Shanghai's Bills Market RevitalizedAfter several years of stagnation, Shanghai's bills market has staged a comeback this year.The discount loans and rediscount loans issued between January and September this year in Shanghai have reached 24.44 billion and 8.86 billion yuan, respectively, an increase of 14.77 and 5.972 billion yuan over the same period last year. China's Central Bank (CCB) has had a policy of expanding domestic demand and increasing currency supply since last year, and has taken certain measures to promote the acceptance, discount and rediscount of bills, which has helped bring the revitalization of the bills market in Shanghai, according to a relevant official from Shanghai Branch of CCB. Shanghai's bills market has experienced ups and downs over the past decade. The annual discount loans and rediscount loans issued between 1991 and 1997 had been higher than 23 and 7 billion yuan, respectively. Thereafter, as counterfeit bills appeared and some banks refused to accept or delayed accepting bills unreasonably, the bills market in Shanghai weakened. According to authoritative financial experts, the revitalization of the bills market in Shanghai indicates a favorable turn for credit businesses. |
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