To find the appropriate timing of further changes to the way it supplies liquidity, the ECB needs to carefully weigh the benefits of reassuring banks with regard to their liquidity concerns against the potential costs of a further, potentially massive intermediation role for the central banks, which could make the revival of the interbank market more difficult.
In the first half of 2008, outstanding deposits of financial institutions stood at RMB 45.0 trillion yuan, an increase of 17.8 percent year-on-year; outstanding loans of financial institutions registered RMB 30.5 trillion yuan, an increase of 15.2 percent year-on-year. The exchange rate of RMB displayed an overall appreciating trend.