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China's financial sector continued its momentum of good performance in January, with a faster growth in money supply and a stable exchange rate, according to the People's Bank of China (PBOC).
Statistics released Monday by the PBOC show that by the end of January, the outstanding broad money (M2) was 19.1 trillion yuan (2.31 trillion US dollars), up 2.5 percent from the end of last year, which was also the biggest year-on-year growth since 1998.
The outstanding narrow money (M1) was 7.24 trillion yuan, increasing 19.5 percent over the same month last year; while the money in circulation (M0) was 2.12 trillion yuan, up 27 percent.
By the end of January, outstanding loans of all kinds reached 14.3 trillion yuan, up 18.4 percent. The outstanding deposits were18.6 trillion yuan, increasing 20 percent, of which corporate deposits were 6.3 trillion yuan, while savings deposits were 9.81 trillion yuan.
The exchange rate of Renminbi was 8.2766 for one US dollar, appreciating seven basis points from the end of last year.
A spokesman for the PBOC said that this year the central bank would continue to pursue a prudent monetary policy and make efforts to promote the continuous, fast and healthy development of the national economy.
(Xinhua News Agency February 18, 2003)
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