China reports 15.9 percent growth in private bank deposits

Private bank deposits on the Chinese mainland grew by 15.9 percent year-on-year to 11.9 trillion yuan (1.45 trillion US dollars) by the end of April, according to the country's central bank.

According to the figures released by the People's Bank of China,the country's central bank, the growth rate of the outstanding banking deposits was 2.5 percentage points lower than that for the same period of the previous year.

That represents 32.3 billion yuan (3.9 billion US dollars) in newly-added bank deposits, which the central bank said was caused by the issuance of the

State treasury bonds and fund products in large volume in April, whose returns are higher than the interest rates.

By the end of April, all banking institutions on the mainland reported 22.24 trillion yuan (2.71 trillion US dollars) in outstanding bank deposits in

Chinese currency, up 20.4 percent.