RMB Loans Recorded Large Increase in November
Money supply grew 14.8%. At end-November
2008, broad money (M2) stood at RMB 45.86 trillion, increasing 14.8% year on
year, down 0.22 percentage points from the end of last month. Narrow money (M1)
registered RMB 15.78 trillion, rising 6.8% year on year, down 2.05 percentage
points from the end of last month. Cash in circulation (M0) grew 9.04% year on
year to RMB 3.16 trillion. Net cash injection from January to November totaled
RMB 123.2 billion, down RMB 68.3 billion year on year.
RMB loans increased 16.03% year on year. At end-November, outstanding RMB and foreign currency loans of
financial institutions totaled RMB 31.27 trillion, rising 15.42% year on year
on a comparable basis. Outstanding RMB loans reached RMB 29.57 trillion, up
16.03% year on year on a comparable basis, accelerating by 1.45 percentage points compared with that at the end of
last month. In November, RMB loans increased by RMB 476.9
billion on a comparable basis, up RMB 389.5 billion year on year. By
sector, loans to households rose by RMB 20.8 billion, down RMB 32.3 billion
from the same period last year. Loans to non-financial
companies and other sectors increased by RMB 456.1 billion, RMB 421.8 billion
more than the growth in the same period last year. In breakdown,
short-term loans, long and medium-term loans and bill financing increased by
RMB 55.8 billion, 160.3 billion and 210.5 billion respectively. From January to
November, RMB loans rose by RMB 4.14 trillion on a comparable basis,
accelerating by RMB 555.4 billion year on year. At
end-November, outstanding foreign currency loans of financial institutions
totaled USD 248.4 billion, up 14.32% year on year on a comparable basis.
Foreign currency loans decreased by USD 8.1 billion on a comparable basis in
the month, as compared with the USD 7.1 billion
increase in the same period last year.
RMB deposits grew 19.94% year on year. At end-November, outstanding RMB and foreign
currency deposits of financial institutions totaled RMB 47.43 trillion with a
year-on-year growth of 19.32%. Outstanding RMB deposits increased 19.94% year
on year to RMB 46.24 trillion, down 1.16 percentage points
month on month. RMB deposits registered an increase of RMB 403.8 billion in the
month, down RMB 298.6 billion year on year. By
sector, household deposits grew by RMB 382.7 billion, accelerating by RMB 119.9
billion year on year; deposits of non-financial
companies were up RMB 161.6 billion, decelerating by RMB 178.8 billion year on
year; fiscal deposits fell by RMB 140.3 billion, as compared with the RMB 49.6
billion increase in the same period last year. From January to November, RMB
deposits recorded a RMB 7.3 trillion increase, up RMB 2.30 trillion year on year. At end-November, outstanding foreign currency
deposits of financial institutions rose 7.76% year on year to USD 174.2
billion. Foreign currency deposits sank by USD 3.6 billion in the month,
representing a further drop of USD 3.1 billion year on
year.
RMB transactions in the inter-bank
lending market were brisk and market rates remained stable. In November 2008,
RMB transactions in the inter-bank lending market amounted to RMB 10.73
trillion. The average daily turnover reached RMB 536.5 billion, increasing by
57.3%, or RMB 195.5 billion, year on year.
In November, the monthly weighted interest rate for inter-bank
lending averaged 2.30%, down 0.4 percentage points from the previous month but
up 0.02 percentage points from the same period last year. The monthly weighted
interest rate for bond pledged repo averaged 2.28%, down 0.4 percentage points month on month and 0.61 percentage points year on
year.
