China showed no significant let up in its money mills, with new loans still cranking out over 500 billion yuan a month, and money supply growth still expanding. China announced new loans in February 2011 of 535.6 billion yuan (about $80 billion US), versus consensus 650 billion, January 1,040 billion, and February 2010 of 728.5 billion. It would be a stretch to say that lending has slowed down significantly, but it is plausible to link it to moves by the Chinese authorities to crack down on excessive lending as part of their inflation fight (with inflation still running at 4.9%).
http://seekingalpha.com/article/258277-china-money-supply-keeps-expanding
Showing posts with label China Money Supply. Show all posts
Showing posts with label China Money Supply. Show all posts
Tuesday, March 15, 2011
Friday, August 13, 2010
Top 5 Graphs of the Week: China July Data
This week we review some of the recent data out of China; first up is a look at the recent slowing in industrial production, followed by signs of slowing in consumer spending. Then we look at the inflation results, which show a potentially short term pick up in inflation. Finally we examine the growth of the money supply and growth in lending; where both measures are slowing due to recent policy moves to install a managed slowdown to counter potential overheating and asset bubbles.
1. Industrial Production
China recorded industrial production year on year growth in July of 13.4%, down from 13.7% in June, and above consensus 13.2%. The movement broadly lines up with the PMI, which tracked downward for the July reading, and saw the HSBC PMI drop below 50 for the first time this year, indicating a possible period of easing of industrial production. But while the short term trend may be down, it is still growing at a strong rate, and if you think about the strength in exports, the recent slow down may start to look increasingly temporary, or on the contrary the slowing of industrial production could end up flowing into lower exports. In thinking about the drivers of industrial production, the next chart may be of interest...
2. Retail Sales
Chinese consumer spending, as proxied by retail sales stats, saw a slight tapering off of the growth rate to 17.9% in July, down from 18.3% in June, and below consensus 18.3%. The stats here are again still relatively strong, but this is an area that the Chinese technocrats should put due attention on; this statistic is the greatest indicator of a potential rebalancing of the Chinese economy to being more domestic-consumption-driven. It is sustained and fundamental strength in this sector that will herald a new phase in China's economic development.
3. Inflation (CPI)
Moving on to a similar topic, inflation; CPI rose 3.3% year on year - in line with expectations, and up from 2.9% in June. Sure much of the result was driven by potentially shorter term food price inflation, but one thing of note on this chart is the PBOC Future Price Expectation Index. This leading indicator of inflation is still at elevated levels, indicating that there maybe latent inflationary pressure that still hasn't come through to the CPI stats yet. But it is interesting to analyse the Chinese situation at present; fiscal stimulus is high and expansionary, but at the same time monetary policy is relatively tight. It is probably this combination that is containing inflation for now. It is also interesting from the perspective that monetary policy could be loosened up if the slow down persists, but on the flip-side, any further tightening could have a disproportionate (negative) effect on economic activity. So this will be one to watch closely as well - but more in terms of monetary policy setting.
4. Money Supply
Keeping with monetary policy and inflation, one potential driver of inflation appears to be easing off; money supply growth. Year on year growth in M2 money slowed to 17.6% in July, from 18.5% in June; similarly M1 slowed to 22.9% from 24.6%, while M0 reduced to 15.5% from 15.6%. The slowing down of money supply growth may end up reinforcing other signs of slowing in activity in China, indeed the notable reduction over the past few months in the rate of expansion could in part explain some of the weakening in other activity indicators. This is likely an intentional policy action by the PBOC, and it may warrant closer monitoring if further signs of a slowing Chinese economy surface. But as explained in the next data point, at least there is room for increased stimulus.
5. Lending
This is a key aspect of China's managed slowdown, with the reduction and stronger enforcement of China's lending quotas for the banks (and the tightening up of lending conditions for property - in line with concerns about potential overheating of the property market), the rate of expansion of new loans has significantly decreased in recent months. New loans registered at CNY 532.8 billion in July, from CNY 603.4 billion in June; bringing the YTD total to CNY 5.16 trillion, vs CNY 7.73 trillion in the comparable period of 2009.
Summary
These days the focus on the data coming out of China is the existence of a slowdown; is it really a slowdown? is it just temporary? is it just government created? is it driven by faltering global demand etc. And to think, not long ago, the main concern was about overheating and asset bubbles! So this slowing down or tapering off is probably a good thing; it may allow the Chinese economy to undergo a period of consolidation as the stimulus measures are gradually withdrawn, and the ever so slow process of rebalancing gets underway.
By way of summary, industrial production is expanding at relatively high levels but the rate of expansion has dropped off noticeably in the past few months. Consumer spending likewise is still growing relatively high but tapering off. Inflation is showing signs of picking up, but potentially driven by short term food price inflation. Money supply growth is slowing down to pre-crisis/pre-stimulus levels, and lending growth is being constricted by policy measures designed to prevent asset bubbles and overheating.
So overall there's not too much to worry about for now as China undergoes a period of managed slowdown, but of course there is the risk that the slowdown becomes a route if global activity and trade drops off as rapidly and totally as it did during the height of the crisis; and of course there is policy risk - if the monetary authorities end up doing too much. So let's keep watching this space closely.
Sources
1. National Bureau of Statistics www.stats.gov.cn & CFLP www.chinawuliu.com.cn & Markit/HSBC www.markiteconomics.com
2. National Bureau of Statistics www.stats.gov.cn
3. National Bureau of Statistics www.stats.gov.cn & People's Bank of China www.pbc.gov.cn
4. People's Bank of China www.pbc.gov.cn
5. People's Bank of China www.pbc.gov.cn
Article Source: http://www.econgrapher.com/top5graphs14aug.html
1. Industrial Production
China recorded industrial production year on year growth in July of 13.4%, down from 13.7% in June, and above consensus 13.2%. The movement broadly lines up with the PMI, which tracked downward for the July reading, and saw the HSBC PMI drop below 50 for the first time this year, indicating a possible period of easing of industrial production. But while the short term trend may be down, it is still growing at a strong rate, and if you think about the strength in exports, the recent slow down may start to look increasingly temporary, or on the contrary the slowing of industrial production could end up flowing into lower exports. In thinking about the drivers of industrial production, the next chart may be of interest...
2. Retail Sales
Chinese consumer spending, as proxied by retail sales stats, saw a slight tapering off of the growth rate to 17.9% in July, down from 18.3% in June, and below consensus 18.3%. The stats here are again still relatively strong, but this is an area that the Chinese technocrats should put due attention on; this statistic is the greatest indicator of a potential rebalancing of the Chinese economy to being more domestic-consumption-driven. It is sustained and fundamental strength in this sector that will herald a new phase in China's economic development.
3. Inflation (CPI)
Moving on to a similar topic, inflation; CPI rose 3.3% year on year - in line with expectations, and up from 2.9% in June. Sure much of the result was driven by potentially shorter term food price inflation, but one thing of note on this chart is the PBOC Future Price Expectation Index. This leading indicator of inflation is still at elevated levels, indicating that there maybe latent inflationary pressure that still hasn't come through to the CPI stats yet. But it is interesting to analyse the Chinese situation at present; fiscal stimulus is high and expansionary, but at the same time monetary policy is relatively tight. It is probably this combination that is containing inflation for now. It is also interesting from the perspective that monetary policy could be loosened up if the slow down persists, but on the flip-side, any further tightening could have a disproportionate (negative) effect on economic activity. So this will be one to watch closely as well - but more in terms of monetary policy setting.
4. Money Supply
Keeping with monetary policy and inflation, one potential driver of inflation appears to be easing off; money supply growth. Year on year growth in M2 money slowed to 17.6% in July, from 18.5% in June; similarly M1 slowed to 22.9% from 24.6%, while M0 reduced to 15.5% from 15.6%. The slowing down of money supply growth may end up reinforcing other signs of slowing in activity in China, indeed the notable reduction over the past few months in the rate of expansion could in part explain some of the weakening in other activity indicators. This is likely an intentional policy action by the PBOC, and it may warrant closer monitoring if further signs of a slowing Chinese economy surface. But as explained in the next data point, at least there is room for increased stimulus.
5. Lending
This is a key aspect of China's managed slowdown, with the reduction and stronger enforcement of China's lending quotas for the banks (and the tightening up of lending conditions for property - in line with concerns about potential overheating of the property market), the rate of expansion of new loans has significantly decreased in recent months. New loans registered at CNY 532.8 billion in July, from CNY 603.4 billion in June; bringing the YTD total to CNY 5.16 trillion, vs CNY 7.73 trillion in the comparable period of 2009.
Summary
These days the focus on the data coming out of China is the existence of a slowdown; is it really a slowdown? is it just temporary? is it just government created? is it driven by faltering global demand etc. And to think, not long ago, the main concern was about overheating and asset bubbles! So this slowing down or tapering off is probably a good thing; it may allow the Chinese economy to undergo a period of consolidation as the stimulus measures are gradually withdrawn, and the ever so slow process of rebalancing gets underway.
By way of summary, industrial production is expanding at relatively high levels but the rate of expansion has dropped off noticeably in the past few months. Consumer spending likewise is still growing relatively high but tapering off. Inflation is showing signs of picking up, but potentially driven by short term food price inflation. Money supply growth is slowing down to pre-crisis/pre-stimulus levels, and lending growth is being constricted by policy measures designed to prevent asset bubbles and overheating.
So overall there's not too much to worry about for now as China undergoes a period of managed slowdown, but of course there is the risk that the slowdown becomes a route if global activity and trade drops off as rapidly and totally as it did during the height of the crisis; and of course there is policy risk - if the monetary authorities end up doing too much. So let's keep watching this space closely.
Sources
1. National Bureau of Statistics www.stats.gov.cn & CFLP www.chinawuliu.com.cn & Markit/HSBC www.markiteconomics.com
2. National Bureau of Statistics www.stats.gov.cn
3. National Bureau of Statistics www.stats.gov.cn & People's Bank of China www.pbc.gov.cn
4. People's Bank of China www.pbc.gov.cn
5. People's Bank of China www.pbc.gov.cn
Article Source: http://www.econgrapher.com/top5graphs14aug.html
Tuesday, May 11, 2010
China Economic Outlook: Monthly Data Update
China just released its monthly economic data update; in this article we review some of the numbers on inflation, retail sales, industrial production, lending growth, and money supply. The main themes from the data suggest the economy is still growing strong, and that the outlook is for continued expansion of activity. However given the still stimulatory policy stance, the data adds to a view of increasing inflation, and risks of short-medium term overheating.
1. CPI Inflation
China showed further signs of increasing prices as inflation rose to 2.8% year on year in April vs 2.4% and consensus 2.7%. However much of the increase was related to increased food price inflation, but the overall trend of increasing prices has been flagged by the quarterly inflation expectations index (see the chart below); and lines up with the thinking and observations of most internal and external analysts which suggests the Chinese economy is showing signs of overheating. The near term outlook for inflation will most certainly be for continued rises in the near term, probably breaching the 3% target within a month or two.
2. Retail Sales
Moving on, an indicator of Chinese domestic consumer spending, retail sales, increased a further 18.5% year on year; pulling back slightly from the seasonal peak earlier in the year, but beating consensus 18.2% and previous 18%. Retail sales is an interesting metric to watch in light of the Yuan/global imbalances debate; part of the cause of the global imbalances was under-consumption in China vs over-consumption in the US. So continued growth in this metric may be promising in terms of that relationship - but old habits die hard. The more important point to take is that retail sales are consistently rising, which adds to the long term opportunities for investment in China.
3. Industrial Production
On the flip-side of retail sales, industrial production grew another 17.8 in April, which was below consensus forecasts for 18.5% (and March 18.0%). The slight decline was flagged by the April PMI figures (charted along side industrial production below). It's hard to say that it's a negative at this point given the magnitude it's still at, but it will pay to monitor this metric as stimulus spending gets wound back, and potential tightening steps up - and of course, as the global context adds complications (à la Europe) in terms of export related demand. In a similar vein, urban fixed asset investment continued to boom, rising 26.1% - matching consensus, but slightly below 26.4% in March.
4. Loan Growth
Incredibly topical, given concerns about Chinese overheating, and policy moves already taken to crack down on excessive loan growth, the stats for April will give no comfort for those with concerns of overheating. New loans were up CNY 775 billion, sending new loans year to date above CNY 3.5 trillion (which is high historically, but below the CNY 5 trillion this time last year, spurred on by the government to help stimulate the economy during the global financial crisis). On a year on year basis this puts loan growth at 24% and lifts total loans above CNY 46 trillion. So this is a positive in terms of its stimulatory effect on the economy, but a negative in terms of the inflation/overheating context.
5. Money Supply
In a similar track, money supply - a key monetary metric, and important facet to the inflation picture - saw continued growth in April. On a year on year basis M2 grew 21.5% vs consensus 22.1% and previous 22.5%. So the rate of increase is slowing slightly, but it's still expanding at a reasonably rapid pace. M1 expanded 31.2%, while M0 grew 15.9% even after a slight seasonal pull back. To some extent the pace of growth in China can probably absorb some of the large expansion in the money supply, but there will certainly come a point where its influence will become increasingly inflationary. But as with loan growth - it lines up with comments by officials along the lines of being concerned about inflation, but happy to keep conditions relatively stimulatory to help the cement the recovery, and boost growth.
Summary
So the main themes to draw from the data would be, that growth is still strong, activity is still expanding, and that fears about overheating and rising inflation aren't without support. Inflation is rising, and though in the short term some of the drivers are temporary, the medium term outlook is for continued rises in prices.
On consumer spending, the trend is still strongly upwards, reflecting rising wealth and incomes, but is unlikely to herald a shift in savings habits. Meanwhile on the industrial production front, there is potential early signs of slowing - but even so still growing at a strong pace, but one to watch as things unfold.
On the monetary analysis, loan growth is still strong, and money supply is still expanding at a fast rate. The measures announced by the government will likely limit loan growth from rising at the same pace as last year, but both measures are clearly expansionary at this point.
So overall, the outlook is for continued growth in activity, and if things keep up, probably another double digit GDP growth figure in Q2. And the long-term story of economic growth in China stands. But given the still very much stimulatory policy stance (in spite of the reserve requirement increases), the risks of overheating and increasing inflation are certainly rising, and may force the government's hand in policy tightening or alterations sooner rather than later.
Sources
1. National Bureau of Statistics www.stats.gov.cn & People's Bank of China www.pbc.gov.cn
2. National Bureau of Statistics www.stats.gov.cn
3. National Bureau of Statistics www.stats.gov.cn & CFLP: www.chinawuliu.com.cn & Markit/HSBC: www.markiteconomics.com
4. People's Bank of China www.pbc.gov.cn
5. People's Bank of China www.pbc.gov.cn
Article Source: http://www.econgrapher.com/11may-chinaupdate.html
1. CPI Inflation
China showed further signs of increasing prices as inflation rose to 2.8% year on year in April vs 2.4% and consensus 2.7%. However much of the increase was related to increased food price inflation, but the overall trend of increasing prices has been flagged by the quarterly inflation expectations index (see the chart below); and lines up with the thinking and observations of most internal and external analysts which suggests the Chinese economy is showing signs of overheating. The near term outlook for inflation will most certainly be for continued rises in the near term, probably breaching the 3% target within a month or two.
2. Retail Sales
Moving on, an indicator of Chinese domestic consumer spending, retail sales, increased a further 18.5% year on year; pulling back slightly from the seasonal peak earlier in the year, but beating consensus 18.2% and previous 18%. Retail sales is an interesting metric to watch in light of the Yuan/global imbalances debate; part of the cause of the global imbalances was under-consumption in China vs over-consumption in the US. So continued growth in this metric may be promising in terms of that relationship - but old habits die hard. The more important point to take is that retail sales are consistently rising, which adds to the long term opportunities for investment in China.
3. Industrial Production
On the flip-side of retail sales, industrial production grew another 17.8 in April, which was below consensus forecasts for 18.5% (and March 18.0%). The slight decline was flagged by the April PMI figures (charted along side industrial production below). It's hard to say that it's a negative at this point given the magnitude it's still at, but it will pay to monitor this metric as stimulus spending gets wound back, and potential tightening steps up - and of course, as the global context adds complications (à la Europe) in terms of export related demand. In a similar vein, urban fixed asset investment continued to boom, rising 26.1% - matching consensus, but slightly below 26.4% in March.
4. Loan Growth
Incredibly topical, given concerns about Chinese overheating, and policy moves already taken to crack down on excessive loan growth, the stats for April will give no comfort for those with concerns of overheating. New loans were up CNY 775 billion, sending new loans year to date above CNY 3.5 trillion (which is high historically, but below the CNY 5 trillion this time last year, spurred on by the government to help stimulate the economy during the global financial crisis). On a year on year basis this puts loan growth at 24% and lifts total loans above CNY 46 trillion. So this is a positive in terms of its stimulatory effect on the economy, but a negative in terms of the inflation/overheating context.
5. Money Supply
In a similar track, money supply - a key monetary metric, and important facet to the inflation picture - saw continued growth in April. On a year on year basis M2 grew 21.5% vs consensus 22.1% and previous 22.5%. So the rate of increase is slowing slightly, but it's still expanding at a reasonably rapid pace. M1 expanded 31.2%, while M0 grew 15.9% even after a slight seasonal pull back. To some extent the pace of growth in China can probably absorb some of the large expansion in the money supply, but there will certainly come a point where its influence will become increasingly inflationary. But as with loan growth - it lines up with comments by officials along the lines of being concerned about inflation, but happy to keep conditions relatively stimulatory to help the cement the recovery, and boost growth.
Summary
So the main themes to draw from the data would be, that growth is still strong, activity is still expanding, and that fears about overheating and rising inflation aren't without support. Inflation is rising, and though in the short term some of the drivers are temporary, the medium term outlook is for continued rises in prices.
On consumer spending, the trend is still strongly upwards, reflecting rising wealth and incomes, but is unlikely to herald a shift in savings habits. Meanwhile on the industrial production front, there is potential early signs of slowing - but even so still growing at a strong pace, but one to watch as things unfold.
On the monetary analysis, loan growth is still strong, and money supply is still expanding at a fast rate. The measures announced by the government will likely limit loan growth from rising at the same pace as last year, but both measures are clearly expansionary at this point.
So overall, the outlook is for continued growth in activity, and if things keep up, probably another double digit GDP growth figure in Q2. And the long-term story of economic growth in China stands. But given the still very much stimulatory policy stance (in spite of the reserve requirement increases), the risks of overheating and increasing inflation are certainly rising, and may force the government's hand in policy tightening or alterations sooner rather than later.
Sources
1. National Bureau of Statistics www.stats.gov.cn & People's Bank of China www.pbc.gov.cn
2. National Bureau of Statistics www.stats.gov.cn
3. National Bureau of Statistics www.stats.gov.cn & CFLP: www.chinawuliu.com.cn & Markit/HSBC: www.markiteconomics.com
4. People's Bank of China www.pbc.gov.cn
5. People's Bank of China www.pbc.gov.cn
Article Source: http://www.econgrapher.com/11may-chinaupdate.html
Saturday, September 12, 2009
Top 5 Graphs of the week
Econ Grapher's Top 5 Graphs of the Week.
This week the focus is on monetary policy. Last week we saw four central banks hold interest rates steady (UK 0.5%, Canada 0.25%, South Korea 2.00%, New Zealand 2.5%)... pretty much all well below their "neutral" levels. UK also kept its asset purchase plan unchanged at GBP 175 billion. The Chinese also released their key monthly economic metrics, including - in mon pol context - inflation (deflation) and money supply growth. The reason for focusing on monetary policy is two-fold, 1. there were a few interesting releases in this area, and 2. it's worth contemplating the impact of globally unprecedented loose monetary conditions both on the recovery and the bit that comes after the recovery...
1. Central Bank Balance Sheets
I took this chart from the OECD economic outlook update, simply because it stuck out to me. It charts the balance sheets of the central banks of the US, Japan, and Euro Area. It shows a drastic build up in US and EU, which is justified given that the financial markets froze up around that time, and it has gone someway into thawing them out. Questions this raises I think are: what are the next steps? how does it get unwound? what are the unintended consequences or side-effects of these measures?
2. China Money Supply
It's no secret that banks in China are lending like there's no tomorrow, and that monetary conditions are purposefully loose to match the large fiscal stimulus package. So too then can we see a marked up tick in the growth of money supply. I'm interested in the implications of this in terms of asset price speculation and inflationary pressures (which leads to the next chart).
3. China Inflation
Inflation in China has been driven hard by the commodities boom and bust. With both the crash of commodity prices and the global recession China has seen a few months of deflation. The August figure of -1.2% was less than -1.8% in July (dis-deflation?), which paired with hyper-stimulatory conditions could certainly herald a bottoming out of deflation/inflation in China. If pinned down, considering the large fiscal and monetary simulus in China I would pick that this will start ticking up soon - and that the Chinese authorities may be hard pressed to do anything about it given the need to avoid the risk of a down economy (if winding back stimulus).
4. BoE Monetary Policy
The UK's Bank of England kept both it's key rate, 0.5%, and Asset Purchase Plan, GBP 175 bil, unchanged this time after keeping the rate steady last time and increasing the purchase plan last time (when the governor apparently wanted a larger increase to it). The UK probably needs this and more if possible given how hard it has been hit and the structural nature of its recession.
5. RBNZ Monetary Policy
The land of the Kiwis left their interest rate unchanged again at 2.5% after dropping it from around 8%. The statement pointed towards it remaining unchanged until mid 2010, given that the country is still in recession and that its currency is often targeted by carry traders it's probably a good thing for the export reliant island nation. The next move is probably up for this country and probably later rather than sooner (in spite of arguments for a decrease to try pull the currency down - though this argument is flawed as such a move would likely be counter-productive i.e. it would probably trigger greater inflation, which would require higher rates... get the picture).
-Econ Grapher
Sources:
1. OECD Interim Assessment: http://www.oecd.org/dataoecd/10/32/43615812.pdf
2. People's Bank of China
3. National Bureau of Statistics
4. Bank of England
5. Reserve Bank of New Zealand: http://rbnz.govt.nz/keygraphs/index.html
This week the focus is on monetary policy. Last week we saw four central banks hold interest rates steady (UK 0.5%, Canada 0.25%, South Korea 2.00%, New Zealand 2.5%)... pretty much all well below their "neutral" levels. UK also kept its asset purchase plan unchanged at GBP 175 billion. The Chinese also released their key monthly economic metrics, including - in mon pol context - inflation (deflation) and money supply growth. The reason for focusing on monetary policy is two-fold, 1. there were a few interesting releases in this area, and 2. it's worth contemplating the impact of globally unprecedented loose monetary conditions both on the recovery and the bit that comes after the recovery...
1. Central Bank Balance Sheets
I took this chart from the OECD economic outlook update, simply because it stuck out to me. It charts the balance sheets of the central banks of the US, Japan, and Euro Area. It shows a drastic build up in US and EU, which is justified given that the financial markets froze up around that time, and it has gone someway into thawing them out. Questions this raises I think are: what are the next steps? how does it get unwound? what are the unintended consequences or side-effects of these measures?
2. China Money Supply
It's no secret that banks in China are lending like there's no tomorrow, and that monetary conditions are purposefully loose to match the large fiscal stimulus package. So too then can we see a marked up tick in the growth of money supply. I'm interested in the implications of this in terms of asset price speculation and inflationary pressures (which leads to the next chart).
3. China Inflation
Inflation in China has been driven hard by the commodities boom and bust. With both the crash of commodity prices and the global recession China has seen a few months of deflation. The August figure of -1.2% was less than -1.8% in July (dis-deflation?), which paired with hyper-stimulatory conditions could certainly herald a bottoming out of deflation/inflation in China. If pinned down, considering the large fiscal and monetary simulus in China I would pick that this will start ticking up soon - and that the Chinese authorities may be hard pressed to do anything about it given the need to avoid the risk of a down economy (if winding back stimulus).
4. BoE Monetary Policy
The UK's Bank of England kept both it's key rate, 0.5%, and Asset Purchase Plan, GBP 175 bil, unchanged this time after keeping the rate steady last time and increasing the purchase plan last time (when the governor apparently wanted a larger increase to it). The UK probably needs this and more if possible given how hard it has been hit and the structural nature of its recession.
5. RBNZ Monetary Policy
The land of the Kiwis left their interest rate unchanged again at 2.5% after dropping it from around 8%. The statement pointed towards it remaining unchanged until mid 2010, given that the country is still in recession and that its currency is often targeted by carry traders it's probably a good thing for the export reliant island nation. The next move is probably up for this country and probably later rather than sooner (in spite of arguments for a decrease to try pull the currency down - though this argument is flawed as such a move would likely be counter-productive i.e. it would probably trigger greater inflation, which would require higher rates... get the picture).
-Econ Grapher
Sources:
1. OECD Interim Assessment: http://www.oecd.org/dataoecd/10/32/43615812.pdf
2. People's Bank of China
3. National Bureau of Statistics
4. Bank of England
5. Reserve Bank of New Zealand: http://rbnz.govt.nz/keygraphs/index.html
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