in the third quarter of p>21, China's economy continued to develop in the expected direction of macro-control, and the momentum of steady and rapid economic development was further consolidated. Consumption has grown steadily and rapidly, the investment structure has improved, foreign trade has continued to recover, and the coordination of consumption, investment and export-driven economic growth has increased; Agricultural production has developed steadily, industrial production and marketing are in good condition, and consumer price continues to rise. In the first three quarters, the gross domestic product (GDP) reached 26.9 trillion yuan, up 1.6% year-on-year, and increased 9.6% year-on-year in the third quarter. The consumer price index (CPI) rose by 2.9% year-on-year, and by 3.5% year-on-year in the third quarter.

according to the unified arrangements of the State Council, the People's Bank of China will continue to implement a moderately loose monetary policy, focus on improving the pertinence, flexibility and effectiveness of the policy, strengthen the liquidity management of the banking system, raise the benchmark interest rate of deposits and loans in a timely manner, guide financial institutions to reasonably grasp the total amount, pace and structure of credit supply, continue to steadily promote the reform of financial enterprises, further promote the reform of RMB exchange rate formation mechanism, improve foreign exchange management, and promote stable and healthy economic and financial development. Overall, the financial operation was stable, the flexibility of RMB exchange rate increased, and the growth rate of money and credit rebounded at the end of September.

At the end of September p>21, the M2 balance of broad money supply was 69.6 trillion yuan, up 19.% year-on-year, and the growth rate was .5 percentage point higher than that at the end of June. The surplus of narrow money supply M1 was 24.4 trillion yuan, up 2.9% year-on-year, and the growth rate was 3.7 percentage points lower than that at the end of June. Deposits in financial institutions grew rapidly. At the end of September, all local and foreign currency deposits in financial institutions increased by 19.8% year-on-year, and the growth rate was 1.2 percentage points higher than that at the end of June. The growth rate of RMB loans of financial institutions is rising steadily. At the end of September, the balance of RMB loans increased by 18.5% year-on-year, the growth rate was .3 percentage points higher than that at the end of June, 6.3 trillion yuan higher than that at the beginning of the year, and 2.4 trillion yuan less than that at the beginning of the year. The loan interest rate of financial institutions continued to rise slightly. In September, the weighted average loan interest rate of non-financial enterprises and other departments was 5.59%, up .2 percentage points from June. At the end of September, the central parity rate of RMB against the US dollar was 6.711 yuan, 1.89% higher than that of June 19, 21 and 1.9% higher than that of the end of 29.

in the next stage, the national economy is expected to continue to maintain a steady and rapid growth trend. The global economy has stepped out of the worst stage of the financial crisis, and the overall situation will continue to recover slowly. Domestic consumption upgrading and urbanization are in the process of development, and the momentum of sustained economic growth is sufficient. However, we should also see that uncertain factors appear from time to time in the operation of the world economy, the recovery of the Soviet Union in developed economies has slowed down, monetary conditions have continued to be loose, and some emerging economies have grown rapidly, but they are facing the pressure of inflation and capital inflow. The foundation of China's domestic demand recovery is still unbalanced, private investment and endogenous growth momentum still need to be strengthened, and the task of continuously expanding household consumption, improving income distribution and promoting economic restructuring and optimization is still arduous. The uncertainty of price trend is large, so it is necessary to strengthen the management of inflation expectation.

The People's Bank of China will continue to conscientiously implement the Scientific Outlook on Development, continue to implement a moderately loose monetary policy in accordance with the State Council's unified deployment, grasp the strength, rhythm and focus of policy implementation, enhance pertinence and flexibility while maintaining policy continuity and stability, and continue to guide monetary conditions to gradually return to normal levels according to the requirements of the development of the situation. Handle the relationship between maintaining steady and rapid economic development, adjusting economic structure and managing inflation expectations. We should comprehensively use a variety of monetary policy tools, strengthen liquidity management, constantly optimize the credit structure while guiding moderate growth of money and credit, maintain the stability of the overall price level, improve the sustainability of financial support for economic development, and promote the healthy and stable operation of the financial system. We will steadily push forward the reform of interest rate marketization, further improve the RMB exchange rate formation mechanism, and promote the healthy development of financial markets. Strengthen the function of market in allocating resources, further strengthen policy coordination, optimize policy mix, make full use of flexible market-oriented means, focus on institutional mechanism reform and economic restructuring, accelerate the transformation of economic growth mode, and further improve the endogenous motivation of economic development.

Part I Overview of Money and Credit

In the third quarter of p>21, the growth rate of money and credit rebounded, liquidity in the banking system was generally abundant, the flexibility of RMB exchange rate increased, and the financial operation was stable.

1. The growth rate of money supply has rebounded

At the end of September p>21, the M2 balance of broad money supply was 69.6 trillion yuan, up 19.% year-on-year, and the growth rate was .5 percentage points higher than that at the end of June. The surplus of narrow money supply M1 was 24.4 trillion yuan, up 2.9% year-on-year, and the growth rate was 3.7 percentage points lower than that at the end of June. The M balance of cash in circulation was 4.2 trillion yuan, up 13.8% year-on-year, and the growth rate was 1.9 percentage points lower than that at the end of June. In the third quarter, the net cash investment was 295.2 billion yuan, a year-on-year decrease of 19.5 billion yuan.

the growth of monetary aggregate has generally rebounded. The growth rate of M2 continued to run at a high level of more than 19% in August and September, both exceeding the growth rate at the end of June, and the recent trend of the growth rate of monetary aggregate is worthy of attention. The growth rate of M1 gradually slowed down, which was mainly related to the high base in the previous year, and the decline rate in the third quarter slowed down obviously. At present, the growth rate of M1 is still higher than that of M2.

II. Rapid growth of deposits in financial institutions

At the end of September, the balance of deposits in local and foreign currencies of all financial institutions (including foreign-funded financial institutions, the same below) was 71.6 trillion yuan, up 19.8% year-on-year, the growth rate was 1.2 percentage points higher than that at the end of June, 1.4 trillion yuan higher than that at the beginning of the year, and 1.4 trillion yuan less than that at the beginning of the year. Among them, the balance of RMB deposits was 7.1 trillion yuan, up 2.% year-on-year. The growth rate was 1. percentage points higher than that at the end of June, 1.3 trillion yuan higher than that at the beginning of the year, and 1.4 trillion yuan less than that at the beginning of the year. In August and September, deposits increased by 1.1 trillion yuan and 1.5 trillion yuan respectively, and remained above 1 trillion yuan for two consecutive months. The liquidity of the whole society is still relatively abundant, which is related to factors such as the recent increase in foreign exchange holdings and the rapid lending. The balance of foreign currency deposits was $229.8 billion, up 13.1% year-on-year, up $21.2 billion from the beginning of the year, and down $1.7 billion. From the perspective of the departmental distribution and maturity of RMB deposits, the growth of household deposits has gradually accelerated, and the proportion of demand has increased significantly; The growth rate of deposits in non-financial enterprises has steadily rebounded, and the term structure of corporate deposits has changed greatly. At the end of September, the balance of household deposits in financial institutions was 3.4 trillion yuan, up 17.% year-on-year. The growth rate was 1.9 and 1.8 percentage points higher than that at the end of March and June, 3.9 trillion yuan higher than that at the beginning of the year and 143.8 billion yuan higher than that at the beginning of the year. The balance of RMB deposits in non-financial enterprises was 28.8 trillion yuan, up by 2.5% year-on-year, the growth rate was 6.1 percentage points lower than that at the end of March and 1. percentage point higher than that at the end of June, which was 3.6 trillion yuan higher than that at the beginning of the year and 2.5 trillion yuan lower than that at the beginning of the year, including an increase of 682.4 billion yuan in the third quarter and an increase of 173.3 billion yuan. In the third quarter, demand accounts for 55% of new household deposits, up 3.9 and 12.7 percentage points respectively compared with the first and second quarters, showing a gradual upward trend. In the third quarter, the regular proportion of deposits in non-financial enterprises reached 82%, 3 percentage points higher than that in the first half of the year. Mainly due to the great changes in the deposit structure of non-financial enterprises in September, time deposits increased by 682.6 billion yuan, while demand deposits decreased by 316.7 billion yuan. Compared with the same period of last year, the change of deposit structure of non-financial enterprises in the month is still normal, mainly affected by seasonal factors such as holidays, such as centralized payment of wages and bonuses before the holiday, and some enterprises converted demand deposits into regular call deposits before the holiday to boost their income. At the end of September, the balance of fiscal deposits was 3.4 trillion yuan, a year-on-year increase of 19.6%, an increase of 1.2 trillion yuan over the beginning of the year and an increase of 12.3 billion yuan.

3. The growth rate of RMB loans of financial institutions is rising steadily

At the end of September, the balance of local and foreign currency loans of all financial institutions was 49.1 trillion yuan, up by 18.7% year-on-year, and the growth rate was .5 percentage point lower than that at the end of June, up by 6.5 trillion yuan and down by 2.8 trillion yuan. Medium and long-term loans in local and foreign currencies are mainly invested in infrastructure industries (transportation, warehousing and postal services, production and supply of electricity, gas and water, water conservancy, environmental protection and public facilities management), real estate and manufacturing. In the third quarter, major financial institutions (including China Development Bank and policy banks, state-owned commercial banks, joint-stock commercial banks, postal savings banks and city commercial banks) invested 372.3 billion yuan, 154.7 billion yuan and 93.5 billion yuan in local and foreign currency medium-and long-term loans respectively, accounting for 45.6%, 18.9% and 11.4% of the newly added medium-and long-term loans in all industries. Credit support for "agriculture, rural areas and farmers" was further strengthened. At the end of September, the balance of local and foreign currency rural loans of major financial institutions, rural cooperative financial institutions, urban credit cooperatives, rural banks and finance companies was 9.3 trillion yuan, up 3.3% year-on-year, 11.6 percentage points higher than the growth rate of various loans in the same period; The balance of farmers' loans was 2.6 trillion yuan, a year-on-year increase of 29.8%, which was 11.1 percentage points higher than the growth rate of various loans in the same period; The balance of loans for agriculture, forestry, animal husbandry and fishery was 2.3 trillion yuan, up 19.4% year-on-year, .7 percentage points higher than the growth rate of various loans in the same period.

the growth rate of RMB loans has rebounded. At the end of September, the balance of RMB loans was 4.63 trillion yuan, up 18.5% year-on-year, and the growth rate was .3 percentage points higher than that at the end of June and 6.3 trillion yuan higher than that at the beginning of the year. Although RMB loans in the first three quarters increased by 2.4 trillion yuan less than that in the same period of last year, the growth rate has shown an overall steady and upward trend since June, and the monthly increments in the third quarter have kept increasing at the same rate. Recently, there has been a certain rebound in loan delivery, on the one hand, it is still relatively strongly influenced by the loan demand of small and medium-sized enterprises, real estate and project investment; On the other hand, it is also related to the increased willingness of financial institutions to lend, especially after some banks gradually meet the regulatory targets such as loan-to-deposit ratio and capital adequacy ratio, the situation of accelerating credit lending is more prominent. In terms of institutions, the loans of four large Chinese banks are relatively large, and the increase in the third quarter accounted for 4% of all institutions, an increase of 1 percentage point over the first half of the year. From the perspective of departmental distribution, household loans maintained rapid growth, and the growth rate of loans from non-financial enterprises and other departments rebounded. At the end of September, the balance of household loans increased by 42.2%, which was 7.1 percentage points lower than that at the end of June. Since 21, it has maintained a high level of growth, with an increase of 2.4 trillion yuan over the beginning of the year and a year-on-year increase of 527.7 billion yuan. The main reason is that individual housing loans increased more, 1.1 trillion yuan more than at the beginning of the year, accounting for 45% of household loans. Among them, 8.4 billion yuan was added in September, an increase of 26.5 billion yuan over the previous month, which was the first month-on-month increase since May. With the recovery of the property market in some areas since the third quarter, the growth trend of housing loans still needs close attention. The balance of loans from non-financial enterprises and other sectors increased by 12.8% year-on-year, 3.9 trillion yuan higher than the beginning of the year, and 2.9 trillion yuan less than the same period last year. Among them, medium and long-term loans increased by 3.6 trillion yuan compared with the beginning of the year, a year-on-year decrease of 671.3 billion yuan. Bill financing decreased by 89.8 billion yuan compared with the beginning of the year, and increased by 1.7 trillion yuan year-on-year. Credit support for small and medium-sized enterprises continued to increase. The RMB loans of small and medium-sized enterprises in banking institutions increased by 2.6 trillion yuan compared with the beginning of the year, and the balance at the end of September increased by 2.5% year-on-year. Among them, the loans of small enterprises increased by 1.3 trillion yuan compared with the beginning of the year, and the balance at the end of September increased by 27.7% year-on-year. The growth rate was 12. percentage points higher than that of medium-sized enterprises and 15.2 percentage points higher than that of large enterprises.

Table 1: RMB loans by branches in the first three quarters of 21

Unit: 1 million yuan

In the first three quarters of 21, the amount of new loans increased more than that in the same period of last year

Chinese-funded national large banks 13339-14542

Chinese-funded national small and medium-sized banks 216718-687

Chinese-funded regional small and medium-sized banks. 9922 399

Foreign-funded financial institutions 119 1174

Note: ① Large Chinese-funded national banks refer to banks with total assets in local and foreign currencies exceeding 2 trillion yuan (based on the total assets in local and foreign currencies of financial institutions at the end of 28). Chinese-funded national small and medium-sized banks refer to banks with total local and foreign currency assets less than 2 trillion yuan and operating across provinces. (3) Chinese-funded regional small and medium-sized banks refer to banks whose total local and foreign currency assets are less than 2 trillion yuan and do not operate across provinces. ④ Rural cooperative financial institutions include rural commercial banks, rural cooperative banks and rural credit cooperatives.

data source: China people's bank.

at the end of September, the balance of foreign currency loans of financial institutions was $422.7 billion, up 23.1% year-on-year, up $43.2 billion from the beginning of the year and down $56.4 billion year-on-year. On a quarterly basis, foreign currency loans increased by $29.2 billion in the first quarter, an increase of $37.7 billion year-on-year. However, foreign currency loans slowed down after the second quarter, which may be related to factors such as the relatively tight foreign currency capital position of commercial banks. Among them, the increase in the second quarter dropped significantly to US$ 3 billion, a year-on-year decrease of US$ 57.2 billion, while foreign currency loans rebounded in the third quarter, with an increase of US$ 11 billion in the quarter and a year-on-year decrease of US$ 37 billion. Overseas loans increased by 18.7 billion yuan compared with the beginning of the year, a year-on-year decrease of 7.2 billion US dollars. Since 21, overseas loans have increased quarter by quarter, with new increases of $1.7 billion, $4.6 billion and $12.4 billion in the first three quarters respectively, with the increase in foreign currency loans in the second and third quarters exceeding the same period, and the efforts to support enterprises to "go global" have increased significantly.

IV. liquidity in the banking system is generally abundant

At the end of September, the balance of base money was 16.1 trillion yuan, up 2.9% year-on-year, up 1.7 trillion yuan from the beginning of the year. nine