China’s broad money supply (M2) at the end of May was 14 per cent higher than at the same time last year, according to the People’s Bank of China. The growth rate, down slightly from the 14.1 per cent increase recorded at the end of April, was exactly in line with government targets. Narrow money supply (M1) rose by 14.5 per cent, well ahead of the 11.2 per cent in April.
Outstanding deposits at financial institutions including banks were 17.4 per cent higher at the end of May 2002 than at the same time last year. Personal savings were up 17.6 per cent year-on-year, while corporate deposits had climbed by 14.1 per cent. Outstanding loans were up 11.4 per cent.