Foreign banking institutions witnessed a faster growth in Renminbi-denominated loans in November in this city, China's largest financial hub.

According to the Shanghai Branch of the People's Bank of China,by the end of November loans outstanding in local currency at foreign financial institutions totaled 43.92 billion yuan (5.3 billion US dollars) in Shanghai.

The increment in the loans outstanding in November was 2.23 billion yuan (268.7 million US dollars).

Of the total loans made in November, 1.79 billion yuan (215.7 million US dollars), or 80.4 percent, were short-term loans.

Source: Xinhua