billion US dollars). Loans from shareholding banks increased by 75 billion yuan.

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