Bank of China Sees Sharp Rise in Deposits

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Last updated at: (Beijing Time) Tuesday, September 24, 2002

Bank of China Sees Sharp Rise in Deposits

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The Bank of China (BOC) announced Tuesday that by the end of August, the bank's savings deposits had reached 777.46 billion yuan (about 94 billion US dollars), increasing 113 billion yuan (about 13.66 billion US dollars) over the same period last year.

A spokesman for the BOC attributed the sharp rise to the bank's effective efforts in guiding and managing its savings deposit business, which included improving operational procedures, readjusting its business network and raising the professional efficiency of all its business outlets.

The spokesman said that along with the growth of deposits in RMB, the bank's foreign exchange deposits reached 49.56 billion US dollars in the first eight months of this year, increasing 3.68 billion dollars over the same period of last year.

Currently the bank boasts a market share of 65.11 percent in foreign exchange deposits, up 0.89 percentage points from the beginning of the year.

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