,
the central bank, indicate that the growth of China's currency
credit supply this year basically matches the country's national
economic growth.
A
bank spokesman said that this year the central bank continued to
implement prudent monetary policies to support the expanding of
domestic demand and economic development.
As
a result, the overall currency credit supply has been growing
steadily with credit structure further improved. At the end of
November, the outstanding amount of broad money (M2) stood at 15.4
trillion yuan, up 13.2 percent from the same period last year;
while that of narrow money (M1) was 5.7 trillion yuan, up 11.4
percent; that of money in circulation (M0) was 1.478 trillion yuan,
up 6.5 percent.
At
the same time, the total loans outstanding stood at 11 trillion
yuan, up 10.9 percent in constant terms. In the first 11 months a
total of 1.0688 trillion yuan of loans was added.
The total of outstanding deposits was 14 trillion yuan, up
15.1percent, of which corporate deposits accounted for 4.9 trillion
yuan, while individual deposits accounted for 7.23 trillion
yuan.
The exchange rate of Renminbi stood at 8.2774 yuan for one US
dollar at the end of November, appreciating by seven basic points
from at the end of last year. The spokesman said that the central
bank will continue to carryout the policies of expanding domestic
demand and prudent monetary policies so as to keep an appropriate
growth of currency credit supply.
Commercial banks will be encouraged to appropriately increase
working capital supply, and financial support given to corporate
technological upgrading efforts, small enterprises and farmers will
be stepped up.
(
December 12, 2001)