China’s broad money supply, M2, was up 14.4 per cent year-on-year at the end of March, accelerating from a rise of 13 per cent at the end of February, said the People’s Bank of China. Growth in the narrow M1 money supply slowed from 10.9 per cent to 10.1 per cent, while M0, or cash in circulation, was 8.2 per cent higher than at the end of March 2001. M1 includes M0 and institutional deposits. M2 includes M1 plus personal deposits, institutional time deposits and other types of deposit.
Outstanding yuan-denominated deposits at financial institutions totalled Yn14,700bn at the end of March, 14.1 per cent higher than at the same point in 2001. Personal savings were 15.2 per cent higher year-on-year at Yn7,900bn, while corporate deposits increased by 9.2 per cent to Yn4,900bn. Outstanding yuan-denominated loans totalled Yn11,600bn, a year-on-year increase of 11.9 per cent.
Foreign exchange deposits at Chinese financial institutions at the end of March totalled US$141.2bn, 5.2 per cent higher than a year earlier, while the corresponding total of outstanding loans was US$95.8bn.