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Statistics released Tuesday by the People's Bank of China show that, in the first 10 months of this year, the financial industry operated smoothly and experienced increased profitability.
According to the statistics, by the end of October, financial institutions had earned an aggregate book value profit of 28.7 billion yuan (about US$3.27 billion), an increase of 54.7 billion yuan over the same period last year.
By the end of October, the outstanding broad money (M2) was 17.73 trillion yuan, up 17 percent from the same period last year; that of narrow money (M1) was 6.7 trillion yuan, up 17.9 percent; while money in circulation (M0) was 1.6 trillion yuan, up 10.6 percent.
At the same time, outstanding deposits stood at 16.65 trillion yuan, up 18.8 percent, of which corporate deposits were 5.67 trillion yuan, up 16 percent; and individual savings deposits stood at 8.47 trillion yuan, up 18 percent.
Outstanding loans stood at 12.71 trillion yuan, up 15.4 percent in constant terms, which also marks the highest growth rate since May 1999.
At the end of October, the outstanding base money of the central bank was 3.98 trillion yuan, up 10.2 percent. The exchange rate of Renminbi was one US dollar for 8.2771 yuan.
(Xinhua News Agency November 13, 2002)
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