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Shanghai Foreign Currency Saving Rises Steadily
The statistic by the end of May shows that the balance of foreign currency saving by Shanghai residents, if converted into USD, has reached 9.17 billion dollars, covering 14.82% of that of the same period in China and 64% of that held by Chinese-funded financial institutions in Shanghai, thus becoming a major source of foreign exchange capital.
The newly increased foreign currency saving is 0.78 billion dollars. The first 5 months see the various deposits balance hitting 14.32 billion dollars, an equivalent to 12.89% of foreign exchange deposit balance, showing a strong trend in growth.
The characteristics are: first, the growth rate in each month is relatively stable, indicating an steady source of savings; secondly, time deposits cover a high ratio in the balance, reaching 93.7%, which is good for long-term use of funds; and finally, the interests for foreign currency comparatively advantageous over domestic ones. This has facilitated the absorption of foreign currency in cash.
On May 29th, People's Bank of China declared the raise of interests for foreign currencies, and the growth of foreign currency saving in Shanghai is more evident and is expected to maintain in the coming period.
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