Shanghai's Commercial Banks Lend More in Forex

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Last updated at: (Beijing Time) Wednesday, June 18, 2003

Shanghai's Commercial Banks Lend More in Forex

Shanghai's banking sector recorded significant growth in foreign exchange loans in May, thanks largely to a lower interest rate and to simplified foreign exchange loan approval procedures.

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Shanghai's banking sector recorded significant growth in foreign exchange loans in May, thanks largely to a lower interest rate and to simplified foreign exchange loan approval procedures.

Last month, Chinese financial institutions in this financial hub of east China extended 711 million US dollars in loans in foreign currencies, a record year-on-year increment of 550 milliondollars, bringing the total for the first five months to 1.9 billion US dollars, up 1.5 billion dollars.

The remarkable results can be largely attributed to an annual interest rate 2.34 percentage points lower than that for loans in local currency and to borrowers' confidence in the exchange rate of Renminbi, according to officials with the People's Bank of China Shanghai Branch.

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