Personal savings deposits held in foreign currencies in China's banks have increased steadily during the past 10 months.

Individual foreign exchange deposits at the Bank of China were valued at 30.5 billion US dollars by the end of October, a 6.3 billion US dollars increase over the same period of last year, an official from the bank said.

The average monthly growth in foreign exchange deposits this year was about 600 million to 700 million US dollars, the official said.

Foreign exchange deposits are expected to continue the strong growth momentum in months to come.

The growth stems from many factors, analysts said, including an increase in the US dollar interest rates relative to the Renminbi, sentiment strengthening the US dollar and the recently implemented tax levy on personal deposit in China.