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Wan LixinOpinion deputy editor of Shanghai Daily
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Custodial assets surge
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THE custodial assets held by Chinese banks soared as they sought new growth engines to help them become more market-driven financial institutions, industry data showed yesterday.
The volume of asset custody held by Chinese banks surpassed 100 trillion yuan (US$15.15 trillion) by the end of June, up 53.6 percent year on year, according to the China Banking Association's latest report.
In the past six years, custodial assets grew at an average annual rate of 52.89 percent year on year, said Huang Runzhong, head of the secretariat of the association.
Banks’ asset custody services include capital settlement, asset safekeeping and wealth management. Banks are developing such intermediary businesses to make a profit, rather than relying heavily on net interest margin, which is shrinking as interest rates are increasingly liberalized.
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