PBOC sees enough liquidity in market
Print Edition
Despite media reports about an interbank liquidity shortage, the People’s Bank of China said yesterday that liquidity in the money market is adequate.
The central bank said in a statement that liquidity growth in the banking system has accelerated in recent months as capital inflow into China had risen notably, owing to the country’s trade surplus in recent months and the US decision not to taper quantitative easing.
According to the PBOC, China’s M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 14.2 percent year on year to 107.74 trillion yuan (US$17.5 trillion) at the end of September. The growth rate was 0.4 percentage point higher than that at the end of 2012.
China’s new yuan lending in the first three quarters this year reached 7.28 trillion yuan, an increase of 557 billion yuan from a year earlier, according to the PBOC.
The new lending increase was the second-highest in the country’s history, only after the 8.67 trillion yuan for the same period of 2009.
In the coming months, the central bank said it would continue implementing prudent monetary policies and maintaining a balance between steady growth, economic restructuring, deepening reform and preventing risk.
The PBOC would continue to use a variety of monetary policy tools to manage the liquidity in the banking system, and keep credit and total social financing, a broad measure of liquidity in the economy, growing at a reasonable and proper pace, according to the statement.
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