Boost for banks
Source: Shanghai Daily |
May 18, 2015, Monday
|
Print Edition
Print Edition
THERE were 94 banks and 27 non-banking financial institutions in the Shanghai free trade zone at the end of the first quarter. In the first quarter, funds of 89 billion yuan (US$14.4 billion) were transferred through the cash pooling business in the zone, accounting for 70 percent of the total in 2014. Value of cross-border net settlement business totaled 4 billion yuan during the period, representing 50 percent to the total in 2014. By the end of March, 14 commercial banks opened 12,200 free trade accounts for clients, up 25 percent from 2014.
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