The Effectiveness and Sustainability of the Sterilization Policy in China

Table 1

Funds outstanding for foreign exchange, reserve money, and the monthly balance of central bank bills.

	Funds outstanding for; foreign exchange; (1)	Reserve money; (2)	Proportion; (3) = (1)/(2); (%)	Balance of central bank bills
2000	1,429.11	3,649.15	39.16	—
2001	1,785.64	3,985.17	44.81	—
2002	2,322.33	4,513.82	51.45	148.75
2003	3,484.69	5,284.14	65.95	303.16
2004	5,259.26	5,885.61	89.36	1,107.90
2005	7,121.11	6,434.31	110.67	2,029.60
2006	9,898.03	7,775.78	127.29	2,974.06
2007	12,837.73	10,154.54	126.42	3,446.91
2008	16,843.11	12,922.23	130.34	4,577.98
2009	19,311.25	14,398.50	134.12	4,206.42
2010	22,579.51	18,531.11	121.85	4,049.72
2011	25,358.70	22,464.18	112.89	2,333.67
2012	25,853.35	25,234.52	102.45	1,388.00

Source: People’s Bank of China, http://www.imf.org/external/index.htm.
Unit: billion RMB.