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BEIJING, Jan 12, 2011 - (ACN Newswire) - Hardware-wholesale.com (http://www.hardware-wholesale.com/products/) reported that on Tuesday, the People's Bank of China, the central bank, said that the RMB lending in China reached 1.2 trillion U.S. dollars last year. The bank in a financial statement on its website said that the figure was 0.25 trillion U.S. dollars less than the 2009 level of 1.45 U.S. dollars. But it has protrusive the government's full-year target of 0.17 trillion U.S. dollars.
The financial statement said that the RMB loans in December last year stood at 72.56 billion U.S. dollars. By the end of last year, the country's foreign exchange reserves reached 2.85 trillion U.S.dollars, up 18.7% from a year earlier. China's broad money supply, which covers cash in circulation and all deposits, had increased 19.7% year on year to 10.96 trillion U.S. dollars at the end of last year.
Hardware-wholesale.com analyzes that the growth rate was 8 percentage points slower from a year ago, but still exceeded the government target of 17%.The narrow measure of money supply, cash in circulation plus current corporate deposits, climbed 21.2% from a year earlier to 4.02 trillion U.S. dollars.
The analyst from Hardware-wholesale.com said that Chinese government had been doing work to tighten bank lending to curb fluidity and restrain asset bubbles by increasing one-year lending and deposit interest rate twice and bank reserve essential ratio six times in 2010.
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Topic: Research / Industry Report
Source: Hardware-wholesale.com
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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