Table 6 Shares of Loans with Rates at, above, or below the Benchmark Rate, January through June 2017
Unit: %
| Month | Lower than the benchmark | At the benchmark | Higher than the benchmark | |||||
| Sub-total | (1,1.1] | (1.1,1.3] | (1.3,1.5] | (1.5,2.0] | More than 2.0 | |||
| January | 23.87 | 19.41 | 56.72 | 14.53 | 16.04 | 9.24 | 10.43 | 6.48 |
| February | 27.64 | 18.55 | 53.81 | 15.12 | 15.14 | 8.17 | 9.12 | 6.27 |
| March | 23.30 | 18.13 | 58.57 | 14.19 | 16.17 | 9.83 | 10.76 | 7.62 |
| April | 21.41 | 17.71 | 60.88 | 15.23 | 17.60 | 9.75 | 10.83 | 7.46 |
| May | 20.70 | 18.11 | 61.19 | 14.76 | 17.68 | 10.27 | 11.11 | 7.37 |
| June | 16.13 | 19.47 | 64.39 | 15.12 | 19.06 | 11.77 | 11.45 | 6.99 |
Source: People’s Bank of China
Broken down by the floating interest rates, the share of loans with interest rates above and at the benchmark rate increased and the share of loans with interest rates below the benchmark rate decreased. In June, the share of loans with interest rates higher than the benchmark rate was 64.39 percent, up 5.82 percentage points from March; the share of loans with interest rates at the benchmark rate was 19.47 percent, up 1.34 percentage points from March; and the share of loans with interest rates lower than the benchmark rate was 16.13 percent, down 7.17 percentage points from March.
Against the background of interest-rate fluctuations in international financial markets and changes in the supply and demand of foreign currencies in the domestic market, the interest rates of foreign-currency deposits and loans increased slightly. In June, the weighted average interest rate of large-value US dollar demand deposits registered 0.22 percent, on a par with that in March; the weighted average interest rate of deposits with maturities within 3 months registered 1.41 percent, up 0.27 percentage point from March. The weighted average interest rates of US dollar loans with maturities within 3 months and with maturities between 3 months (including 3 months) and 6 months posted 2.43 percent and 2.45 percent respectively, up 0.26 and 0.13 percentage point respectively from March.
Table 7 Average Interest Rates of Large-Value Deposits and Loans in US Dollars, January through June 2017
| Unit: % |
| Month | Large-value deposits | Loans | |||||||||||
| Demand deposits | Within 3 months | 3–6 months (including 3 months) | 6–12 months (including 6 months) | 1 year | More than 1 year | Within 3 months | 3–6 months (including 3 months) | 6–12 months (including 6 months) | 1 year | More than 1 year | |||
| January | 0.20 | 1.05 | 1.59 | 1.88 | 2.03 | 2.19 | 2.03 | 2.32 | 2.19 | 2.21 | 3.80 | ||
| February | 0.20 | 1.05 | 1.57 | 1.89 | 2.13 | 2.24 | 1.95 | 2.30 | 2.02 | 2.28 | 4.07 | ||
| March | 0.22 | 1.14 | 1.68 | 2.01 | 2.25 | 2.24 | 2.17 | 2.32 | 2.26 | 2.38 | 3.90 | ||
| April | 0.25 | 1.22 | 1.59 | 2.02 | 2.14 | 2.25 | 2.31 | 2.45 | 2.42 | 2.55 | 3.22 | ||
| May | 0.22 | 1.39 | 1.73 | 2.51 | 2.09 | 2.25 | 2.67 | 2.77 | 2.61 | 2.58 | 3.48 | ||
| June | 0.22 | 1.41 | 1.93 | 2.02 | 2.35 | 1.87 | 2.43 | 2.45 | 2.71 | 2.46 | 3.50 | ||
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Source: People’s Bank of China
VI. The RMB Exchange Rate was More Flexible in Terms of Two-way Fluctuations
In the second quarter, the US dollar generally weakened, with most of the major currencies appreciating against the US dollar, and the RMB exchange rate also appreciated against the US dollar. The exchange-rate mechanism became more rule-based, transparent, and market-oriented. The flexibility of the RMB exchange rate against the US dollar was further strengthened, exhibiting larger two-way fluctuations. Exchange-rate expectations remained generally well anchored. At the end of June, the CFETS RMB exchange-rate index closed at 93.29, down by 1.62 percent from the end of 2016; the RMB exchange-rate index based on the Bank for International Settlements (BIS) basket and the SDR basket closed at 94.25 and 94.18 respectively, depreciating by 2.07 percent and 1.38 percent respectively from the end of the last year. According to calculations by the BIS, the NEER and the REER of the RMB depreciated by 2.27 percent and 3.32 percent respectively during the first half of 2017. From the RMB exchange-rate regime reform in 2005 to end-June 2017, the NEER and the REER of the RMB appreciated by 34.26 percent and 42.24 percent respectively. At end-June, the central parity of the RMB against the US dollar was 6.7744, an appreciation of 1626 basis points, or 2.40 percent, from the end of 2016. From the reform of the RMB exchange-rate regime in 2005 to end-June 2017, the RMB appreciated by a cumulative 22.17 percent against the US dollar.
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VII. Cross-border RMB Receipts and Payments Fell on a Year-on-Year Basis
During the first half of 2017, cross-border receipts and payments in RMB totaled RMB 3.74 trillion, a decrease of 22 percent year on year. In particular, RMB receipts and payments registered RMB 1.7 trillion and RMB 2.04 trillion respectively, resulting in a net outflow of RMB 335.40 billion and a receipt-to-payment ratio of 1:1.2. RMB cross-border receipts and payments under the current account posted RMB 2.15 trillion, down 19 percent year on year. In particular, settlements of trade in goods registered RMB 1.65 trillion, whereas settlements of trade in services and other items registered RMB 505.81 billion. Receipts and payments under the capital account totaled RMB 1.59 trillion, down 26 percent year on year.
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