CONTENTS Governor's Address The Management of the Peoples Bank of China Members of the Monetary Policy Committee of the PBC 9 Organizational structure of the PBc China's Macroeconomy 14 Global Economic and Financial Developments Monetary Policy Credit Policy inancial Legislation Financial Stability Financial sector Reforms Financial Market Cross-border use of rmB Foreign Exchange Administration Balance of Payments Position Financial Accounting 83 Payment and Settlement Systems Currency Issuance and Management State Treasury Management Development of Financial IT Infrastructure Credit Information Management and the Development of Social Credit System 109 Anti-money Laundering and combating the Financing of Terrorism- 115 Financial Consumer protection 119
CONTENTS Governor’s Address 1 The Management of the People’s Bank of China 6 Members of the Monetary Policy Committee of the PBC 9 Organizational Structure of the PBC 10 China’s Macroeconomy 14 Global Economic and Financial Developments 19 Monetary Policy 23 Credit Policy 32 Financial Legislation 37 Financial Stability 43 Financial Sector Reforms 50 Financial Market 55 Cross-border Use of RMB 67 Foreign Exchange Administration 74 Balance of Payments Position 78 Financial Accounting 83 Payment and Settlement Systems 86 Currency Issuance and Management 91 State Treasury Management 96 Development of Financial IT Infrastructure 102 Credit Information Management and the Development of Social Credit System 109 Anti-money Laundering and Combating the Financing of Terrorism 115 Financial Consumer Protection 119
International Financial Cooperation and Rule-making Mainland's Financial Cooperation with Hong Kong, Macao and Taiwan Regions Human resources Internal Auditing Financial Survey and statistics Financial research 141 Public communication and education 147 Boxes Advancing the market-based Interest Rate Reform Internet Finance Financial Regulatory Coordination Mechanism Accelerating the Reform of RMB Capital Account Convertibility Measures for the Collection of Statistics and the Declaration of the Balance of Paym Successful Launch of the Second-generation of China National Advanced Payment System(CNAPS2) Anti-counterfeiting Efforts Building the Financial Institution Code System Administrative Measures for Credit Reference Agencies 113 Aggregate Financing to the Real Economy Comprehensively Reflecting the Relationship between Financing and the economy Supporting the Financial Reform in Shanghai Pilot Free Trade Zone 145 Statistical Annex Selected Economic Indicators 150 Aggregate Financing to the real Economy (AFRE)
International Financial Cooperation and Rule-making 122 Mainland’s Financial Cooperation with Hong Kong, Macao and Taiwan Regions 125 Human Resources 128 Internal Auditing 131 Financial Survey and Statistics 134 Financial Research 141 Public Communication and Education 147 Boxes Advancing the Market-based Interest Rate Reform 29 Internet Finance 41 Financial Regulatory Coordination Mechanism 47 Accelerating the Reform of RMB Capital Account Convertibility 71 Measures for the Collection of Statistics and the Declaration of the Balance of Payments 81 Successful Launch of the Second-generation of China National Advanced Payment System (CNAPS2) 89 Anti-counterfeiting Efforts 95 Building the Financial Institution Code System 106 Administrative Measures for Credit Reference Agencies 113 Aggregate Financing to the Real Economy Comprehensively Reflecting the Relationship between Financing and the Economy 138 Supporting the Financial Reform in Shanghai Pilot Free Trade Zone 145 Statistical Annex 149 Selected Economic Indicators 150 Aggregate Financing to the Real Economy (AFRE) 152
e Selected financial Indicators 154 Money and Banking Statistics Depository Corporations Survey in 2013 155 Balance Sheet of the monetary authority in 2013 Balance Sheet of Other Depository Corporations in 2013 157 Balance Sheet of Large-sized Domestic Banks in 2013 158 Balance Sheet of Medium-sized Domestic Banks in 2013 Balance Sheet of Small-sized Domestic Banks in 2013 160 Balance sheet of Foreign-funded Banks in 2013 161 Balance Sheet of Rural Credit Cooperatives in 2013 Balance Sheet of Finance Companies in 2013 163 Monetary Aggregates in 2013 164 Statistics on volume of rmb issuance 165 Statistics on Numbers of Non-cash Payment Operations -1066 Statistics on Transaction Value of Non-cash Payment Operations Statistics on Transactions via Payment Systems 108 Statistics on numbers of bank rmb settlement accounts 169 Statistics on Bankcard Numbers 169 ◆ Interest rate RMB Interest Rates in 2013 -170 Interest Rates on Small-value US Dollar Deposits Shibor Monthly Average Rates in 2013 Financial market statistics Money Market Statistics in 2013 172 Bond market Statistics in 2013 172 tock Market Statistics in 2013 Futures Market Statistics in 2013 173 nsurance Market Statistics in 2013 Gold Market Statistics in 2013 174
Selected Financial Indicators 154 Money and Banking Statistics Depository Corporations Survey in 2013 155 Balance Sheet of the Monetary Authority in 2013 156 Balance Sheet of Other Depository Corporations in 2013 157 Balance Sheet of Large-sized Domestic Banks in 2013 158 Balance Sheet of Medium-sized Domestic Banks in 2013 159 Balance Sheet of Small-sized Domestic Banks in 2013 160 Balance Sheet of Foreign-funded Banks in 2013 161 Balance Sheet of Rural Credit Cooperatives in 2013 162 Balance Sheet of Finance Companies in 2013 163 Monetary Aggregates in 2013 164 Statistics on Volume of RMB Issuance 165 Statistics on Numbers of Non-cash Payment Operations 166 Statistics on Transaction Value of Non-cash Payment Operations 167 Statistics on Transactions via Payment Systems 168 Statistics on Numbers of Bank RMB Settlement Accounts 169 Statistics on Bankcard Numbers 169 Interest Rate RMB Interest Rates in 2013 170 Interest Rates on Small-value US Dollar Deposits 171 Shibor Monthly Average Rates in 2013 171 Financial Market Statistics Money Market Statistics in 2013 172 Bond Market Statistics in 2013 172 Stock Market Statistics in 2013 173 Futures Market Statistics in 2013 173 Insurance Market Statistics in 2013 173 Gold Market Statistics in 2013 174
nternational finance Balance of Payments in 2013 175 International Liquidity 177 Gold and Foreign Exchange Reserves 177 RMB Exchange Rate. End-2013 Brief Table of Chinas External Debt. End-2013 79 RMB Cross-border Trade settlement 179 e Flow of Funds statement in 2012 180 ● Flow of funds in2012 Chronicle Major Rules and Administrative Documents Promulgated in 2013--210 ◆ Table Table 1 Trading of Interest Rate Derivatives Table 2 Bilateral Currency Swap Agreements Signed in 2013 Table 3 Commemorative Coins (Banknotes) Issued by the PBc in 2013 Table 4 Issuance of Government Savings Bonds in 2013 Table 5 Cash Management Operations of Term Deposit with Commercial Banks for Central State Treasury in 2013(deposits 100 Table 6 Cash Management Operations of Term Deposit with Commercial Banks for Central State Treasury in 2013(withdrawals) 101 Table 7 Newly Increased Liabilities and Equity Financing of Domestic Non-financial Sectors by Sector in 2012 Table 8 ewly Increased Liabilities and Equity Financing of Domestic Non-financial Sectors by Financing Structure in 2012 187 ◆ Figures Figure 1 China,'s Economic Growth Figure 2 The Economic Contribution of Three Major Fe 16 Figure 3 CPI and PPI Year on Year Changes
International Finance Balance of Payments in 2013 175 International Liquidity 177 Gold and Foreign Exchange Reserves 177 RMB Exchange Rate, End-2013 178 Brief Table of China’s External Debt, End-2013 179 RMB Cross-border Trade Settlements 179 Flow of Funds Statement in 2012 180 Flow of Funds in 2012 184 Chronicle 193 Major Rules and Administrative Documents Promulgated in 2013 210 Table Table 1 Trading of Interest Rate Derivatives 61 Table 2 Bilateral Currency Swap Agreements Signed in 2013 69 Table 3 Commemorative Coins (Banknotes) Issued by the PBC in 2013 94 Table 4 Issuance of Government Savings Bonds in 2013 100 Table 5 Cash Management Operations of Term Deposit with Commercial Banks for Central State Treasury in 2013 (deposits) 100 Table 6 Cash Management Operations of Term Deposit with Commercial Banks for Central State Treasury in 2013 (withdrawals) 101 Table 7 Newly Increased Liabilities and Equity Financing of Domestic Non-financial Sectors by Sector in 2012 186 Table 8 Newly Increased Liabilities and Equity Financing of Domestic Non-financial Sectors by Financing Structure in 2012 187 Figures Figure 1 China's Economic Growth 14 Figure 2 The Economic Contribution of Three Major Forces 16 Figure 3 CPI and PPI Year on Year Changes 17
Figure 4 Exchange Rates of Major Currencies in 2013 Figure 5 Government Bond Yields in Major Economies in 2013 21 Figure 6 Stock Market Indices of Major Economies in 2013 Figure 7 Gold and Crude oil Prices in International Markets in 2013 Figure8 Recent Changes in the Volume of Interbank borrowing Figure 9 Movements of Money Market Interest Rates in 2013 Figure 10 The Number of Institutions in the Interbank borrowing market in 2013---56 Figure 11 recent changes in the products issued in the Interbank Bond market Figure 12 Movements of Bond Indices in the Interbank and Exchange markets in 2013--59 Figure 13 The Yield Curve of government Bonds in the Interbank market in 2013 Figure 14 Growth of the Number of Participants in the Interbank Bond Market over recent Years Figure 15 OTC Trading of Book-entry Government Bonds in Recent Years Figure 16 RMB Settlement Value under Current Account in Recent Years 69 Figure 17 Total Volume and Growth of Flow of Funds in Recent Years Figure 18 Ratio of volume of flow of funds to gdp and cpi Figure 19 Ratio of Total Newly Increased Liabilities and Equity Financing of Domestic Non-financial Sectors to Nominal gDP in Recent Years 186 Figure 20 Composition of Newly Increased Liabilities of the Households Sector 187 Figure 21 Composition of Newly Increased Financial Assets of the Households Sector--188 Figure 22 Composition of Newly Increased Liabilities and Equity Financing of the Non-financial Corporate Sector Figure 23 Financing Gap and Investment Growth of the Non-financial Corporate Sector-189 Figure 24 Composition of Newly Increased Major Financial Liabilities of the Government Sector Figure 25 Composition of Newly Increased Major Financial Assets of the Government sector -190
Figure 4 Exchange Rates of Major Currencies in 2013 21 Figure 5 Government Bond Yields in Major Economies in 2013 21 Figure 6 Stock Market Indices of Major Economies in 2013 22 Figure 7 Gold and Crude Oil Prices in International Markets in 2013 22 Figure 8 Recent Changes in the Volume of Interbank Borrowing 55 Figure 9 Movements of Money Market Interest Rates in 2013 56 Figure 10 The Number of Institutions in the Interbank Borrowing Market in 2013 56 Figure 11 Recent Changes in the Products Issued in the Interbank Bond Market 58 Figure 12 Movements of Bond Indices in the Interbank and Exchange Markets in 2013 59 Figure 13 The Yield Curve of Government Bonds in the Interbank Market in 2013 59 Figure 14 Growth of the Number of Participants in the Interbank Bond Market over Recent Years 59 Figure 15 OTC Trading of Book-entry Government Bonds in Recent Years 60 Figure 16 RMB Settlement Value under Current Account in Recent Years 69 Figure 17 Total Volume and Growth of Flow of Funds in Recent Years 185 Figure 18 Ratio of Volume of Flow of Funds to GDP and CPI 185 Figure 19 Ratio of Total Newly Increased Liabilities and Equity Financing of Domestic Non-financial Sectors to Nominal GDP in Recent Years 186 Figure 20 Composition of Newly Increased Liabilities of the Households Sector 187 Figure 21 Composition of Newly Increased Financial Assets of the Households Sector 188 Figure 22 Composition of Newly Increased Liabilities and Equity Financing of the Non-financial Corporate Sector 189 Figure 23 Financing Gap and Investment Growth of the Non-financial Corporate Sector 189 Figure 24 Composition of Newly Increased Major Financial Liabilities of the Government Sector 190 Figure 25 Composition of Newly Increased Major Financial Assets of the Government Sector 190