Banking News
- Savings deposits in foreign banks on rise
Date: 16-May-2007 Sources: (Xinhua Online)
Savings deposits with foreign banks in Shanghai, a leading business and banking hub in east China, either in Renminbi (RMB) or in foreign currency, have shown a rapid-rise momentum, notes a report on the April performance of currency credits and loans released by the Shanghai Headquarters of the People's Bank of China (PBA) recently.
According to the statistics, in April, 6.39 billioin yuan of savings deposits were added to deposits in foreign banks in the east-China city, 4 billion yuan more than in the same period of 2006, in which deposits by firms or enterprises rose 4.94 billion yuan, or 2.84 billion yuan more than in 2006; the savings deposits increased by 460 million yuan.
In the meanwhile, there is a striking contrast of changes on foreign exchange deposits with the Chinese or foreign financial organizations. The statistics shows that, in April, all kinds of foreign exchange deposits in the Chinese-funded banks lessened by US$168 million in April, an increase of US$130 million over same 2006 period. As a diversity from the Chinese-funded banks, foreign banks receives US$360 million more deposits in foreign exchange, of which the firm or enterprises deposits and personal savings rose US$220 million and US$14 million respectively.
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