Money-raising Bill Businesses Brisk in Shanghai

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Last updated at: (Beijing Time) Saturday, April 12, 2003

Money-raising Bill Businesses Brisk in Shanghai

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Domestic financial institutions in Shanghai had 82.44 billion yuan (some 9.9 billion US dollars) worth of immature discount bills at the end of March, a rise of 15billion yuan (1.8 billion dollars) from the beginning of the year.

Local shareholding commercial banks are the biggest dealers in the bill discount business, followed by state-owned commercial banks, local banks and financing companies, according to the People's Bank of China Shanghai Branch.

The bill rediscount business, an indicator of the bill business among commercial banks, was also brisk this year, with immature rediscount bills reaching 15.8 billion yuan (1.9 billion dollars) at the end of March, 6.2 billion yuan (some 746 million dollars) higher than the figure at the start of the year.

Experts said bill discount has become one of the major channels and methods for commercial banks to raise and circulate money in the short-term.

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