Chinese School - Foreign banks see a surge of RMB deposit

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Foreign banks see a surge of RMB deposit

www.chinanews.cn 2007-04-12 08:58:05

Chinanews, Shanghai, Apr. 12 �C During the first quarter of this year,
foreign banks in Shanghai saw a surge in their Renminbi deposit service,
with the balance of Renminbi deposits in these banks increasing by 57.1%
from last year, 26.4 percentage points more than the growth rate of last
year.
The outstanding bullish performance in the securities markets has drawn
many people to take their money out of banks and put it in the stock
markets. Although the central bank raised the interest rate last month,
both the fixed and current deposits declined in the first quarter, with
Renminbi savings dropping by 3.685 billion yuan.
Statistics from the central bank show that as Renminbi appreciation
quickens, companies and residents in Shanghai are unwilling to keep
foreign currencies. In March, the foreign currency deposits declined
sharply by 886 million US dollars in a single month.
At the same time, the amount of newly released loans in Renminbi and
foreign currencies both hit a historical high point. During the first
quarter, the amount of new loans equalled to nearly half of the total new
loans issued last year.

��Foreign banks launch RMB services in China
          ��China to unify supervision standards for domestic and foreign
banks
          ��Foreign banks booming in Shanghai
          ��Overseas banks approved to start RMB business
          ��Foreign banks to launch RMB service in April

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