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Shanghai Residents' Forex Deposits Top US$10 Billion
By the end of 2000, foreign exchange deposits of local residents in Shanghai reached US$10.35 billion, an increase of US$2 billion over the previous year, according to official sources Wednesday.
It is the first time that private foreign exchange deposits have exceeded US$10 billion, which is attributed to the relax of control by the municipal foreign exchange administration.
Individuals' deposits now make up 64.68 percent of the total foreign exchange deposits of local banks in the city.
Meanwhile, the city is witnessing a thriving business on the trading of foreign exchanges by local citizens, due to efforts made by local banks to provide local people with more investment opportunities and means.
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