China's forex reserve reaches $875.1 billion

By the end of last March China's foreign exchange reserve stood at $875.1 billion, an increase of 32.8 percent year on year, according to latest statistics from the People's Bank of China.

During the first three months, the state forex reserve increased $56.2 billion, $7 billion more than the growth in the same period of the previous year. The March growth was $21.4 billion, an increase of $4.9 billion.

Figures showed relatively fast growth in money supply. At the close of March, the amount of money and quasi-money (M2) stood at 31.05 trillion yuan, up 18.8 percent. Money (M1) was 10.7 trillion yuan, up 12.7 percent. Currency in circulation (M0) was 2.3 trillion yuan, up 10.5 percent. During the three months, a total number of 56 billion yuan was withdrawn from circulation, 33 billion yuan more than the same period of last year.

Loans of financial institutions increased by a large margin. By the end of March, total loans of financial institutions stood at 21.9 trillion yuan, up 14 percent. Total loans of RMB were 20.6 trillion yuan, up 14.7 percent. During the first three months, RMB loans increased by 1.26 trillion yuan, 519.3 billion yuan more than the growth of previous year. RMB loans in March grew 540.2 billion yuan, 179.6 billion yuan more.

By People's Daily Online