Central bank report: money supply "appropriate"

Money supply growth picked up slightly in November, which the central bank said in Beijing Friday was "appropriate" taking into account China's economic and inflationary scenario.

A monthly report from the People's Bank of China said the outstanding M2, the broad measure of money supply, stood at 24.71 trillion yuan (3 trillion US dollars) at the end of November. Its year-on-year rise was 0.6 percentage points higher than one month earlier.

Loan growth was also gaining steam, the report said. Renminbi-denominated loans added 149.5 billion yuan (18.1 billion US dollars) last month, still 651.9 billion yuan (78.9 billion US dollars) less than January to November last year.

An interest rate rise announced at the end of October brought more savings deposits to banks. The central bank said renminbi-denominated deposits added 330.6 billion yuan (40 billion US dollars) in November, 126.3 billion yuan (15.3 billion US dollars)more than a year ago.

Source: Xinhua