Top News

China's new yuan-denominated loans hit 7.95t yuan in 2010

Updated: 2011-01-11 10:44


Twitter Facebook Myspace Yahoo! Linkedin Mixx

BEIJING - New yuan-denominated lending in China reached 7.95 trillion yuan ($1.2 trillion) last year, the People's Bank of China (PBOC), the central bank, said Tuesday.

The figure was 1.65 trillion yuan less than the 2009 level, said the bank in a statement on its website.

New yuan-denominated loans in December last year stood at 480.7 billion yuan.

The country's foreign exchange reserves reached $2.85 trillion by the end of last year, up 18.7 percent from a year earlier, said the statement.

China's broad money supply (M2), which covers cash in circulation and all deposits, had increased 19.7 percent year-on-year to 72.58 trillion yuan at the end of last year.

The growth rate was 8 percentage points slower from a year ago, but still exceeded the government target of 17 percent.

The narrow measure of money supply (M1), cash in circulation plus current corporate deposits, climbed 21.2 percent from a year earlier to 26.66 trillion yuan.

Chinese government had been working to tighten bank lending to curb liquidity and restrain assets bubbles by increasing one-year lending and deposit interest rate twice and bank reserve requirement ratio six times in 2010.



Ear We Go

China and the world set to embrace the merciful, peaceful year of rabbit

Preview of the coming issue
Carrefour finds the going tough in China
Maid to Order

European Edition


Mysteries written in blood

Historical records and Caucasian features of locals suggest link with Roman Empire.

Winning Charm

Coastal Yantai banks on little things that matter to grow

New rules to hit property market

The State Council launched a new round of measures to rein in property prices.

Top 10 of 2010
China Daily in Europe
The Confucius connection