In Q1 2009, in accordance with the overall arrangements of the CPC Central Committee and the State Council, the PBC adopted moderately loose monetary policy. Flexible and effective measures were taken to cope with the impact of the international financial crisis and strengthen financial support for economic development. As a result, growth in money supply rebounded fast, credit growth accelerated markedly and deposits witnessed large increase, adequately meeting the demand for money and credit in economic development.
1.Money supply grew 25.51%
At end-March 2009, broad money (M2) stood at RMB 53.06 trillion, increasing 25.51% year on year, up 7.69 and 5.11 percentage points from the end of last year and the end of last month respectively. Narrow money (M1) registered RMB 17.65 trillion, rising 17.04% year on year, up 7.98 and 6.41 percentage points from the end of last year and the end of last month respectively. Cash in circulation (M0) grew 10.88% year on year to RMB 3.37 trillion. Net cash withdrawal in Q1 totaled RMB 47.3 billion, up RMB 78.5 billion year on year.
2. RMB loans increased 29.78%
At end-March, outstanding RMB and foreign currency loans of financial institutions totaled RMB 36.56 trillion, rising 26.97% year on year. Outstanding RMB loans reached RMB 34.96 trillion, up 29.78% year on year, an acceleration of 11.05 percentage points from the end of last year and of 5.6 percentage points from the end of last month.
In Q1, RMB loans increased by RMB 4.58 trillion, up RMB 3.25 trillion year on year. By sector, loans to households rose by RMB 422.3 billion, adding RMB 181.7 billion year on year, with short-term loans and long and medium-term loans increasing by RMB 234.7 billion and 187.5 billion respectively; loans to non-financial companies and other sectors increased by RMB 4.
16 trillion, adding RMB 3.07 trillion year on year, with short-term loans, long and medium-term loans and bill financing rising by RMB 971.4 billion, 1.68 trillion and 1.48 trillion respectively. In March, RMB loans were up RMB 1.89 trillion, accelerating by RMB 1.61 trillion year on year.
At end-March, outstanding foreign currency loans of financial institutions totaled USD 235.2 billion, down 11.69% year on year. Foreign currency loans dropped by USD 8.5 billion in Q1, as compared with the USD 48.8 billion rise in the same period last year. In particular, foreign currency loans increased by USD 4.3 billion in March, down USD 6.4 billion from the same period last year.
3. RMB deposits grew 25.73%
At end-March, outstanding RMB and foreign currency deposits of financial institutions totaled RMB 53.63 trillion with a year-on-year growth of 25.72%. Outstanding RMB deposits increased 25.73% year on year to RMB 52.26 trillion, up 6 and 2.72 percentage points from the end of last year and the end of last month respectively.
RMB deposits registered an increase of RMB 5.62 trillion in Q1, up RMB 2.98 trillion year on year. By sector, household deposits and deposits of non-financial companies grew by RMB 2.56 trillion and 2.93 trillion respectively, up RMB 1.06 trillion and 2.36 trillion year on year respectively; fiscal deposits dropped by RMB 88.
2 billion, as compared with the RMB 500.8 billion rise in the same period last year. In deposits of non-financial companies, those of enterprises witnessed a RMB 2.8 trillion increase, adding RMB 2.15 trillion year on year. In March, RMB deposits recorded a RMB 2.45 trillion growth, accelerating by RMB 1.
38 trillion year on year.
At end-March, outstanding foreign currency deposits of financial institutions registered USD 200.3 billion, rising 28.92% year on year. Foreign currency deposits grew by USD 7.5 billion in Q1, as compared with the USD 5.4 billion slide in the same period last year. In particular, foreign currency deposits rose by USD 3.3 billion in March, up USD 1.8 billion year on year.
4. Inter-bank lending market rates were stable
In March, RMB transactions in the inter-bank lending market amounted to RMB 13.22 trillion. The average daily turnover reached RMB 601 billion, increasing by 42.5%, or RMB 179.1 billion, year on year.
In March, the monthly weighted interest rate for inter-bank lending averaged 0.84%, down 0.03 and 1.42 percentage points from last month and the same period last year respectively. The monthly weighted interest rate for bond pledged repo averaged 0.84%, down 0.02 percentage points month on month and 1.43 percentage points year on year.
5. Official foreign exchange reserve increased 16.14%
At end-March 2009, China s foreign exchange reserve reached USD 1.9537 trillion, registering an increase of 16.14% year on year. In Q1, the official foreign exchange reserve rose by USD 7.7 billion, down USD 146.2 billion year on year. In March, the foreign exchange reserve increased by USD 41.7 billion, USD 6.7 billion more than the growth in the same period last year. At end-March, the RMB exchange rate stood at RMB 6.8359 per USD.
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Sources and Uses of RMB and Foreign Currency Credit Funds of Financial Institutions (By Sector) |
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|
March 2009 Unit: RMB100 million |
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|
Fund Source |
Balance
|
Fund Use |
Balance
|
|
I. Total Deposits |
536309.48 |
I. Total Loans |
365632.58 |
|
1.Household Deposits |
251354.65 |
1.Loans to Households |
61446.79 |
|
(1) Demand Deposits |
87933.35 |
(1) Consumer Loans |
39416.15 |
|
(2) Time Deposits |
163421.30 |
Short-term Consumer Loans |
4380.66 |
|
2.Deposits of Non-financial Institutions |
252948.20 |
Long and Medium?Cterm Consumer Loans |
35035.50 |
|
(1) Deposits of Enterprises and Public Institutions |
230555.25 |
(2) Business Loans |
22030.63 |
|
(2) Deposits of Government Agencies and Organizations |
22392.96 |
Short-term Business Loans |
16340.44 |
|
3.Fiscal Deposits |
17162.27 |
of which Loans to Farmers |
13361.04 |
|
4.Other Deposits |
14844.36 |
Long and Medium-term Business Loans |
5690.19 |
|
II. Liabilities to International Financial Institutions |
750.32 |
2.Loans to Non-financial Institutions and Other Sectors |
304185.80 |
|
III. Other Items |
-94762.96 |
(1) Short-term Loans and Bill Financing |
153121.39 |
|
Short-term Loans |
118983.35 |
||
|
Bill Financing |
34138.04 |
||
|
(2) Long and Medium-term Loans |
138695.59 |
||
|
(3) Other Loans |
12368.82 |
||
|
II. Portfolio and Investment |
75387.43 |
||
|
III. Purchase of Gold and Silver |
337.24 |
||
|
IV. Assets in International Financial Institutions |
939.59 |
||
|
Total |
442296.85 |
Total |
442296.85 |
|
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 and foreign-funded financial institutions. 2. Household deposits mainlyrefers 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 overseas non-resident deposits; 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. |
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Sources and Uses of RMB and Foreign Currency Credit Funds of Financial Institutions |
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|
March 2009 Unit: RMB100 million |
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|
Fund Source |
Balance
|
Fund Use |
Balance
|
|
I. Total Deposits |
536309.48 |
I. Total Loans |
365632.58 |
|
1.Deposits of Enterprises and Public Institutions |
181713.04 |
1.Short-term Loans |
139993.18 |
|
(1) Demand Deposits |
111198.02 |
2.Long and Medium-term Loans |
183333.61 |
|
(2) Time Deposits |
70515.02 |
3.Entrusted and Trust Loans |
3305.36 |
|
2. Savings Deposits |
246920.53 |
4.Bill Financing |
34138.04 |
|
(1) Demand Deposits |
88111.81 |
5.Other Loans |
4862.40 |
|
(2) Time Deposits |
158808.72 |
II. Portfolio and Investment |
75387.43 |
|
3.Entrusted and Trust Deposits |
3927.17 |
III. Purchase of Gold and Silver |
337.24 |
|
4.Other Deposits |
103748.75 |
IV. Assets in International Financial Institutions |
939.59 |
|
II. Liabilities to International Financial Institutions |
750.32 |
||
|
III. Other Items |
-94762.96 |
||
|
Total |
442296.85 |
Total |
442296.85 |
|
Note: 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 and foreign-funded financial institutions. |
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Sources and Uses of RMB Credit Funds of Financial Institutions (By Sector) |
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|
March 2009 Unit: RMB100 million |
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|
Fund Source |
Balance
|
Fund Use |
Balance |
|
I. Total Deposits |
522618.72 |
I. Total Loans |
349554.82 |
|
1.Household Deposits |
247492.08 |
1.Loans to Households |
61423.56 |
|
(1) Demand Deposits |
86700.43 |
(1) Consumer Loans |
39392.92 |
|
(2) Time Deposits |
160791.65 |
Short-term Consumer Loans |
4364.90 |
|
2.Deposits of Non-financial Institutions |
246171.45 |
Long and Medium-term Consumer Loans |
35028.02 |
|
(1) Deposits of Enterprises and Public Institutions |
223778.49 |
(2) Business Loans |
22030.63 |
|
of which Deposits of Enterprises |
205984.39 |
Short-term Business Loans |
16340.44 |
|
Demand Deposits |
106990.37 |
of which Loans to Farmers |
13361.04 |
|
Time Deposits |
98994.02 |
Long and Medium-term Business Loans |
5690.19 |
|
(2) Deposits of Government Agencies and Organizations |
22392.96 |
2.Loans to Non-financial Institutions and Other Sectors |
288131.26 |
|
3.Fiscal Deposits |
17162.27 |
(1) Short-term Loans and Bill Financing |
150373.41 |
|
4.Other Deposits |
11792.92 |
Short-term Loans |
116269.34 |
|
II. Financial Bonds |
16054.13 |
Bill Financing |
34104.07 |
|
III. Cash in Circulation |
33746.42 |
(2) Long and Medium-term Loans |
133290.79 |
|
IV. Liabilities to International Financial Institutions |
750.32 |
(3) Other Loans |
4467.06 |
|
V. Other Items |
17523.28 |
II. Portfolio and Investment |
67230.70 |
|
III. Purchase of Gold and Silver |
337.24 |
||
|
IV. Purchase of Forex |
172630.53 |
||
|
V. Assets in International Financial Institutions |
939.59 |
||
|
Total |
590692.88 |
Total |
590692.88 |
|
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 and foreign-funded financial institutions. 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 overseas non-resident deposits; 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. |
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Sources and Uses of RMB Credit Funds of Financial Institutions
|
|||
|
March 2009 Unit: RMB100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
522618.72 |
I. Total Loans |
349554.82 |
|
1. Deposits of Enterprises |
175520.04 |
1. Short-term Loans |
137148.21 |
|
2. Fiscal Deposits |
17162.27 |
(1) Loans to Industrial Sector |
39529.51 |
|
3. Deposits of Government Agencies and Organizations |
22392.96 |
(2) Loans to Commercial Sector |
18726.55 |
|
4. Savings Deposits |
243069.94 |
(3) Loans to Construction Sector |
4092.75 |
|
(1) Demand Deposits |
86884.11 |
(4) Loans to Agricultural Sector |
19603.58 |
|
(2) Time Deposits |
156185.83 |
(5) Loans to Township and Village Enterprises |
8089.64 |
|
5. Agricultural Deposits |
10892.21 |
(6) Loans to Joint Venture Enterprises |
2294.71 |
|
6. Trust Deposits |
3776.61 |
(7) Loans to Private Enterprises and Individuals |
4672.67 |
|
7. Other Deposits |
49804.69 |
(8) Other Short-term Loans |
40138.80 |
|
II. Financial Bonds |
16054.13 |
2. Long and Medium-term Loans |
174058.50 |
|
III. Cash in Circulation |
33746.42 |
3. Trust Loans |
3296.83 |
|
IV. Liabilities to International Financial Institutions |
750.32 |
4. Other Loans |
35051.28 |
|
V. Other Items |
17523.28 |
II. Portfolio and Investment |
67230.70 |
|
III. Purchase of Gold and Silver |
337.24 |
||
|
IV. Purchase of Forex |
172630.53 |
||
|
V. Assets in International Financial Institutions |
939.59 |
||
|
Total |
590692.88 |
Total |
590692.88 |
|
Note: 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 and leasing companies. |
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Sources and Uses of Foreign Currency Credit Funds of Financial Institutions |
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|
March 2009 Unit: USD100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
2002.77 |
I. Total Loans |
2351.96 |
|
1. Deposits of Enterprises |
905.95 |
1. Short-term Loans |
417.34 |
|
2. Savings Deposits |
563.29 |
2. Long and Medium-term Loans |
1356.82 |
|
3. Entrusted and Trust Deposits |
22.02 |
3. Entrusted and Trust Loans |
1.25 |
|
4. Overseas Deposits |
129.63 |
4. On-lending of Funds Raised Overseas |
112.61 |
|
5. Other Deposits |
381.88 |
5. Bill Financing |
4.97 |
|
II. Overseas Financing |
158.61 |
6. Other Loans |
458.96 |
|
III. Purchase and Sale of Forex |
2794.19 |
II. Portfolio and Investment |
1193.22 |
|
IV. Overseas Inter-bank Transactions |
184.63 |
III. Overseas Inter-bank Transactions |
992.57 |
|
V. Other Items |
-602.45 |
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|
Total |
4537.75 |
Total |
4537.75 |
|
Sources and Uses of RMB Credit Funds of State-Owned Commercial Banks
|
|||
|
March 2009 Unit: RMB100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
273449.69 |
I. Total Loans |
155324.11 |
|
1. Deposits of Enterprises |
91921.20 |
1. Short-term Loans |
44186.39 |
|
(1) Demand Deposits |
58862.78 |
(1) Loans to Industrial Sector |
24201.05 |
|
(2) Time Deposits |
33058.41 |
(2) Loans to Commercial Sector |
3783.27 |
|
2. Deposits of Government Agencies and Organizations |
17479.79 |
(3) Loans to Construction Sector |
1621.52 |
|
3. Savings Deposits |
141282.47 |
(4) Loans to Agricultural Sector |
468.55 |
|
(1) Demand Deposits |
52314.04 |
(5) Loans to Township and Village Enterprises |
0.00 |
|
(2) Time Deposits |
88968.43 |
(6) Loans to Joint Venture Enterprises |
976.68 |
|
4. Agricultural Deposits |
122.85 |
(7) Loans to Private Enterprises and Individuals |
1175.71 |
|
5. Other Deposits |
22643.38 |
(8) Other Short-term Loans |
11959.61 |
|
II. Issuance of Financial Bonds |
1490.25 |
2. Long and Medium-term Loans |
94911.24 |
|
III. Borrowing from the Central Bank |
4.10 |
3. Other Loans |
16226.48 |
|
IV. Inter-bank Transactions |
20933.48 |
II. Portfolio Investments |
76764.91 |
|
V. Other Items |
-25106.96 |
III. Deposits as Required Reserves |
36713.40 |
|
IV. Inter-bank Transactions |
1968.13 |
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|
Total |
270770.56 |
Total |
270770.56 |
|
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. |
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Sources and Uses of RMB Credit Funds of Other Commercial Banks
|
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|
March 2009 Unit: RMB100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
94479.88 |
I. Total Loans |
71372.66 |
|
1. Deposits of Enterprises |
47193.28 |
1. Short-term Loans |
31728.49 |
|
(1) Demand Deposits |
25956.06 |
(1) Loans to Industrial Sector |
10892.84 |
|
(2) Time Deposits |
21237.22 |
(2) Loans to Commercial Sector |
3144.43 |
|
2. Deposits of Government Agencies and Organizations |
2881.61 |
(6) Loans to Construction Sector |
1571.92 |
|
3. Savings Deposits |
21375.34 |
(7) Loans to Agricultural Sector |
59.43 |
|
(1) Demand Deposits |
7569.74 |
(8) Loans to Township and Village Enterprises |
9.56 |
|
(2) Time Deposits |
13805.60 |
(6) Loans to Joint Venture Enterprises |
1188.27 |
|
4. Agricultural Deposits |
34.52 |
(7) Loans to Private Enterprises and Individuals |
1514.73 |
|
5. Other Deposits |
22995.13 |
(8) Other Short-term Loans |
13347.32 |
|
II. Issuance of Financial Bonds |
2427.36 |
2. Long and Medium-term Loans |
28778.57 |
|
III. Borrowing from the Central Bank |
0.90 |
3. Other Loans |
10865.60 |
|
IV. Inter-bank Transactions |
8962.25 |
II. Portfolio and Investment |
18398.09 |
|
V. Other Items |
-2333.02 |
III. Deposits as Required Reserves |
10154.89 |
|
IV. Inter-bank Transactions |
3611.73 |
||
|
Total |
103537.37 |
Total |
103537.37 |
|
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. | |||
