Central Bank of China
PRESS RELEASE Release Date: May 25, 2004



Financial Conditions (April 2004)
Monetary Aggregates For the month of April 2004, the annual growth rates of the monetary aggregates M1A, M1B and M2, measured on a daily average basis, were 25.64%, 24.39%, and 8.47%, respectively. All the growth rates were higher than those recorded in the previous month mainly due to the sustained growth of bank loans and investments, as well as the lower base of the corresponding month in the previous year. In addition, the annual growth rate of M2 plus bond funds held by the general public also rose from 9.50% in the previous month to 9.94%.

Direct and Indirect Finance During April, the annual growth rate of total outstanding loans and investments in major financial institutions, including monetary institutions and the Chunghwa Post Co., rose from 4.94% to 5.43%, mainly due to the strong economic recovery that has resulted in the increase in bank claims on private enterprises and others. If(1)loans and investments extended by life insurance companies and investment and trust companies,(2)non-accrual loans reclassified and bad loans written-off by major financial institutions, and(3)funds raised directly from capital markets were all taken into account, the total amount of funds raised by non-financial sectors showed an annual growth rate of 9.16%, higher than the 8.51% posted in March.




Notes: 1. The upcoming Financial Conditions (May 2004) is scheduled for release at 16:20 on June 24, 2004.

2. For the release schedule for the next six months, please check the CBC website at http://www.cbc.gov.tw/EngHome/ESSDS/calacal.htm



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