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Money supply grows, deposit shrinks in January
(China Daily)
Updated: 2007-02-16 14:03
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China's money supply continued to grow last month, the People's Bank of China (PBOC), the central bank said yesterday.
By the end of last month, the broad measure of money supply, M2, which covers cash in circulation and all deposits, grew 15.9 percent year-on-year to 35.2 trillion yuan.
Statistics released by the central bank showed that new renminbi-denominated deposits amounted to 24.9 billion yuan ($3.2 billion), 671.6 billion yuan ($87.2 billion) less than in the previous year.
The bullish stock market is attracting more funds from ordinary people, analysts said.
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