Money
and Credit Aggregates Record Stable Growth
Money supply rose 28.53%. At end-August
2009, broad money (M2) stood at RMB57.67 trillion, increasing 28.53% year on
year, up 10.71 and 0.09 percentage points from the end of last year and the end
of last month respectively. Narrow money (M1) registered RMB20.04 trillion, rising
27.72% year on year, up 1.34 percentage points from the end of last month. Cash
in circulation (M0) grew 11.52% year on year to RMB3.44 trillion. Net cash
injection from January to August totaled RMB18.8 billion, down RMB54.3 billion
year on year.
Outstanding loans rose by
RMB410.4 billion in the month. At end-August, outstanding RMB loans reached RMB38.52 trillion, up 34.11% year on
year, 15.38 and 0.16 percentage points higher than the end of last year and the
end of last month respectively. From January to August, RMB loans surged by
RMB8.15 trillion, accelerating by RMB5.04 trillion year on year. In August, RMB
loans increased by RMB410.4 billion. By sector, loans to households rose by RMB251.3
billion, with short-term loans and long and medium-term loans increasing by
RMB70.7 billion and 180.6 billion respectively. Loans to non-financial companies and other sectors grew by RMB159.1 billion. In breakdown, short-term loans and long
and medium-term loans were up RMB50.9 billion and 367.5 billion respectively
while bill financing was down RMB276.4 billion. At end-August, outstanding
foreign currency loans of financial institutions totaled USD325.7 billion, up 20.64%
year on year. Foreign currency loans increased by USD19.2 billion in the month.
At end-August, outstanding
RMB and foreign currency loans of financial institutions added up to RMB40.75
trillion, rising 33.30% year on year. In the January-August period, RMB and
foreign currency loans increased by RMB8.71 trillion, accelerating by RMB5.35
trillion year on year. In August, RMB and foreign currency loans saw a RMB541.5
billion rise.
RMB deposits increased by
RMB327.4 billion. At end-August, outstanding RMB
deposits of financial institutions increased 27.43% year on year to RMB57.37
trillion, up 7.70 percentage points year on year but down 1.13 percentage
points month on month. From January to August, RMB deposits grew by RMB10.72
trillion, up RMB4.63 trillion from the same period last year. RMB deposits registered
an increase of RMB327.4 billion in the month. By sector, household deposits declined
by RMB80 billion; deposits of non-financial companies and fiscal deposits
increased by RMB289.6 billion and 131 billion respectively. In deposits of
non-financial companies, those of enterprises grew by RMB134.3 billion. At
end-August, outstanding foreign currency deposits of financial institutions
rose 8.73% year on year to USD206.5 billion. Foreign currency deposits dropped by
USD1 billion in the month.
At end-August, outstanding RMB and foreign
currency deposits of financial institutions totaled RMB58.78 trillion with a
year-on-year growth of 26.91%. In the January-August period, RMB and foreign
currency deposits rose by RMB10.81 trillion, accelerating by RMB4.60 trillion year on year. RMB
and foreign currency deposits increased by RMB320.5 billion in the month.
RMB transactions in the
inter-bank lending market were brisk and market rates went down. In August
2009, RMB transactions in the inter-bank lending market amounted to RMB11.84
trillion. The average daily turnover reached RMB563.9 billion, increasing by
16.60%, or RMB80.3 billion, year on year.
In August, the monthly weighted interest rate for inter-bank lending
averaged 1.21%, down 0.11 percentage points from last month. The monthly
weighted interest rate for bond pledged repo averaged 1.23%, down 0.12
percentage points month on month.
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