MoneyandCreditMaintainRapidGrowth .pdf
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Money and Credit Maintain Rapid Growth
In the first three quarters of 2009, in an effort to implement the
decisions of the CPC Central Committee and the State Council on macro
regulation, the PBC adopted moderately loose monetary policy and
strengthened financial support for economic growth. As a result, money
and credit maintained rapid growth and performance of the financial system
was stable.
1. Money supply grows 29.31%
At end-September 2009, broad money (M2) stood at RMB 58.54 trillion,
increasing 29.31% year on year, up 11.49 and 0.78 percentage points from
the end of last year and the end of last month respectively. Narrow money
(M1) registered RMB 20.17 trillion, rising 29.51% year on year, up 20.45
and 1.79 percentage points from the end of last year and the end of last
month respectively. Cash in circulation (M0) grew 15.96% year on year to
RMB 3.68 trillion. Net cash injection in the first three quarters totaled
RMB 256.9 billion, up RMB 96.5 billion year on year.
2. RMB loans increase 34.16%
At end-September, outstanding RMB loans reached RMB 39.04 trillion, up
34.16% year on year, accelerating by 15.43 percentage points year on year
and by 0.05 percentage points month on month. In the first three quarters,
RMB loans increased by RMB 8.67 trillion, up RMB 5.19 trillion year on
year. By sector, loans to households rose by RMB 1.84 trillion, with
short-term loans and long and medium-term loans increasing by RMB 667.2
billion and 1.17 trillion respectively; loans to non-financial companies
and other sectors increased by RMB 6.83 trillion, with short-term loans,
long and medium-term loans and bill financing rising by RMB 1.44 trillion,
4.30 trillion and 880.3 billion respectively. In September, RMB loans
surged by RMB 516.7 billion.
At end-September, outstanding foreign currency loans of financial
institutions totaled USD 343.3 billion, up 28.34% year on year. Foreign
currency loans increased by USD 99.7 billion in the first three quarters,
up USD 50.5 billion from the same period last year. In particular, foreign
currency loans rose by USD 17.7 billion in September.
At end-September, outstanding RMB and foreign currency loans of financial
institutions added up to RMB 41.39 trillion, rising 33.83% year on year.
RMB and foreign currency loans increased by RMB 9.35 trillion in the first
three quarters, accelerating by RMB 5.64 trillion year on year. In
September, RMB and foreign currency loans registered a RMB 636.8 billion
growth.
3. RMB deposits rise 28.35%
At end-September, outstanding RMB deposits increased 28.35% year on year
to RMB 58.39 trillion, up 8.62 and 0.86 percentage points from the end
of last year and the end of last month respectively. RMB deposits
registered an increase of RMB 11.75 trillion in the first three quarters,
up RMB 5.18 trillion year on year. By sector, household deposits, deposits
of non-financial companies and fiscal deposits grew by RMB 3.80 trillion,
6.64 trillion and 1.03 trillion respectively. In deposits of
non-financial companies, those of enterprises witnessed a RMB 5.60
trillion increase. In September, RMB deposits recorded a RMB 999.2 billion
growth.
At end-September, outstanding foreign currency deposits registered USD
203.2 billion, rising 7.83% year on year. Foreign currency deposits grew
by USD 10.5 billion in the first three quarters, down USD 17.2 billion
year on year. In particular, foreign currency deposits dropped by USD 3.2
billion in the month.
Outstanding RMB and foreign currency deposits of financial institutions
totaled RMB 59.78 trillion with a year-on-year growth of 27.79%. RMB and
foreign currency deposits rose by RMB 11.82 trillion in the first three
quarters, up RMB 5.14 trillion year on year. In September, RMB and foreign
currency deposits increased by RMB 976.6 billion.
4. Inter-bank lending market rates edge up
In September, RMB transactions in the inter-bank lending market amounted
to RMB 13.51 trillion. The average daily turnover reached RMB 587.2
billion, increasing by 29.92%, or RMB 135.2 billion, year on year.
In September, the monthly weighted interest rate for inter-bank lending
averaged 1.27%, up 0.06 percentage points from the previous month. The
monthly weighted interest rate for bond pledged repo averaged 1.28%, up
0.05 percentage points month on month.
5. Official foreign exchange reserves increase 19.26%
At end-September 2009, China’s foreign exchange reserves reached USD
2.2726 trillion, registering an increase of 19.26% year on year. In the
first three quarters, official foreign exchange reserves rose by USD 326.6
billion, a deceleration of USD 50.7 billion year on year. In September,
foreign exchange reserves expanded by USD 61.8 billion. At end-September,
the RMB exchange rate stood at RMB 6.8290 per USD.
Sources and Uses of RMB and Foreign Currency Credit Funds
of Financial Institutions (By Sector)
September 2009
Fund Source
I. Total Deposits
Balance
597810.88
Unit: RMB100 million
Fund Use
Balance
I. Total Loans
413854.83
1.Household Deposits
263825.03
1.Loans to Households
75591.19
(1) Demand Deposits
96067.74
(1) Consumer Loans
49884.15
(2) Time Deposits
167757.29
Short-term
Loans
2.Deposits of Non-financial
Institutions
290189.40
Long and Medium–term
44099.87
Consumer Loans
(1) Deposits of Enterprises and
Public Institutions
263325.20
(2)
Deposits of Government
Agencies and Organizations
Consumer
(2) Business Loans
5784.28
25707.04
26864.20
Short-term Business Loans
19268.02
3.Fiscal Deposits
28318.42
of which
Loans to Farmers
14882.88
4.Other Deposits
15478.03
Long and Medium-term
Business Loans
6439.02
II. Liabilities to International
Financial Institutions
III. Other Items
746.92
-94571.21
2.Loans to Non-financial
Institutions and Other Sectors
338263.64
(1) Short-term Loans and Bill
152992.78
Financing
Short-term Loans
124856.96
Bill Financing
(2)
Long and
Loans
Medium-term
(3) Other Loans
II. Portfolio and Investment
Total
503986.59
28135.82
165999.94
19270.92
87718.83
III. Purchase of Gold
669.84
IV. Assets in International
Financial Institutions
1743.09
Total
503986.59
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,
foreign-funded financial institutions, village and township banks and automotive finance
companies.
2. Household deposits mainly 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 deposits of non-residents; 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 as
well as financing to enterprises in all forms except loans and bill financing.
3. Purchase of gold and silver, formerly an item under fund use, has been renamed purchase of gold.
Sources and Uses of RMB and Foreign Currency Credit Funds
of Financial Institutions
September 2009
Fund Source
Balance
I. Total Deposits
1.Deposits of Enterprises
Public Institutions
597810.88
and
Unit: RMB100 million
Fund Use
I. Total Loans
Balance
413854.83
212041.49
1.Short-term Loans
150334.12
(1) Demand Deposits
126396.44
2.Long and Medium-term Loans
222188.25
(2) Time Deposits
85645.05
3.Entrusted and Trust Loans
4617.11
2. Savings Deposits
259615.94
4.Bill Financing
28135.82
(1) Demand Deposits
96282.51
5.Other Loans
8579.52
(2) Time Deposits
163333.43
3.Entrusted and Trust Deposits
4.Other Deposits
II. Liabilities to International
Financial Institutions
III. Other Items
5505.37
120648.07
II. Portfolio and Investment
87718.83
III. Purchase of Gold
669.84
IV. Assets in International
Financial Institutions
1743.09
746.92
-94571.21
Total
503986.59
Total
503986.59
Note:
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, trust and investment
companies, finance companies, leasing companies, Postal Savings Bank, foreign-funded financial
institutions, village and township banks and automotive finance companies.
2. Purchase of gold and silver, formerly an item under fund use, has been renamed purchase of gold.
Sources and Uses of RMB Credit Funds of Financial Institutions (By Sector)
September 2009
Fund Source
I. Total Deposits
Balance
583931.16
Unit: RMB100 million
Fund Use
Balance
I. Total Loans
390407.85
1.Household Deposits
259919.05
1.Loans to Households
75561.16
(1) Demand Deposits
94787.90
(1) Consumer Loans
49854.13
(2) Time Deposits
165131.15
Short-term
Loans
2.Deposits of Non-financial
Institutions
283196.27
Long and Medium-term
Consumer Loans
(1) Deposits of Enterprises and
Public Institutions
256332.08
(2)
Consumer
(2) Business Loans
5761.90
44092.22
25707.04
of which
Deposits of Enterprises
234046.81
Short-term Business Loans
19268.02
Demand Deposits
121880.72
of which
Loans to Farmers
14882.88
Time Deposits
112166.10
Long and Medium-term
Business Loans
6439.02
Deposits of Government
Agencies and Organizations
26864.20
2.Loans to Non-financial
Institutions and Other Sectors
314846.69
3.Fiscal Deposits
28318.42
(1) Short-term Loans and Bill
Financing
149075.79
4.Other Deposits
12497.42
Short-term Loans
120985.97
II. Financial Bonds
13204.01
Bill Financing
28089.82
III. Cash in Circulation
36787.89
(2) Long and Medium-term
Loans
159513.91
IV. Liabilities to International
Financial Institutions
V. Other Items
746.92
24793.39
(3) Other Loans
II. Portfolio and Investment
659463.37
81268.13
III. Purchase of Gold
669.84
IV. Purchase of Forex
185374.46
V. Assets in International
Financial Institutions
Total
6256.98
Total
1743.09
659463.37
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, foreign-funded
financial institutions, village and township banks and automotive finance companies.
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
deposits of non-residents; 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 as well as
financing to enterprises in all forms except loans and bill financing.
3. Purchase of gold and silver, formerly an item under fund use, has been renamed purchase of gold.
Sources and Uses of RMB Credit Funds of Financial Institutions
September 2009
Fund Source
I. Total Deposits
Unit: RMB100 million
Balance
583931.16
Fund Use
I. Total Loans
390407.85
1. Deposits of Enterprises
205614.73
2. Fiscal Deposits
28318.42
(1) Loans to Industrial
Sector
39194.52
3. Deposits of Government
Agencies and Organizations
26864.20
(2) Loans to Commercial
Sector
19425.04
4. Savings Deposits
255720.11
(3) Loans to Construction
Sector
3832.93
(1) Demand Deposits
95007.51
(4) Loans to Agricultural
Sector
21882.94
(2) Time Deposits
160712.60
(5) Loans to Township and
Village Enterprises
8870.36
5. Agricultural Deposits
13393.52
(6) Loans to Joint Venture
Enterprises
2339.53
6. Trust Deposits
5373.02
(7) Loans to Private Enterprises
and Individuals
6482.09
7. Other Deposits
48647.15
(8) Other Short-term Loans
44245.55
II. Financial Bonds
13204.01
2. Long and Medium-term Loans
210100.53
III. Cash in Circulation
36787.89
3. Trust Loans
4606.23
746.92
4. Other Loans
29428.14
IV. Liabilities to International
Financial Institutions
V. Other Items
24793.39
1. Short-term Loans
Balance
II. Portfolio and Investment
146272.95
81268.13
III. Purchase of Gold
669.84
IV. Purchase of Forex
185374.46
V. Assets in International
Financial Institutions
Total
659463.37
Total
1743.09
659463.37
Note:
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,
trust and investment companies, foreign-funded financial institutions, Postal Savings Bank,
finance companies, leasing companies, village and township banks and automotive finance
companies.
2. Purchase of gold and silver, formerly an item under fund use, has been renamed purchase of gold.
Sources and Uses of Foreign Currency Credit Funds of Financial Institutions
September 2009
Fund Source
I. Total Deposits
Unit: USD100 million
Balance
2032.47
Fund Use
I. Total Loans
Balance
3433.44
1. Deposits of Enterprises
941.10
1. Short-term Loans
595.74
2. Savings Deposits
570.48
2. Long and Medium-term Loans
1770.06
3. Entrusted and Trust Deposits
19.38
3. Entrusted and Trust Loans
4. Overseas Deposits
141.86
4. On-lending of Funds Raised
Overseas
5. Other Deposits
359.65
5. Bill Financing
II. Overseas Financing
151.51
6. Other Loans
III. Purchase and Sale of Forex
2659.31
II. Portfolio and Investment
944.60
IV. Overseas Inter-bank Transactions
209.65
III. Overseas Inter-bank Transactions
547.65
V. Other Items
-127.24
Total
4925.70
Total
1.59
100.31
6.74
959.00
4925.70
Sources and Uses of RMB Credit Funds of State-Owned Commercial Banks
September 2009
on
Fund Source
I. Total Deposits
1. Deposits of Enterprises
(1) Demand Deposits
(2) Time Deposits
Balance
102670.46
63104.93
(2)
39565.52
(3)
(4)
148184.06
57302.97
(2) Time Deposits
90881.09
5. Other Deposits
1. Short-term Loans
(1)
(1) Demand Deposits
4. Agricultural Deposits
Fund Use
294244.89 I. Total Loans
2. Deposits of Government
Agencies and Organizations 20355.75
3. Savings Deposits
Unit: RMB100 milli
(5)
(6)
(7)
145.81
22888.81
II. Issuance of Financial
Bonds
2142.58
III. Borrowing from the
Central Bank
3.02
Balance
169178.65
44743.04
Loans to Industrial
Sector
22753.11
Loans to Commercial
Sector
3958.48
Loans to Construction
Sector
1500.32
Loans to Agricultural
Sector
444.16
Loans to Township and
Village Enterprises
0.00
Loans to Joint Venture
Enterprises
904.74
Loans to Private Enterprises
1899.93
and Individuals
(8) Other Short-term Loans
2. Long and Medium-term Loans
3. Other Loans
13282.29
111457.47
12978.14
IV. Inter-bank Transactions
21472.49 II. Portfolio Investments
88119.87
V. Other Items
III. Deposits as Required
-19029.37
Reserves
38017.11
IV. Inter-bank Transactions
Total
Total
298833.61
3517.98
298833.61
Notes:
1. Financial institutions referred to in this table include the Industrial and Commercial Bank of
China, Agricultural Bank of China, Bank of China and China Construction 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.
Sources and Uses of RMB Credit Funds of Other Commercial Banks
September 2009
Fund Source
I. Total Deposits
1. Deposits of Enterprises
(1) Demand Deposits
(2) Time Deposits
Balance
(1) Demand Deposits
(2) Time Deposits
4. Agricultural Deposits
5. Other Deposits
Fund Use
106847.66 I. Total Loans
58166.89
1. Short-term Loans
(1)
31928.12
(2)
26238.77
2. Deposits of Government
Agencies and Organizations 3833.52
3. Savings Deposits
Unit: RMB100 million
(6)
(7)
23664.32
(8)
8619.70
(6)
15044.61
(7)
39.02
21143.91
II. Issuance of Financial
Bonds
2499.30
III. Borrowing from the
Central Bank
0.11
Balance
80844.44
33666.17
Loans to Industrial
Sector
11293.49
Loans to Commercial
Sector
3485.59
Loans to Construction
Sector
1408.46
Loans to Agricultural
Sector
65.52
Loans to Township and
Village Enterprises
10.17
Loans to Joint Venture
Enterprises
1265.27
Loans to Private Enterprises
2085.30
and Individuals
(8) Other Short-term Loans
2. Long and Medium-term Loans
3. Other Loans
14052.37
40006.73
7171.54
IV. Inter-bank Transactions
10711.83 II. Portfolio and Investment
21066.86
V. Other Items
III. Deposits as Required
-2040.04
Reserves
13448.34
IV. Inter-bank Transactions
2659.22
Total
Total
118018.86
118018.86
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 2009
Unit: RMB100 million
Balance
Year-on-year Change
(%)
585420.41
29.31
201723.21
29.51
Cash in Circulation (M0)
36787.89
15.96
Demand Deposits
164935.33
32.98
383697.20
29.20
Time Deposits
83668.16
37.05
Savings Deposits
255720.11
24.93
Other Deposits
44308.92
41.80
Money and Quasi-money (M2)
Money (M1)
Quasi-money
Note:
M2 includes margins deposited with securities companies.
Exchange Rates, Gold and Forex Reserves
Item
2009
September
October
November
RMB per SDR (end-period)
10.6128
10.6981
10.8197
RMB per USD (end-period)
6.8323
6.8312
6.829
RMB per USD (average)
6.8320
6.8322
6.8289
Gold Reserves (1 million ounces)
33.89
33.89
33.89
Forex Reserves (USD100 million)
21746.18
22108.27
22725.95
Exchange Rate