RMB Loans Recorded Large Increase in
January
Money supply grew 18.79%. At end-January
2009, broad money (M2) stood at RMB 49.61 trillion, increasing 18.79% year on
year, up 0.97 percentage points from the end of last year. Narrow money (M1)
registered RMB 16.52 trillion, rising 6.68% year on year, down 2.38 percentage
points from the end of last year. Cash in circulation (M0) grew 12.02% year on
year to RMB 4.11 trillion.
RMB loans increased 21.33%. At end-January,
outstanding RMB and foreign currency loans of financial institutions totaled
RMB 33.6 trillion, rising 19.78% year on year. Outstanding RMB loans reached
RMB 31.99 trillion, up 21.33% year on year, accelerating by 2.6 percentage
points compared with that recorded at the end of last year. In January, RMB
loans increased by RMB 1.62 trillion, up RMB 814.1 billion year on year. By
sector, loans to households rose by RMB 121.4 billion, with short-term loans
and long and medium-term loans increasing by RMB 62.1 billion and 59.3 billion
respectively. Loans to non-financial companies and other sectors grew by RMB
1.5 trillion. In breakdown, short-term loans, bill financing and long and
medium-term loans increased by RMB 340.4 billion, 623.9 billion and 522.9
billion respectively. At end-January, outstanding foreign currency loans of
financial institutions totaled USD 235.1 billion, up 0.09% year on year.
Foreign currency loans dropped by USD 8.5 billion in the month, as compared
with the USD 17.1 billion rise in the same period last year.
RMB deposits grew 22.98%. At end-January,
outstanding RMB and foreign currency deposits of financial institutions totaled
RMB 49.47 trillion with a year-on-year growth of 22.9%. Outstanding RMB
deposits increased 22.98% year on year to RMB 48.16 trillion, 3.25 percentage points
higher than the end of last year. RMB deposits registered an increase of RMB
1.51 trillion in the month, up RMB 1.28 trillion year on year. In breakdown,
household deposits and fiscal deposits grew by RMB 1.53 trillion and 48.8
billion respectively while deposits of non-financial companies and other
sectors were down RMB 91.9 billion. It is necessary to note that in
non-financial companies and other sectors, enterprises saw a RMB 75.9 billion
increase in their deposits, as compared with the RMB 182.7 billion slide in the
same period last year. At end-January, outstanding foreign currency deposits of
financial institutions rose 25.91% year on year to USD 191.7 billion. Foreign
currency deposits sank by USD 1.1 billion in the month, USD 7.5 billion smaller
than the drop in the same period last year.
RMB transactions in the inter-bank lending
market were brisk and market rates went down. In January 2009, RMB transactions
in the inter-bank lending market amounted to RMB 6.87 trillion. The average
daily turnover reached RMB 403.9 billion, increasing by 17.4%, or RMB 59.8
billion, year on year.
In January, the monthly weighted interest
rate for inter-bank lending averaged 0.9%, down 0.34 percentage points from
end-2008 and 1.42 percentage points from the same period last year. The monthly
weighted interest rate for bond pledged repo averaged 0.9%, down 0.32
percentage points from end-2008 and 1.91 percentage points from the same period
last year.
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