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China’s M2 up 29.31% year on year in Sep

Oct. 15, 2009 (China Knowledge) - China's M2, a broad measure of its money supply, was RMB 58.54 trillion at the end of September, up 29.31% compared with a year ago, according to statistics released by the People's Bank of China yesterday.

The year-on-year growth in September was 0.78 percentage points higher than the August figure.

China targets a 17% growth in M2 this year. Its M2 growth goal was 16% during the period from 2006 to 2008.

M1, which includes deposits in withdrawal-on-demand accounts and cash in circulation, rose 29.51% year on year to RMB 20.17 trillion in September. The growth was 1.79 percentage points faster than in August.

M0, or cash in circulation, increased 15.96% from a year earlier to RMB 3.68 trillion in September.

In the first three quarters of this year, the net input of cash was RMB 256.9 billion, RMB 96.5 billion more than in the same period of last year, said the central bank.

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