| Financial
institutions see increased profits (11/12/2002)
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
3.27 billion US dollars), 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)
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