China's Interbank Trading Tops One Trillion YuanTurnover of China's interbank money market has surpassed one trillion yuan (about 120.4 billion US dollars) this year, according to the latest figures released by the Shanghai-based China Interbank Trade System.The total interbank trading volume included 366.9 billion yuan (about 44.2 billion US dollars) in credit, 591.6 billion yuan (about 71.2 billion US dollars) in bond repurchase agreements, and 43.3 billion yuan (about 5.2 billion US dollars) in spot bonds, up 227 percent, 208 percent and 2751 percent respectively from the same period in 1999. A source with the China Interbank Trade System said the upward trend represents an increasing demand for capital as the country's economic situation is turning for the better. The source also attributed the money trade growth to improving services, citing the establishment of an information system and the launch of on-line price offering. There are now 394 members in China's interbank money market, more than double the 1998 figure, because more financial institutions like stock companies, fund administration companies and rural credit cooperatives, were approved by the People's Bank of China to enter the interbank trading market. |
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