Central Bank of China

PRESS RELEASE Release Date: November 25, 2003




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Financial Conditions (October 2003)

Monetary Aggregates For the month of October 2003, the annual growth rates of the monetary aggregates M1A, M1B and M2, measured on a daily average basis, were 18.13%, 19.04%, and 5.66%, respectively. All the three measures were higher than those recorded in the previous month mainly due to the pick up in stock market actively, continued increase in net foreign capital inflow, as well as lower base last year. In addition, M2 plus bond funds held by the general public also rose at an annual rate of 7.20%.

Direct and Indirect Finance At the end of October, the annual growth rate of total outstanding loans and investments in major financial institutions, including monetary institutions and the Chunghwa Post Co., declined from 2.10% at the end of the previous month to 1.22%. This was mainly due to the substantial decrease of bank loans to government agencies. 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 5.44%, higher than the 4.99% posted in September.


Notes: 1. The upcoming Financial Conditions (November 2003) is scheduled for release at 16:20 on December 25, 2003.

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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