Money supply grew 20.48%. At end-February 2009, broad money (M2) stood at RMB 50.71 trillion, increasing 20.48% year on year, up 1.69 percentage points from the end of last month. Narrow money (M1) registered RMB 16.65 trillion, rising 10.87% year on year, up 4.19 percentage points from the end of last month. Cash in circulation (M0) grew 8.28% year on year to RMB 3.51 trillion. Net cash injection from January to February totaled RMB 92.3 billion, down RMB 141.1 billion year on year.
RMB loans increased 24.17% year on year. At end-February, outstanding RMB and foreign currency loans of financial institutions totaled RMB 34.64 trillion, rising 21.82% year on year. Outstanding RMB loans reached RMB 33.06 trillion, up 24.17% year on year, 5.44 and 2.85 percentage points higher than the end of last year and the end of last month respectively.
In February, RMB loans increased by RMB 1.07 trillion, up RMB 827.3 billion year on year. By sector, loans to households rose by RMB 43.9 billion, up RMB 33.9 billion year on year, with short-term loans and long and medium-term loans increasing by RMB 30.3 billion and 13.7 billion respectively. Loans to non-financial companies and other sectors grew by RMB 1.
03 trillion, up RMB 793.4 billion year on year: in breakdown, short-term loans, long and medium-term loans and bill financing increased by RMB 158.2 billion, 367.8 billion and 487 billion respectively. From January to February, RMB loans rose by RMB 2.69 trillion, accelerating by RMB 1.64 trillion year on year.
At end-February, outstanding foreign currency loans of financial institutions totaled USD 230.9 billion, down 9.69% year on year. Foreign currency loans dropped by USD 4.2 billion in the month, as compared with the USD 20.6 billion rise in the same period last year.
RMB deposits grew 23.01% year on year. At end-February, outstanding RMB and foreign currency deposits of financial institutions totaled RMB 51.16 trillion with a year-on-year growth of 23.02%. Outstanding RMB deposits increased 23.01% year on year to RMB 49.81 trillion, 3.28 and 0.02 percentage points higher than the end of last year and the end of last month respectively.
RMB deposits registered an increase of RMB 1.65 trillion in the month, up RMB 317.1 billion year on year. By sector, household deposits grew by RMB 456.2 billion, down RMB 515 billion year on year. This slowdown is mainly attributable to the fact that last year s Spring Festival was in February, seasonal factors therefore driving up the comparison base.
Deposits of non-financial companies rose by RMB 1.09 trillion, up RMB 963.3 billion year on year. Fiscal deposits increased by RMB 36.9 billion, down RMB 121 billion year on year. In non-financial companies, enterprises saw a RMB 995.4 billion rise in their deposits, representing a year-on-year growth of RMB 808.
5 billion. From January to February, RMB deposits increased by RMB 3.16 trillion, up RMB 1.6 trillion year on year. At end-February, outstanding foreign currency deposits of financial institutions rose 28.03% year on year to USD 197 billion. Foreign currency deposits rose by USD 5 billion in the month, up USD 3.
5 billion year on year.
RMB transactions in the inter-bank lending market were brisk and market rates were stable. In February 2009, RMB transactions in the inter-bank lending market amounted to RMB 10.18 trillion. The average daily turnover reached RMB 484.8 billion, increasing by 27.8%, or RMB 105.3 billion, year on year.
In February, the monthly weighted interest rate for inter-bank lending averaged 0.87%, down 0.03 percentage points from the end of last month and 1.97 percentage points from the same period last year. The monthly weighted interest rate for bond pledged repo averaged 0.86%, down 0.04 percentage points month on month and 1.79 percentage points year on year.
