At the end of July outstanding broad money (M2) totaled 17.1 trillion yuan (about US$2.07 trillion), up 14.4 percent from the same period last year; narrow money (M1) totaled 6.4 trillion yuan (about US$773.88 billion), up 17 percent; the monetary fluidity (M1/M2) stood at 37.2 percent, maintaining its upward momentum since May; and the outstanding money in circulation (M0) was 1.5 trillion yuan (about US$181.38 billion), up 9.1 percent.

By the end of July, outstanding deposits in all financial institutions totaled 15.9 trillion yuan (about US$1.92 trillion), up 18.7 percent, of which corporate deposits accounted for 5.3 trillion yuan (about US$640.87 billion), up 16.5 percent; individual deposits totaled 8.3 trillion yuan (about US$1 trillion), up 18.4 percent.

At the same time, outstanding loans totaled 12.2 trillion yuan (about US$1.48 trillion), with the structure of loans largely improved.

At the end of July, the central bank's base money amounted to four trillion yuan (about US$483.68 billion), up 16.9 percent. The exchange rate Renminbi was one dollar for 8.2766 RMB yuan, the same as at the end of last year.

A PBOC spokesman said that the central bank would continue to practise a prudent and stable monetary policy, use various monetary policy tools to regulate money supply and improve loan structure, so as to promote the sustained, fast and healthy development of the national economy.

(Xinhua News Agency August 14, 2002)