01 March 2017

Aarkstore Annual Report on Chinas Financial Market 2008

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At the end of December, 2008, the broad money supply (M2) in China reached a balance of RMB 47.52 trillion, up 17.82% year on year, and the growth rate is 1.8 percentage points higher than that at the end of the preceding year, and 3.02 percentage points than that at the preceding month; the narrow money supply (M1) arrived at a balance of RMB 16.62 trillion, halting the downward trend in consecutive seven months, and growing 9.06% year on year, and the growth rate is 11.99 percentage points lower than that at the end of the preceding year, and 2.26 percentage points higher than that at the preceding month; and the base money (M0) hit a balance of RMB 3.42 trillion, rising 12.65% from a year ago.
In December, the Renminbi-denominated transactions totaled RMB 11.76 trillion on the interbank offering market, reaching a daily average of RMB 511.2 billion, and the daily average transaction jumped 25.0%, or RMB 102.3 billion, from a year earlier. In December, the monthly weighted average interest rate on the interbank offering market stood at 1.24%, 0.85 percentage points lower than that in the corresponding year of the previous year, and the monthly weighted average interest rate on the pledge bonds was 1.22%, 1.57 percentage points lower than that in the same period of the previous year.
In 2008, the China stock market presented an overall downward trend amid ups and downs, accompanied by the considerable contraction of market transactions. At the end of 2008, Shanghai Composite Index closed at 1820.81, a decline of up to 3440.75 points, or 65.39%, as opposed to the end of 2007. The cumulative full-year trading volume on the A-share market of Shanghai Stock Exchange totaled RMB 18.03 trillion, with a daily average trading volume of RMB 73.294 billion, 44.48% and 42.43% down year on year respectively.
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