Statistics released yesterday by the People's Bank of China (PBOC), the country's central bank, showed that in the first three quarters of this year, China's financial industry operated smoothly with a number of positive indicators.
According to the PBOC, by the end of September, outstanding broad money (M2) was 17.7 trillion yuan (US$2.14 trillion), up 16.5 percent from the same period last year. Outstanding narrow money (M1) stood at 6.7 trillion yuan (US$807 billion), up 15.9 percent, while money in circulation was 1.62 trillion yuan (US$195 billion), up 7.8 percent.
At the same time, outstanding deposits in both RMB and foreign exchanges totalled 17.77 trillion yuan (US$2.14 trillion), increasing 2.3 trillion yuan (US$277 billion) over the beginning of the year. Corporate deposits in RMB amounted to 5.69 trillion yuan (US$686 billion), up 15.9 percent, while private savings deposits reached 8.41 trillion yuan (US$1.01 trillion), up 18.1 percent.
(China Daily October 16, 2002)
