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The People's Bank of China also said Tuesday that the country's broadly measured money supply, known as M2, was 19.7 percent higher in December than a year earlier.
China's central bank announced separately that the country's broadly measured money supply grew 14.8 percent in September from a year earlier, higher than the 13.7 percent expected.
China's broadly measured money supply ended up growing 55 percent in 2009 and 2010, much more than that of the United States.
Extensive bank lending and a 53 percent increase in two years in the broadly measured money supply has left an overhang of inflation and spiraling home prices that China is still trying to quell.
China is awash in cash, since the government has expanded the broadly measured money supply over the past five years much more rapidly than the United States, even though the Federal Reserve's moves have attracted considerably more international attention.
China's broadly measured money supply has surged in the last two years, soaring 54 percent as its central bank has supported the export economy by intervening in currency markets to keep the renminbi artificially low.
Similar(52)
"I'm not saying you shouldn't measure money.
Pay no attention to poverty figures because they only measure money.
I think in some instances we've substituted measuring money for happiness even though few people have set the explicit goal of having more money than the next person.
Not everything can be measured in money".
It could be measured in money.
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