Statistics released Tuesday by the People's Bank of China (PBOC) show that in the first 11 months of this year, money supply kept its growth momentum, creating a good financial environment for the rapid and healthy development of the national economy.
By the end of November, the outstanding broad money (M2) was 17.97 trillion yuan (about 2.17 trillion US dollars), up 16.6 percent from the corresponding period last year, while that of narrow money (M1) was 6.8 trillion yuan, up 18.5 percent, according to the statistics.
The growth of M2 and M1 was 9.5 percentage points and 11.4 percentage points higher respectively than the combined value of GDP and CPI in the first three quarters of 2002, which meant the current money supply was sufficient and suitable for national economic development, a PBOC spokesman said.
At the end of November, the outstanding amount of money in circulation (M0) was 1.63 trillion yuan, up 10.6 percent from the same period last year, while the net input of cash in the month was 33.2 billion yuan, or 3.7 billion yuan more than the same month last year.
At the same time, outstanding RMB deposits totaled 16.86 trillion yuan, up 20.1 percent from the same period last year, of which corporate deposits accounted for 5.76 trillion yuan, up 17.8 percent; individual savings deposits stood at 8.57 trillion yuan, up 18.5 percent.
The outstanding loans were 12.86 trillion yuan, up 15.7 percent in constant terms.
At the end of November, the exchange rate for RMB was one US dollar for 8.2771 RMB yuan, the same as the previous month.
(Xinhua News Agency December 11, 2002)
