In The First Half Of 08 Years, The Financial Operation Was Generally Stable.

In the first half of 2008, the people's Bank of China, in accordance with the unified arrangement of the Party Central Committee and the State Council, comprehensively applied various monetary policy tools to guide the rational growth of monetary and credit and stable financial operation.

1. Steady increase in money supply growth.

At the end of 6 2008, the balance of broad money supply (M2) was 44 trillion and 310 billion yuan, an increase of 17.37% over the same period last year, an increase of 0.63 percentage points from the end of last year, a 0.7 percentage point lower than the end of last month, a narrow supply of money (M1) of 15 trillion and 480 billion yuan, an increase of 14.19% over the previous year, an increase of 6.86 percentage points lower than the end of last year, a 3.74 percentage point lower than the end of last month, and an increase of 3 trillion and 20 billion yuan in market currency circulation (M0), an increase of 12.28% over the previous year.

Net cash in the first half of the year was 19 billion 400 million yuan, more than 200 million yuan a year.

Two, RMB deposits increased in financial institutions.

At the end of 6 2008, the balance of foreign currency deposits of financial institutions was 45 trillion and 20 billion yuan, an increase of 17.84% over the same period last year.

The balance of RMB deposits of financial institutions was 43 trillion and 900 billion yuan, an increase of 18.85% over the same period last year, 0.84 percentage points lower than the end of last month.

In the first half of the year, RMB deposits increased by 49649 billion yuan, an increase of 15774 billion yuan over the same period.

From the perspective of sub sectors, household deposits increased by 22070 billion yuan, an increase of more than 13798 billion yuan compared with the same period last year; the deposits of non-financial companies increased by 16256 yuan, less than 27 billion yuan compared with the same period last year; fiscal deposits increased by 10234 billion yuan, an increase of 196 billion 200 million yuan over the same period last year.

In June, RMB deposits increased by 771 billion 500 million yuan, or less than 132 billion 600 million yuan.

At the end of 6, the balance of foreign exchange deposits was US $163 billion 800 million, down 1.75% compared with the same period last year. Foreign exchange deposits in the first half of this year increased by US $3 billion, or 2 billion 300 million US dollars less than the same period last year.

Three, the growth of Renminbi loans in financial institutions is slowing down.

At the end of 6 2008, the balance of loans of financial institutions was 30 trillion and 510 billion yuan, an increase of 15.17% over the same period last year.

The balance of RMB loans of financial institutions was 28 trillion and 620 billion yuan, up 14.12% from the same period last year, an increase of 1.98 percentage points lower than the end of last year, 0.74 percentage points lower than the end of last month.

In the first half of the year, RMB loans increased by 24525 billion yuan, up less than 89 billion 900 million yuan from the same period last year.

From the perspective of sub sectors, household loans increased by 460 billion 200 million yuan, up by less than 213 billion 900 million yuan from the previous year, including short-term loans increased by 207 billion 600 million yuan; medium and long-term loans increased by 252 billion 700 million yuan; loans from non-financial companies and other departments increased by 19923 billion yuan, an increase of 124 billion yuan compared with the same period last year; of which, short-term loans increased by 791 billion yuan; medium and long-term loans increased by 11932 billion yuan; and the financing of negotiable instruments increased by 5 billion yuan.

In June, RMB loans increased by 332 billion 400 million yuan, a decrease of 119 billion yuan compared with the same period last year.

At the end of 6, the balance of foreign exchange loans of financial institutions was $275 billion 300 million, an increase of 48.63% over the same period last year. Loans for foreign exchange increased by US $55 billion 300 million in the first half of this year, up by 38 billion 800 million US dollars compared with the same period last year.

Four, interest rates in the interbank market rose slightly.

In June 2008, RMB pactions in the interbank market totaled 8 trillion and 310 billion yuan, with an average daily turnover of 415 billion 300 million yuan, with an average turnover of 55.9% over the same period last year, which was 148 billion 900 million yuan more than the same period last year.

The average monthly interest rate for interbank lending in June was 3.07%, 0.24 percentage points higher than that of last month, 0.68 percentage points higher than the same period last year, and the weighted average interest rate of the repurchase month of the pledged bonds was 3.08%, 0.20 percentage points higher than that of last month, 0.61 percentage points higher than that of the same period last year.

At the end of 6, the excess reserve ratio of all financial institutions was 1.95%, 0.44 percentage points higher than the end of last month, 1.05 percentage points lower than the same period last year.

Five. Increase in foreign exchange reserves

At the end of 6 2008, the balance of national foreign exchange reserves was 18088 billion US dollars, an increase of 35.73% over the same period last year.

In the first half of this year, the national foreign exchange reserve increased by US $280 billion 600 million, an increase of US $14 billion 300 million over the same period last year.

In June, foreign exchange reserves increased by 11 billion 900 million US dollars, with a year-on-year increase of 28 billion 100 million dollars.

At the end of 6, the RMB exchange rate was 1 yuan to 6.8591 yuan.