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Last updated at: (Beijing Time) Wednesday, June 25, 2003

Bank of China Sees Sharp Rise in Bill Business

The Bank of China announced on Wednesday that by the end of May, it had done 160.8 billion yuan (about 19.42 billion US dollars) of bill discount and re-discount business, increasing 123.4 billion yuan or 330 percent over the same period last year.


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The Bank of China announced on Wednesday that by the end of May, it had done 160.8 billion yuan (about 19.42 billion US dollars) of bill discount and re-discount business, increasing 123.4 billion yuan or 330 percent over the same period last year.

Sources from the BOC said that this year the bank reinforced its centralized and professional management of bill business.

The bank bought more than 160 billion yuan of bills in the first five months and eight of its branches each handled bill business volume of over 10 billion yuan.

Along with rapid development of bill business, the bank concentrated on lawful operation and risk control, and formulated a number of regulations to improve its internal control system.

The bank said bill assets remained good quality. By the end of May, it realized interest income of 958 million yuan from bill business, up 467 percent from the same period last year.


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