The People's Bank of China--News

Financial Statistics, May 2010

Broad money rose 21%. At end-May, broad money (M2) stood at RMB66.34 trillion, increasing 21% year on year, down 0.5 percentage points month on month. Narrow money (M1) registered RMB23.65 trillion, rising 29.9% year on year, down 1.4 percentage points month on month. Cash in circulation (M0) grew 15.2% year on year to RMB3.87 trillion. Net cash withdrawal in the month registered RMB100.5 billion, up RMB30.7 billion year on year.

RMB and foreign currency loans rose by RMB630.6 billion, with the former increasing RMB639.4 billion and the latter falling USD1.4 billion. At end-May, outstanding RMB and foreign currency loans totaled RMB46.81 trillion, up 23.2% year on year. In May, RMB and foreign currency loans grew by RMB630.6 billion, down RMB143.6 billion year on year. Outstanding RMB loans reached RMB43.99 trillion, up 21.5% year on year, 0.5 percentage points lower than last month. RMB loans increased by RMB639.4 billion in the month, decelerating by RMB27.5 billion year on year. By sector, loans to households rose by RMB263.3 billion, with short-term loans and long and medium-term loans increasing by RMB71.4 billion and 191.9 billion respectively; loans to non-financial enterprises and other sectors grew by RMB376.6 billion, with short-term loans, long and medium-term loans and bill financing rising by RMB33.4 billion, 308.7 billion and 37.7 billion respectively. Outstanding foreign currency loans registered USD412 billion, up 59.6% year on year. Foreign currency loans dropped by USD1.4 billion in the month.

RMB and foreign currency deposits increased by RMB1.07 trillion, with the former rising by RMB1.08 trillion and the latter falling by USD1.9 billion. At end-May, outstanding RMB and foreign currency deposits totaled RMB67.46 trillion with a year-on-year growth of 20.4%. In May, RMB and foreign currency deposits rose by RMB1.07 trillion, down RMB279.3 billion year on year. Outstanding RMB deposits increased 21% year on year to RMB66.07 trillion, down 1 percentage point from last month. RMB deposits grew by RMB1.08 trillion in the month, down RMB252.8 billion year on year. In breakdown, household deposits, deposits of non-financial enterprises and fiscal deposits rose by RMB70 billion, 487.2 billion and 384.3 billion respectively. Outstanding foreign currency deposits fell 1.7% year on year to USD202.5 billion. Foreign currency deposits fell by USD1.9 billion in the month.

RMB transactions in the interbank market were brisk and market rates went up. In May 2010, RMB transactions in the interbank market amounted to RMB14.03 trillion. The average daily turnover posted RMB701.3 billion, rising 26.1% year on year.

In May, the monthly weighted average interbank lending rate stood at 1.67%, up 0.33 percentage points from last month. The monthly weighted average interest rate on bond pledged repo registered 1.71%, up 0.35 percentage points month on month.