Friday January 11, 02:08 PM
China Dec M2 money supply growth slows to 16.72 pct year on year - UPDATE
BEIJING (XFN-ASIA) - China's M2 broad measure of money supply rose 16.72 pct year-on-year to 40.34 trln yuan in December, the central bank said.
That followed five consecutive months of more than 18 pct growth, including an 18.45
pct rise registered at the end of November (Frankfurt: A0S9N7 - news) , according to the People's Bank of China.
A series of monetary and administrative measures designed to control bank lending activities appear to have had some success in slowing money supply and credit growth, analysts said.
Reserve requirement hikes removed more than 2 trln yuan in liquidity from the banking system in 2007, though net issuance of sterilization paper has resulted in net injections of liquidity on a cumulative basis in the last nine months of the year.
M1 money supply was up 21.01 pct year-on-year at end-December, against 21.67 pct at end-November, the central bank said in a statement on its website.
M0 money supply was up 12.05 pct from a year earlier.
New yuan loans in the year totaled 3.63 trln yuan, up from the 3.18 trln for 2006. Outstanding yuan loans totaled 26.17 trln yuan at the end of December, up 16.1 pct year-on-year, the central bank added. However, the level of new loans extended in December, 48.5 bln yuan, was the lowest monthly level last year.
(1 usd = 7.3 yuan)
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