Overseas Banks in Shanghai Report Fast Business Growth

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Last updated at: (Beijing Time) Monday, June 30, 2003

Overseas Banks in Shanghai Report Fast Business Growth

Overseas banks in Shanghai, the biggest city in China, reported 5.31 billion US dollars in deposits by the end of May, a year-on-year growth of 41.37 percent.

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Overseas banks in Shanghai, the biggest city in China, reported 5.31 billion US dollars in deposits by the end of May, a year-on-year growth of 41.37 percent.

According to figures released by the Shanghai branch of the People's Bank of China, the central bank, the deposits include 3.03 billion US dollars in foreign exchange.

Foreign banks recorded 9.54 billion US dollars in outstanding loans, down by 3.48 percent, including 6.62 billion US dollars in foreign exchange.

Analysts said the figures showed business in foreign exchange by the overseas banks was back on track as the effects of the Asian financial crisis have gradually faded out.

A total of 34 overseas banks in Shanghai have been authorized by the central bank to do business in Chinese currency, which has been a new growth area for these banks.

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