in the broad measure of money supply, M2, slowed to 14.1 per cent at the end of April, down from the 14.4 per cent growth rate at the end of March, according to statistics released by the People’s Bank of China. The bank said that the slowdown was ‘appropriate for developing the national economy’ as it still exceeded the combination of China’s gross domestic product growth and consumer price index by about seven percentage points. The bank has forecast that M2 would grow by 13-14 per cent this year.
Outstanding deposits at financial institutions, including foreign banks, reached Yn15,060bn at the end of April, 14.9 per cent more than at the same time last year. Outstanding loans were 11.6 per cent higher at Yn11,700bn.