The People's Bank of China is targeting money-supply growth of 15% in 2005, officials said at the end of the central bank's annual planning conference, state media reported. The target is 2 points down from last year's original target, but, according to official media reports, close to what M2 growth actually turned out to be in 2004. M2, a broad measure of cash in circulation, rose 14% to RMB24.7trn (US$2.98trn) for the 11 months to end-November, down from 20.4% growth in the same period in 2003.
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