Central Bank of China

PRESS RELEASE Release Date: December 25, 2003



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Financial Conditions (November 2003)

Monetary Aggregates For the month of November 2003, the annual growth rates of the monetary aggregates M1A, M1B and M2, measured on a daily average basis, were 19.52%, 19.09%, and 5.61%, respectively. M1A and M1B growth rates were higher than those in the previous month, while M2 went down mainly due to a slowdown in foreign capital inflow. In addition, M2 plus bond funds held by the general public rose at an annual rate of 7.49%.

Direct and Indirect Finance At the end of November, the annual growth rate of total outstanding loans and investments in major financial institutions, including monetary institutions and the Chunghwa Post Co., rose from 1.19% at the end of the previous month to 2.54%. This was mainly due to the substantial increase of bank loans to private enterprises. 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 6.32%, higher than the 5.99% posted in October.



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Notes: 1. The upcoming Financial Conditions (December 2003) is scheduled for release at 16:20 on January 27, 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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