 |
Financial Performance
Generally Stable
Since the beginning of the year, in accordance with
the overall arrangements of the CPC Central Committee and the State Council,
the PBC has tuned flexibly and prudently the emphasis, pace and intensity of
financial adjustment with comprehensive approaches, in an effort to maintain
equilibrium at the aggregate level and create a favourable monetary environment
for the stable and relatively fast development of the economy. In general,
current financial performance is stable.
1. Money supply grew 15.29%
At end-September 2008, broad money (M2) stood at RMB
45.29 trillion, increasing 15.29% year on year, down 0.71 percentage points
from the end of last month. Narrow money (M1) registered RMB 15.57 trillion, rising
9.43% year on year, down 2.05 percentage points from the end of last month. Cash
in circulation (M0) grew 9.28% year on year to RMB 3.17 trillion. Net cash
injection from January to September totaled RMB 135 billion, down RMB 60.8
billion year on year.
2. RMB deposits of financial
institutions witnessed large increase
At end-September 2008, outstanding RMB and foreign
currency deposits of financial institutions totaled RMB 46.68 trillion with a
year-on-year growth of 18.20%. Outstanding RMB deposits increased 18.79% year
on year to RMB 45.49 trillion, down 0.49 percentage points month on month. In
the January-September period, RMB deposits registered an increase of RMB 6.56
trillion, up RMB 1.81 trillion year on year. By sector, household deposits grew
by RMB 3.25 trillion, accelerating by RMB 2.49 trillion year on year; deposits
of non-financial companies grew by RMB 2.18 trillion, RMB 695.1 billion less
than the growth in the same period last year; fiscal deposits rose by RMB 1
trillion, representing a year-on-year drop of RMB 41.5 billion. RMB deposits
recorded a RMB 476.9 billion increase in the month, with a year-on-year
deceleration of RMB 79.6 billion.
At end-September, outstanding foreign currency
deposits of financial institutions rose 9.37% year on year to USD 174.2
billion. From January to September, foreign currency deposits saw a USD 13.4
billion increase, accelerating by USD 15.5 billion year on year. Foreign
currency deposits declined by USD 175 million in the month, USD 3.3 billion
less than the slide in the same period last year.
3. Loans of financial institutions
recorded stable growth
At end-September, outstanding RMB and foreign currency
loans of financial institutions totaled RMB 31.48 trillion, rising 14.73% year
on year. Outstanding RMB loans grew 14.48% year on year to RMB 29.65 trillion, up
0.19 percentage points month on month. RMB loans registered an increase of RMB
3.48 trillion in the January-September period, up RMB 120.1 billion year on
year. By sector, loans to households increased by RMB 621 billion, down RMB
435.9 trillion year on year. In breakdown, short-term loans and long and
medium-term loans grew by RMB 273.5 billion and 347.5 billion respectively. Loans to non-financial companies
and other sectors rose by RMB 2.86 trillion, RMB 556 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 1.04 trillion, 1.63 trillion and
160.1 billion respectively. RMB loans rose by RMB 374.5 billion in the month,
accelerating by RMB 91 billion year on year.
At end-September, outstanding
foreign currency loans of financial institutions totaled USD 269.2 billion, up 30.86%
year on year. In the January-September period, foreign currency loans increased
by USD 49.2 billion, with a year-on-year growth of USD 12.2 billion. Foreign
currency loans in the month decreased by USD 2.5 billion, as compared with the
USD 8.6 billion increase in the same period last year.
4. Transactions in the
inter-bank lending market were brisk and market rates remained stable
In September 2008,
RMB transactions in the inter-bank lending market amounted to RMB 9.49
trillion. The average daily turnover reached RMB 451.9 billion, increasing by
17.0%, or RMB 65.6 billion, year on year.
In September, the monthly weighted interest rate for
inter-bank lending averaged 2.89%, up 0.09 percentage points from the previous
month but down 0.47 percentage points from the same period last year. The
monthly weighted interest rate for bond pledged repo averaged 2.90%, up 0.04
percentage points month on month but down 1.13 percentage points year on year.
At end-September, the excess reserve ratio for all
financial institutions stood at 2.07%, 0.14 percentage points higher than the
end of last month but 0.77 percentage points lower than the same period last
year.
5. Official foreign
exchange reserves increased
At end-September 2008, official foreign exchange reserves
reached USD 1.9056 trillion, registering an increase of 32.92% year on year. From
January to September, official foreign exchange reserves rose by USD 377.3 billion,
up USD 10 billion year on year. In September, foreign exchange reserves increased
by USD 21.4 billion, USD 3.6 billion less than the growth in the same period
last year. At end-September, the RMB exchange rate stood at RMB 6.8183 per
USD.
|
Sources and Uses of RMB and Foreign
Currency Credit Funds
of Financial Institutions (By Sector)
|
|
September
2008
Unit: RMB 100 million
|
|
Fund Source
|
Balance
|
Fund Use
|
Balance
|
|
I. Total
Deposits
|
466816.62
|
I. Total
Loans
|
314833.34
|
|
1.Household Deposits
|
211577.30
|
1.Loans to Households
|
56830.93
|
|
(1)
Demand Deposits
|
74425.37
|
(1) Consumer Loans
|
36434.65
|
|
(2)
Time Deposits
|
137151.93
|
Short-term Consumer
Loans
|
3788.01
|
|
2.Deposits of Non-financial
Institutions
|
217620.37
|
Long and Medium–term
Consumer Loans
|
32646.64
|
|
(1) Deposits of Enterprises and Public Institutions
|
196471.46
|
(2)
Business Loans
|
20396.28
|
|
(2) Deposits of Government
Agencies and Organizations
|
21148.91
|
Short-term Business Loans
|
14755.34
|
|
3.Fiscal Deposits
|
27781.46
|
of which:
Loans to Farmers
|
12279.44
|
|
4.Other Deposits
|
9837.49
|
Long and Medium-term Business
Loans
|
5640.94
|
|
II.
Liabilities to International
Financial Institutions
|
892.28
|
2.Loans to Non-financial
Institutions and Other Sectors
|
258002.41
|
|
III. Other
Items
|
-79373.74
|
(1) Short-term Loans and Bill
Financing
|
126971.04
|
|
|
|
Short-term Loans
|
112514.46
|
|
|
|
Bill
Financing
|
14456.58
|
|
|
|
(2) Long and Medium-term Loans
|
118920.12
|
|
|
|
(3) Other
Loans
|
12111.25
|
|
|
|
II. Portfolio
and Investment
|
72148.26
|
|
|
|
III. Purchase
of Gold and Silver
|
337.24
|
|
|
|
IV. Assets in
International
Financial Institutions
|
1016.32
|
|
|
|
|
|
|
Total
|
388335.16
|
Total
|
388335.16
|
|
Notes:
1. Financial
institutions referred to in this table include the People's Bank of China,
policy banks, state-owned commercial banks, other commercial banks, urban
commercial banks, rural commercial banks, rural cooperative banks, urban
credit cooperatives, rural credit cooperatives, finance companies, trust and
investment companies, leasing companies, Postal Savings Bank and
foreign-funded financial institutions.
2. "Household
deposits" refers to household savings deposits; "deposits of non-financial institutions"
includes deposits of enterprises and public institutions and deposits of government
agencies and organizations; "other deposits" includes insurance companies´
deposits in the banking sector and overseas non-resident deposits; "loans to
households" includes consumer loans and business loans; "loans to
non-financial institutions and other sectors" includes loans to non-financial
enterprises, non-profitable institutions serving residents, the general
government sector and the non-resident sector in the national economic
system; "other loans" includes loans to non-residents and financing to
enterprises in all forms except loans and bill financing.
|
|
Sources and Uses of RMB and Foreign Currency
Credit Funds
of Financial Institutions
|
|
September 2008 Unit:
RMB 100 million
|
|
Fund Source
|
Balance
|
Fund Use
|
Balance
|
|
I. Total
Deposits
|
466816.61
|
I. Total
Loans
|
314833.34
|
|
1.Deposits of Enterprises and Public Institutions
|
158691.62
|
1.Short-term Loans
|
131504.33
|
|
(1)
Demand Deposits
|
94308.12
|
2.Long and Medium-term Loans
|
160930.74
|
|
(2)
Time Deposits
|
64383.50
|
3.Entrusted
and Trust Loans
|
2459.41
|
|
2. Savings
Deposits
|
207998.47
|
4.Bill Financing
|
14456.58
|
|
(1)
Demand Deposits
|
74863.95
|
5.Other Loans
|
5482.28
|
|
(2)
Time Deposits
|
133134.52
|
II. Portfolio
and Investment
|
72148.26
|
|
3.Entrusted
and Trust Deposits
|
3287.22
|
III. Purchase
of Gold and Silver
|
337.24
|
|
4.Other Deposits
|
96839.30
|
IV. Assets in
International
Financial
Institutions
|
1016.32
|
|
II.
Liabilities to International
Financial Institutions
|
892.28
|
|
|
|
III. Other
Items
|
-79373.73
|
|
|
|
|
|
|
|
|
Total
|
388335.16
|
Total
|
388335.16
|
|
Note:
Financial
institutions referred to in this table include the People's Bank of China,
policy banks, state-owned commercial banks, other commercial banks, urban
commercial banks, rural commercial banks, rural cooperative banks, urban
credit cooperatives, rural credit cooperatives, trust and investment
companies, finance companies, leasing companies, Postal Savings Bank and
foreign-funded financial institutions.
|
|
Sources and Uses of RMB Credit Funds of
Financial Institutions (By Sector)
|
|
September 2008
Unit: RMB 100 million
|
|
Fund Source
|
Balance
|
Fund Use
|
Balance
|
|
I. Total
Deposits
|
454941.53
|
I. Total
Loans
|
296477.09
|
|
1.Household Deposits
|
208245.59
|
1.Loans to Households
|
56806.57
|
|
(1)
Demand Deposits
|
73338.90
|
(1) Consumer Loans
|
36410.29
|
|
(2)
Time Deposits
|
134906.69
|
Short-term
Consumer Loans
|
3771.47
|
|
2.Deposits of Non-financial
Institutions
|
210159.93
|
Long
and Medium-term Consumer Loans
|
32638.82
|
|
(1) Deposits of Enterprises and Public Institutions
|
189011.02
|
(2)
Business Loans
|
20396.28
|
|
of which:
Deposits of Enterprises
|
172612.33
|
Short-term Business Loans
|
14755.34
|
|
Demand Deposits
|
90606.16
|
of which:
Loans to Farmers
|
12279.44
|
|
Time Deposits
|
82006.17
|
Long and Medium-term
Business Loans
|
5640.94
|
|
(2) Deposits
of Government
Agencies and Organizations
|
21148.91
|
2.Loans to Non-financial
Institutions and Other Sectors
|
239670.52
|
|
3.Fiscal
Deposits
|
27781.46
|
(1) Short-term Loans and Bill
Financing
|
122696.35
|
|
4.Other
Deposits
|
8754.55
|
Short-term Loans
|
108276.74
|
|
II. Financial
Bonds
|
20320.25
|
Bill
Financing
|
14419.61
|
|
III. Cash in
Circulation
|
31724.88
|
(2) Long and Medium-term Loans
|
113640.91
|
|
IV.
Liabilities to International
Financial
Institutions
|
892.28
|
(3) Other Loans
|
3333.26
|
|
V. Other
Items
|
16656.82
|
II. Portfolio
and Investment
|
64189.68
|
|
|
|
III. Purchase
of Gold and Silver
|
337.24
|
|
|
|
IV. Purchase
of Forex
|
162515.43
|
|
|
|
V. Assets in
International
Financial
Institutions
|
1016.32
|
|
|
|
|
|
|
Total
|
524535.76
|
Total
|
524535.76
|
|
Notes:
1. Financial
institutions referred to in this table include the People's Bank of China,
policy banks, state-owned commercial banks, other commercial banks, urban
commercial banks, rural commercial banks, rural
cooperative banks, urban credit cooperatives, rural
credit cooperatives, finance companies, trust and investment companies, leasing
companies, Postal Savings Bank and foreign-funded financial institutions.
2. "Household
deposits" mainly refers to household savings deposits; "deposits of
non-financial institutions" mainly includes deposits of enterprises and public
institutions and deposits of government agencies and organizations; "other
deposits" includes insurance companies´ deposits in the banking sector and
overseas non-resident deposits; "loans to households" includes household
consumer loans and business loans; "loans to non-financial Institutions and
other sectors" includes loans to non-financial enterprises, non-profitable
institutions serving residents, the general government sector and the
non-resident sector in the national economic system; "other loans" includes
loans to non-residents and financing to enterprises in all forms except loans
and bill financing.
|
Sources and Uses of RMB Credit Funds of Financial
Institutions
|
|
|
September
2008 Unit:
RMB 100 million
|
|
|
Fund
Source
|
Balance
|
Fund
Use
|
Balance
|
|
|
I. Total Deposits
|
454941.54
|
I. Total Loans
|
296477.09
|
|
|
1. Deposits of Enterprises
|
151851.81
|
1. Short-term Loans
|
127008.96
|
|
|
2. Fiscal Deposits
|
27781.46
|
(1) Loans to
Industrial
Sector
|
37255.25
|
|
|
3. Deposits of Government
Agencies and
Organizations
|
21148.91
|
(2) Loans to
Commercial
Sector
|
18373.92
|
|
|
4. Savings Deposits
|
204687.62
|
(3) Loans to Construction
Sector
|
3767.86
|
|
|
(1) Demand Deposits
|
73783.38
|
(4) Loans to
Agricultural
Sector
|
18197.93
|
|
|
(2) Time Deposits
|
130904.24
|
(5) Loans to
Township and
Village
Enterprises
|
7464.44
|
|
|
5. Agricultural Deposits
|
9808.79
|
(6) Loans to
Joint Venture
Enterprises
|
2216.38
|
|
|
6. Trust Deposits
|
3237.56
|
(7) Loans to Private Enterprises and Individuals
|
4098.83
|
|
|
7. Other Deposits
|
36425.39
|
(8) Other Short-term
Loans
|
35634.35
|
|
|
II. Financial Bonds
|
20320.25
|
2. Long and Medium-term Loans
|
151968.84
|
|
|
III. Cash in Circulation
|
31724.88
|
3. Trust Loans
|
2419.24
|
|
|
IV. Liabilities to International
Financial Institutions
|
892.28
|
4. Other Loans
|
15080.05
|
|
|
V. Other Items
|
16656.81
|
II. Portfolio and Investment
|
64189.68
|
|
|
|
|
III. Purchase of Gold and Silver
|
337.24
|
|
|
|
|
IV. Purchase of Forex
|
162515.43
|
|
|
|
|
V. Assets in International
Financial Institutions
|
1016.32
|
|
|
|
|
|
|
|
|
Total
|
524535.76
|
Total
|
524535.76
|
|
|
Note:
Financial
institutions referred to in this table include the People's Bank of China,
policy banks, state-owned commercial banks, other commercial banks, urban
commercial banks, rural commercial banks, rural
cooperative banks, urban credit cooperatives, rural
credit cooperatives, trust and investment companies, foreign-funded financial
institutions, Postal Savings Bank, finance companies and leasing companies.
|
|
|
|
|
Sources
and Uses of Foreign Currency Credit Funds of Financial Institutions
|
September 2008
Unit:
USD 100 million
|
|
Fund Source
|
Balance
|
Fund Use
|
Balance
|
|
I. Total
Deposits
|
1741.65
|
I. Total
Loans
|
2692.21
|
|
1.
Deposits of Enterprises
|
1003.16
|
1.
Short-term Loans
|
661.10
|
|
2.
Savings Deposits
|
485.58
|
2. Long
and Medium-term Loans
|
1314.40
|
|
3. Entrusted
and Trust Deposits
|
7.29
|
3. Entrusted
and Trust Loans
|
5.89
|
|
4.
Overseas Deposits
|
114.64
|
4.
On-lending of Funds Raised
Overseas
|
123.71
|
|
5.
Other Deposits
|
130.98
|
5. Bill
Financing
|
5.42
|
|
II. Overseas
Financing
|
192.09
|
6.
Other Loans
|
581.69
|
|
III. Purchase
and Sale of Forex
|
2814.72
|
II. Portfolio
and Investment
|
1167.24
|
|
IV. Overseas Inter-bank
Transactions
|
245.22
|
III. Overseas
Inter-bank Transactions
|
1088.66
|
|
V. Other
Items
|
146.52
|
|
|
|
|
|
|
|
|
Total
|
4948.11
|
Total
|
4948.11
|
Sources and Uses of RMB Credit Funds of Other Commercial
Banks
|
|
|
September 2008 Unit:
RMB 100 million
|
|
|
Fund
Source
|
Balance
|
Fund
Use
|
Balance
|
|
|
I. Total Deposits
|
76804.63
|
I. Total Loans
|
55672.46
|
|
|
1. Deposits of Enterprises
|
41416.41
|
1. Short-term Loans
|
27809.96
|
|
|
(1) Demand Deposits
|
22295.88
|
(1) Loans
to Industrial
Sector
|
9408.23
|
|
|
(2) Time Deposits
|
19120.53
|
(2) Loans
to Commercial
Sector
|
2918.02
|
|
|
2. Deposits of Government Agencies and Organizations
|
2798.01
|
(3) Loans to Construction
Sector
|
1388.55
|
|
|
3. Savings Deposits
|
16515.70
|
(4) Loans to Agricultural
Sector
|
54.58
|
|
|
(1) Demand Deposits
|
6355.25
|
(5) Loans to Township and
Village Enterprises
|
12.13
|
|
|
(2) Time Deposits
|
10160.45
|
(6) Loans
to Joint Venture
Enterprises
|
1148.47
|
|
|
4. Agricultural Deposits
|
32.60
|
(7) Loans to Private Enterprises and Individuals
|
1417.90
|
|
|
5. Other Deposits
|
16041.91
|
(8) Other
Short-term Loans
|
11462.08
|
|
|
II. Issuance of Financial
Bonds
|
2318.41
|
2. Long and Medium-term Loans
|
24471.14
|
|
|
III. Loans from the Central Bank
|
0.00
|
3. Other Loans
|
3391.36
|
|
|
IV. Inter-bank Transactions
|
7494.59
|
II. Portfolio and Investment
|
16605.62
|
|
|
V. Other Items
|
-1927.89
|
III. Deposits as Required
Reserves
|
10859.46
|
|
|
|
|
IV. Inter-bank Transactions
|
1552.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
84689.74
|
Total
|
84689.74
|
|
|
Notes:
1.
Other banks include the Bank of
Communications, China CITIC Bank, China Everbright Bank, Huaxia Bank, China
Minsheng Banking Corporation, Guangdong Development Bank, Shenzhen
Development Bank, China Merchants Bank, Shanghai Pudong Development Bank,
Industrial Bank, Evergrowing Bank, China Zheshang Bank and China Bohai Bank.
2.
"Deposits of government agencies and
organizations" has been taken out of "other deposits" to be a separate item
since the third quarter of 2007.
|
|
|
|
Monetary Aggregates
|
September 2008 Unit: RMB 100
million
|
|
|
Balance
|
Year-on-year
Change (percent)
|
|
Money and Quasi-money (M2)
|
452898.71
|
15.29
|
|
Money (M1)
|
155748.97
|
9.43
|
|
Cash in Circulation (M0)
|
31724.88
|
9.28
|
|
Demand Deposits
|
124024.09
|
9.46
|
|
Quasi-money
|
297149.74
|
18.62
|
|
Time Deposits
|
61215.51
|
26.00
|
|
Savings Deposits
|
204687.61
|
21.14
|
|
Other Deposits
|
31246.62
|
-5.17
|
|
Note:
M2 includes margins deposited with
securities companies.
|
Exchange Rate, Gold and Forex Reserves
|
|
Item
|
2008
|
|
|
July
|
August
|
September
|
|
Exchange Rate
|
|
|
|
|
RMB per SDR (end-period)
|
11.0849
|
10.7293
|
10.7100
|
|
RMB per USD (end-period)
|
6.8388
|
6.8345
|
6.8183
|
|
RMB per USD (average)
|
6.8376
|
6.8515
|
6.8307
|
|
Gold Reserves
(1 million ounces)
|
19.29
|
19.29
|
19.29
|
|
Forex Reserves
(USD100 million)
|
18451.64
|
18841.53
|
19055.85
|
| |
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