In Q1-Q3 2010, in accordance with the overall arrangements of the CPC Central Committee and the State Council, the PBC continued to implement a moderately loose monetary policy. In parallel with its effort to maintain policy continuity and stability, it placed emphasis on enhancing the targeting and flexibility of macroeconomic management measures and provided guidance for financial institutions on rationally paced offering of credit. Overall, liquidity in the banking sector was basically of an appropriate level and the financial system performed stably.
1. Broad money rises by 19.0%
At end-September, broad money (M2) stood at RMB69.64 trillion, increasing by 19.0% year on year, down 0.2 and 8.7 percentage points from the previous month and end-2009 respectively. Narrow money (M1) registered RMB24.38 trillion, rising by 20.9% year on year, down 1.0 and 11.5 percentage points from the previous month and end-2009 respectively. Currency in circulation (M0) grew by 13.8% year on year to RMB4.19 trillion. Net cash injection in Q1-Q3 totaled RMB361 billion, up RMB104.1 billion year on year.
2. RMB loans grow by RMB6.30 trillion in Q1-Q3 and by RMB595.5 billion in September
At end-September, outstanding RMB and foreign currency loans totaled RMB49.11 trillion, up 18.7% year on year. In Q1-Q3, RMB and foreign currency loans increased by RMB6.54 trillion, decelerating by RMB2.80 trillion year on year. Outstanding RMB loans registered RMB46.28 trillion, up 18.5% year on year, 0.
1 and 13.2 percentage points lower than the previous month and end-2009 respectively. RMB loans rose by RMB6.30 trillion in Q1-Q3, down RMB2.36 trillion year on year. By sector, loans to households expanded by RMB2.36 trillion, with short-term loans and long and medium-term loans increasing by RMB766.
7 billion and RMB1.60 trillion respectively; loans to non-financial enterprises and other sectors rose by RMB3.94 trillion: in breakdown, short-term loans and long and medium-term loans increased by RMB1.01 trillion and 3.63 trillion respectively while bill financing decreased by RMB809.8 billion. In September, RMB loans rose by RMB595.
5 billion, up RMB78.8 billion year on year. Outstanding foreign currency loans registered RMB422.7 billion, up 23.1% year on year. Foreign currency loans increased by USD43.2 billion in Q1-Q3.
3. RMB deposits increase by RMB10.32 trillion in Q1-Q3 and by RMB1.45 trillion in September
At end-September, outstanding RMB and foreign currency deposits totaled RMB71.63 trillion, up 19.8% year on year. RMB and foreign currency deposits recorded a growth of RMB10.43 trillion in Q1-Q3, decelerating by RMB1.39 trillion year on year. Outstanding RMB deposits registered RMB70.09 trillion, rising 20% year on year, up 0.
4 percentage points from the previous month but down 8.2 percentage points from end-2009. RMB deposits rose by RMB10.32 trillion in Q1-Q3, decelerating by RMB1.43 trillion year on year. In breakdown, household deposits, deposits of non-financial enterprises and fiscal deposits increased by RMB3.95 trillion, 3.
62 trillion and 1.15 trillion respectively. RMB deposits registered an increase of RMB1.45 trillion in September, up RMB442.4 billion year on year. Outstanding foreign currency deposits rose by 13.1% year on year to USD229.8 billion. In Q1-Q3, foreign currency deposits rose by USD21.2 billion.
4. Interbank market transactions are brisk and market rates generally go up
In Q1-Q3, RMB transactions in the interbank market amounted to RMB129.98 trillion. The average daily turnover registered RMB691.4 billion, increasing by 26.1% year on year.
In September, the monthly weighted average interbank lending rate stood at 1.90%, up 0.28 and 0.65 percentage points from the previous month and December 2009 respectively, but down 0.41 percentage points from June. The monthly weighted average interest rate on bond pledged repo registered 1.98%, 0.32 and 0.72 percentage points higher than the previous month and December 2009, but down 0.40 percentage points from June.
5. Official foreign exchange reserves increase by 16.5%
At end-September, China s foreign exchange reserves reached USD2.6483 trillion, registering an increase of 16.5% year on year. At end-September, the RMB exchange rate stood at RMB6.7011 per USD.
Sources and Uses of RMB and Foreign Currency Credit Fundsof Financial Institutions (By Sector)
|
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|
> September 2010 Unit: RMB100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
716334.90 |
I. Total Loans |
491078.65 |
|
1.Household Deposits |
308010.27 |
1. Domestic Loans |
483529.19 |
|
(1) Demand Deposits and Temporary Deposits |
119836.78 |
(1) Loans to Households |
107510.95 |
|
(2) Time Deposits and Margin Deposits |
188173.49 |
Consumer Loans |
71239.36 |
|
2.Deposits of Non-Financial Enterprises |
297333.30 |
Short-Term Consumer Loans |
8697.09 |
|
3. Deposits of Government Agencies and Organizations |
62162.81 |
Long and Medium Term Consumer Loans |
62542.27 |
|
4. Fiscal Deposits |
33942.86 |
Business Loans |
36271.58 |
|
5. Other Deposits |
14885.65 |
Short-Term Business Loans |
24281.43 |
|
II. Liabilities to International Financial Institutions |
715.70 |
Long and Medium-Term Business Loans |
11990.15 |
|
III. Others |
-122064.19 |
(2) Loans to Non-Financial Enterprises and Other Sectors |
376018.25 |
|
Short-Term Loans and Bill Financing |
147029.69 |
||
|
Short-Term Loans |
131235.66 |
||
|
Bill Financing |
15794.04 |
||
|
Long and Medium-Term Loans |
212689.05 |
||
|
Other Loans |
16299.50 |
||
|
2. Overseas Loans |
7549.46 |
||
|
II. Portfolio and Investment |
101533.91 |
||
|
III. Purchase of Gold |
669.84 |
||
|
IV. Assets in International Financial Institutions |
1704.01 |
||
|
Total |
594986.41 |
Total |
594986.41 |
|
Notes: 1. Institutions referred to in this table include the People's Bank of China, depository financial institutions in the banking sector, trust and investment companies, leasing companies and auto finance companies. 2. Household deposits mainly includes savings deposits of residents and domestic personal deposits. 3. Since Jan. 1, 2010, the former deposits of non-financial companies has been renamed deposits of non-financial enterprises. The item now covers a smaller range statistically as deposits of government agencies and organizations and army deposits, formerly under the item, have been removed to list separately as deposits of government agencies and organizations. Consequently, deposits of non-financial enterprises and deposits of government agencies and organizations in the tables of 2010 are not comparable to the same periods in past years. 4. Other deposits includes insurance companies deposits in the banking sector and non-residents deposits. 5. Loans to households includes domestic consumer loans and business loans to individuals and households. Loans to non-financial enterprises and other sectors includes domestic loans to non-financial enterprises and institutions. Other loans includes financing for enterprises in forms other than lending and bill financing. |
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|
Sources and Uses of RMB and Foreign Currency Credit Funds of Financial Institutions |
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|
September 2010 Unit: RMB100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
716334.90 |
I. Total Loans |
491078.65 |
|
1.Demand Deposits and Time Deposits of Enterprises |
239910.50 |
1.Short-Term Loans |
164385.33 |
|
(1) Demand Deposits |
148787.49 |
2.Long and Medium-Term Loans |
294592.35 |
|
(2) Time Deposits |
91123.01 |
3.Entrusted Loans |
5714.19 |
|
2. Savings Deposits |
303069.57 |
4. Other Loans |
10413.29 |
|
(1) Demand Deposits |
120449.69 |
5. Bill Financing |
15794.04 |
|
(2) Time Deposits |
182619.88 |
6. Advances |
179.45 |
|
3.Entrusted Deposits |
6033.46 |
II. Portfolio and Investment |
101533.91 |
|
4.Other Deposits |
167321.37 |
III. Purchase of Gold |
669.84 |
|
II. Liabilities to International Financial Institutions |
715.70 |
IV. Assets in International Financial Institutions |
1704.01 |
|
III. Others |
-122064.19 |
||
|
Total |
594986.41 |
Total |
594986.41 |
|
Notes: 1.Institutions referred to in this table include the People's Bank of China, depository financial institutions in the banking sector, trust and investment companies, leasing companies and auto finance companies. 2.Depository financial institutions in the banking sector include banks, credit unions and finance companies. 3.Since 2010, the former trust deposits and trust loans have been incorporated respectively into entrusted deposits and entrusted loans. 4.Applied in this table are end-period spot foreign exchange rates. |
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|
Sources and Uses of RMB Credit Funds of Financial Institutions (By Sector) |
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|
September 2010 Unit: RMB100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
700935.64 |
I. Total Loans |
462753.54 |
|
1.Household Deposits |
304112.21 |
1. Domestic Loans |
462541.18 |
|
(1) Demand Deposits and Temporary Deposits |
118586.86 |
(1) Loans to Households |
107466.90 |
|
(2) Time Deposits and Margin Deposits |
185525.35 |
Consumer Loans |
71195.32 |
|
2. Deposits of Non-Financial Enterprises |
287758.79 |
Short-Term Consumer Loans |
8664.24 |
|
(1) Demand Deposits and Temporary Deposits |
166619.41 |
Long and Medium-Term Consumer Loans |
62531.09 |
|
(2) Time Deposits and Margin Deposits |
121139.38 |
Business Loans |
36271.58 |
|
3. Deposits of Government Agencies and Organizations |
62162.81 |
Short-Term Business Loans |
24281.43 |
|
4.Fiscal Deposits |
33942.86 |
Long and Medium-Term Business Loans |
11990.15 |
|
5.Other Deposits |
12958.97 |
(2) Loans to Non-Financial Enterprises and Other Sectors |
355074.28 |
|
II. Financial Bonds |
13770.60 |
Short-Term Loans and Bill Financing |
142168.50 |
|
III. Cash in Circulation |
41856.56 |
Short-Term Loans |
126399.90 |
|
IV. Liabilities to International Financial Institutions |
715.70 |
Bill Financing |
15768.60 |
|
V. Others |
17223.77 |
Long and Medium-Term Loans |
204958.48 |
|
Other Loans |
7947.30 |
||
|
2. Overseas Loans |
212.36 |
||
|
II. Portfolio and Investment |
96111.14 |
||
|
III. Purchase of Gold |
669.84 |
||
|
IV. Purchase of Forex |
213263.73 |
||
|
V. Assets in International Financial Institutions |
1704.01 |
||
|
Total |
774502.26 |
Total |
774502.26 |
|
Sources and Uses of RMB Credit Funds of Financial Institutions
|
|||
|
September 2010 Unit: RMB100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
700935.64 |
I. Total Loans |
462753.54 |
|
1. Demand and Time Deposits of Enterprises |
231317.16 |
1. Domestic Loans |
462541.18 |
|
2. Fiscal Deposits |
33942.86 |
(1) Short-Term Loans |
159345.57 |
|
3. Deposits of Government Agencies and Organizations |
62162.81 |
Personal Loans and Overdrafts |
32945.67 |
|
4. Savings Deposits |
299226.96 |
Regular Loans and Overdrafts to Non-Individuals |
118827.22 |
|
(1) Demand Deposits |
119203.95 |
Regular M&A Loans |
75.54 |
|
(2) Time Deposits |
180023.02 |
Syndicated Loans |
729.64 |
|
5. Agricultural Deposits |
15960.63 |
Trade Financing |
6767.50 |
|
6. Entrusted Deposits |
5909.33 |
(2) Long and Medium-Term Loans |
279479.72 |
|
7. Other Deposits |
52415.88 |
Personal Loans |
74521.24 |
|
II. Financial Bonds |
13770.60 |
Regular Loans to Non-Individuals |
183126.26 |
|
III. Cash in Circulation |
41856.56 |
Regular M&A Loans |
484.81 |
|
IV. Liabilities to International Financial Institutions |
715.70 |
Syndicated Loans |
19440.54 |
|
V. Others |
17223.77 |
Trade Financing |
1906.88 |
|
(3) Financial Leasing |
2195.70 |
||
|
(4) Entrusted Loans |
5604.36 |
||
|
(5) Bill Financing |
15768.60 |
||
|
(6) Advances |
147.24 |
||
|
2. Overseas Loans |
212.36 |
||
|
II. Portfolio and Investment |
96111.14 |
||
|
III. Purchase of Gold |
669.84 |
||
|
IV. Purchase of Forex |
213263.73 |
||
|
V. Assets in International Financial Institutions |
1704.01 |
||
|
Total |
774502.26 |
Total |
774502.26 |
|
Notes: 1.Institutions referred to in this table include the People's Bank of China, depository financial institutions in the banking sector, trust and investment companies, leasing companies and auto finance companies. 2.Depository financial institutions in the banking sector include banks, credit unions and finance companies. 3. Since 2010, the former trust deposits and trust loans have been incorporated respectively into entrusted deposits and entrusted loans. |
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|
Sources and Uses of Foreign Currency Credit Funds of Financial Institutions
|
|||
|
September 2010 Unit: USD100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
2298.02 |
I. Total Loans |
4226.93 |
|
1. Demand Deposits and Time Deposits of Enterprises |
1282.38 |
1. Domestic Loans |
3132.02 |
|
2. Savings Deposits |
573.43 |
(1) Short-Term Loans |
726.54 |
|
3. Entrusted Deposits |
18.52 |
(2) Long and Medium-Term Loans |
1155.30 |
|
4. Overseas Deposits |
225.21 |
(3) Entrusted Loans |
16.39 |
|
5. Other Deposits |
198.48 |
(4) On-Lending of Funds Raised Overseas |
89.86 |
|
II. Overseas Financing |
133.19 |
(5) Bill Financing |
3.80 |
|
III. Purchase and Sale of Forex |
2667.10 |
(6) Other Loans |
1140.14 |
|
IV. Overseas Interbank Transactions |
324.48 |
2. Overseas Loans |
1094.91 |
|
V. Others |
236.36 |
II. Portfolio and Investment |
809.23 |
|
III. Overseas Interbank Transactions |
622.98 |
||
|
Total |
5659.15 |
Total |
5659.15 |
|
Notes: 1.Institutions referred to in this table include the People's Bank of China, depository financial institutions in the banking sector, trust and investment companies, leasing companies and auto finance companies. 2. Depository financial institutions in the banking sector include banks, credit unions and finance companies. |
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|
Sources and Uses of RMB Credit Funds of Large Domestic-Funded National Banks
|
|||
|
September 2010 Unit: RMB100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
404954.72 |
I. Total Loans |
257372.72 |
|
1. Demand Deposits and Time Deposits of Enterprises |
125330.98 |
1. Domestic Loans |
257250.79 |
|
(1) Demand Deposits |
84519.87 |
(1) Short-Term Loans |
61669.65 |
|
(2) Time Deposits |
40811.11 |
(2) Long and Medium-Term Loans |
189021.69 |
|
2. Deposits of Government Agencies and Organizations |
47922.86 |
(3) Bill Financing |
6494.31 |
|
3. Savings Deposits |
206321.34 |
(4) Advances |
65.14 |
|
(1) Demand Deposits |
86012.61 |
2.Overseas Loans |
121.93 |
|
(2) Time Deposits |
120308.73 |
II. Portfolio and Investment |
121379.09 |
|
4. Agricultural Deposits |
205.34 |
III. Deposits as Required Reserves |
61276.28 |
|
5. Other Deposits |
25174.20 |
IV. Interbank Transactions |
18215.04 |
|
II. Issuance of Financial Bonds |
40581.11 |
||
|
III. Borrowing from the Central Bank |
3.05 |
||
|
IV. Interbank Transactions |
25163.90 |
||
|
V. Others |
-12459.65 |
||
|
Total |
458243.13 |
Total |
458243.13 |
|
Note: Institutions referred to in this table are banks with gross RMB and foreign currency assets no less than RMB2 trillion (based on gross RMB and foreign currency assets of financial institutions at end-2008), including the Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, China Development Bank, Bank of Communications and Postal Savings Bank of China. |
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Sources and Uses of RMB Credit Funds of Small and Medium-Sized Domestic-FundedNational Banks
|
|||
|
September 2010 Unit: RMB100 million |
|||
|
Fund Source |
Balance |
Fund Use |
Balance |
|
I. Total Deposits |
140697.78 |
I. Total Loans |
115813.22 |
|
1. Demand Deposits and Time Deposits of Enterprises |
74539.77 |
1. Domestic Loans |
115800.10 |
|
(1) Demand Deposits |
42408.01 |
(1) Short-Term Loans |
51446.02 |
|
(2) Time Deposits |
32131.76 |
(2) Long and Mediu | |
