Central Bank of China
PRESS RELEASE Release Date: July 26, 2004



Financial Conditions (June 2004)
Monetary Aggregates For the month of June 2004, the annual growth rates of the monetary aggregates M1A, M1B and M2, measured on a daily average basis, were 24.85%, 20.20%, and 7.93%, respectively. These growth rates were lower than those recorded in the previous month, mainly due to the collection of income tax from bank deposits account by the government as well as the slackening of growth in bank loans and investments. In addition, the annual growth rate of M2 plus bond funds held by the general public also fell from 10.20% to 9.58%.

Direct and Indirect Finance At the end of June, the annual growth rate of total outstanding loans and investments of major financial institutions, including monetary institutions and the Chunghwa Post Co., fell from 6.23% in the previous month to 5.46% mainly because of the decrease in bank claims on the government. 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 outstanding amount of funds raised by non-financial sectors showed an annual growth rate of 9.08%, lower than the 9.69% posted in May.






Notes: 1. The upcoming Financial Conditions (July 2004) is scheduled for release at 16:20 on August 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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