Financial institutions in Shanghai added US$1.47 billion to their foreign-exchange-denominated deposits in the second quarter of this year, representing a year-on-year increment of US$814 million.

 

According to the Shanghai headquarters of the People's Bank of China, the central bank, by the end of June, forex-denominated deposits outstanding at both domestic and foreign-invested financial institutions in Shanghai stood at US$24.99 billion, US$1.53 billion more than the level at the beginning of the year. The increment was US$504 million higher than the year-earlier level.

 

By the end of June, the banking organizations registered US$33.14 billion in forex-denominated loans outstanding, up US$3.18 billion from the beginning of the year. And the increase was US$722 million more than the year-earlier level, the PBC's Shanghai headquarters said.

 

Between April and June, the institutions granted US$1.24 billion in forex-denominated loans, up US$60 million year-on-year.

 

In the three months, Chinese organs reported US$744 millio in export financing, up US$619 million over the same period of last year. Meanwhile, they experienced a decline in short-term loans.

 

The loan-structure changes were related to continuous appreciation of renminbi and to growth in China's foreign trade, the regional headquarters of the central bank noted.

 

(Xinhua News Agency July 20, 2006)