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China's Residential Forex Deposits Approach US$70 Billion
The foreign exchange deposits of Chinese residents stood at US$69.92 billion by October, growing 32.5 per cent from last year, according to chinadaily.com.cn.
A source with the People's Bank of China, the central bank, said the outstanding balance of foreign exchange deposits in the first 10 months this year hit US$14.57 billion, while at the same period of last year, China's banks collected US$3.07 billion less.
The source said the increasing residential deposit of foreign exchanges was due to two factors: More Chinese nationals have come back and settled in China; and Chinese residents have received more remittances from their relatives living abroad.
China's foreign exchange deposits have been on the rise since the beginning of this year. By the end of October, the balance of foreign exchange deposits at all China's domestic banking institutions totaled US$122.68 billion, according to the central bank.
The foreign exchanges which China's businesses have kept in the banks amounted to US$44.15 billion by October, which increased 11.9 percent over the same period last year.
The central bank also reported that by the end of October, the amount of foreign exchange loans, which banks lent to businesses and individuals, reached US$64.39 billion.
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