Shanghai posts steady growth in forex deposits in 2nd quarter

Financial institutions in Shanghai added 1.47 billion U.S. dollars to their foreign-exchange-denominated deposits in the second quarter of this year, representing a year-on-year increment of 814 million U.S. dollars.

According to the Shanghai headquarters of the People's Bank of China, the central bank, by the end of June, forex-denominated deposits outstanding at both domestic and foreign-invested financial institutions in Shanghai stood at 24.99 billion U.S. dollars, 1.53 billion U.S. dollars more than the level at the beginning of the year. The increment was 504 million U.S. dollars higher than the year-earlier level.

By the end of June, the banking organizations registered 33.14 billion U.S. dollars in forex-denominated loans outstanding, up 3.18 billion U.S. dollars from the beginning of the year. And the increase was 722 million U.S. dollars more than the year-earlier level, the PBOC's Shanghai headquarters said.

Between April and June, the institutions granted 1.24 billion U.S. dollars in forex-denominated loans, up 60 million U.S. dollars year-on-year.

In the three months, Chinese organs reported 744 million U.S.dollars in export financing, up 619 million U.S. dollars over the same period of last year. Meanwhile, they experienced a decline in short-term loans.

The loan-structure changes was related to continuous appreciation of Renminbi and to growth in China's foreign trade, the regional headquarters of the central bank noted.

Source: Xinhua