China Monetary Policy


Credit growth remains an ongoing concern

Credit growth in China continues to post strong readings in 2011. In the absence of obvious signals of moderation, authorities are pursuing measures designed to rein in liquidity, which include four reserve requirement increases this year. In April, new yuan loans totalled RMB 740 billion (USD 79 billion), which was above the RMB 679 billion tallied in March and the RMB 700 billion expected by the markets. Meanwhile, the broadest measure of money supply (M2), which includes cash in circulation and money held in bank accounts, rose 15.3% year-on-year, undershooting both March's reading of 16.6% and market expectations of a 16.5% rise.

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