Central Bank of China

PRESS RELEASE Release Date: April 26, 2004




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Financial Conditions (March 2004)

Monetary Aggregates For the month of March 2004, the annual growth rates of the monetary aggregates M1A, M1B and M2, measured on a daily average basis, were 23.41%, 23.75%, and 7.89%, respectively. All the growth rates were higher than those recorded in the previous month mainly due to the steady growth of bank loans and investments, the lower base of the corresponding month of last year, as well as the continued inflow of foreign capital. In addition, M2 plus bond funds held by the general public also rose from 8.56% in the previous month to 9.50%.

Direct and Indirect Finance At the end of March, the annual growth rate of total outstanding loans and investments in major financial institutions, including monetary institutions and the Chunghwa Post Co., rose from 3.57% at the end of the previous month to 4.99%, mainly due to the steady economic recovery that has resulted in the increase in bank claims on private enterprises, as well as the lower base of the corresponding month of the previous year. 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 8.50%, higher than the 7.54% posted in February.



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Notes: 1. The upcoming Financial Conditions (April 2004) is scheduled for release at 16:20 on May 25, 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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