Central Bank of China

PRESS RELEASE Release Date: February 25, 2004




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Financial Conditions (January 2004)

Monetary Aggregates For the month of January 2004, the annual growth rates of the monetary aggregates M1A, M1B and M2, measured on a daily average basis, were 22.10%, 20.56%, and 6.53%, respectively. All three measures were higher than those in the previous month mainly due to the increase in the demand for currency during the Chinese lunar new year and the substantial increase of net foreign capital inflow. In addition, M2 plus bond funds held by the general public also rose from 7.48% in the previous month to 8.28%.

Direct and Indirect Finance At the end of January, the annual growth rate of total outstanding loans and investments in major financial institutions, including monetary institutions and the Chunghwa Post Co., edged down from 2.72% at the end of the previous month to 2.56% mainly due to the higher 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 7.20%, higher than the 6.82% posted in December, 2003.



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