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China broad money M2 increases 19.3%

11-12-2010 09:15 BJT Special Report:China’s Economic Data for Oct. |

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China's money supply is increasing at a rapid pace. And according to data from the People's Bank of China, credit volumes also remain high.

By the end of October, narrow money M1 which includes all physical money and demand deposits reached 25.33 trillion yuan, an increase of 22.1 percent year on year.

Broad money M2 that includes M1 in addition to all time-related deposits, saving deposits and non-institutional money-market funds, reached 69.98 trillion yuan... increasing 19.3 percent from that of last year.

The growth rate of M2, as the indicator of liquidity, decreased from 26 percent in January to the lowest in July then rebounded back. Now the macro-control target of a growth rate of 17 percent, seems mission-impossible.

Zhao Xijun, Professor of Renmin University of China said "This year's situation makes it clear that the growth rate of credit volume in the second half is at high pace. But the growth rate is dependent on how much pressure America's quantitative easing bring us, it is a passive action. The financial figures are much better than the real economic situation."

Renminbi loans increased by 587.7 billion yuan in October, 334.7 billion yuan more than the same period last year.

Renminbi deposits reached 70.28 trillion yuan in October, an increase of 19.8 percent year on year.

Editor:Xiong Qu |Source: CNTV.CN

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