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of the banks in
with banks rose by
quarter
to
Reflecting
the
relative inability
only
4.5%
during
the
second
attracting funds, residents' deposits
Rmb 1,278.9 billion (15).
12.
In a move to restore financial discipline as well
as to restrain credit, in early July the Chinese government
announced, as part of the "16-point plan", specific
with a view to lifting interest rates on deposits, unauthorised fund-raising activities by non-bank institutions, and recalling loans which had been
to speculative ventures.
Within the short
measures
banning
financial
diverted
duration
а
to
since their implementation, these measures seemed
to have achieved some initial success. They yielded a faster growth in deposits, a fall in loans outstanding, and
re-channelling of funds
projects emphasized by the
While more positive results can be expected as
these measures are sustained, fundamental and lasting improvement will come about only with thorough and radical
reforms in the entire banking and financial system.
state.
13.
swap
in
In the foreign exchange adjustment centres (or centres), the Renminbi was traded in very low turnover
against the US dollar within a narrow range of Rmb 8.0-8.3
per US$ between March and May 1993, following the imposition
February of certain administrative
restrictions on the foreign exchange transactions, such as
price ceilings and trading limits.
In order to bring
transactions back from the black market to the foreign
exchange adjustment centres, on 1 June the government announced that the price ceiling restriction was removed. This led to a resurgence in the volume of transactions in the foreign exchange adjustment centres, but along with it
This followed an increase of 6.0% during the first quarter of 1993, and increases of 9.3%, 4.9%,
(15)
and
6.4% respectively.
during the
3.9%
four quarters of 1992
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