Related News

Home » Business » Finance

Borrowers and savers both busy

Lending and household deposits in Shanghai skyrocketed in January, in line with the nationwide trend, the Shanghai headquarters of the central bank said yesterday.

Banks in Shanghai issued 95.01 billion yuan (US$13.91 billion) of local currency loans in January, accounting for one-third of last year's total, the Shanghai headquarters of the People's Bank of China said.

The figure was 33.5 billion yuan more than the same period last year.

Domestic banks extended 96.79 billion new yuan lending last month, but that figure fell because overseas banks' newly issued loans fell short of the loans borrowers paid back.

Echoing a nationwide trend, low-risk commercial bills accounted for about one-third of the total new yuan lending in Shanghai, showing that banks in the city are still somewhat reluctant to issue higher-risk loans.

Commercial bills represented 39 percent of new yuan lending in China in January. They are used by companies to cover short-term financing needs.

Household savings in the city grew 70.64 billion yuan in January, up 89.52 billion yuan from a year ago, when savings were falling, the central bank said.

Rising incomes drove household saving, the central bank said, while the suspension of stock trading during the holiday led to investors moving capital back to bank accounts.

Domestic banks lent 430 million yuan of personal mortgages in Shanghai, down 2.6 billion yuan from a year ago.

There were some 200 million yuan of auto loans, a rise of 50 million yuan from the same period last year.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend