Foreign Currency Deposits Soar

The bank deposits of foreign currencies by Chinese individuals had hit US$69.92 billion by the end of October, rising up 32.5 percent from the same period last year.

According to figures released Wednesday by the People's Bank of China, the foreign-currency deposits of Chinese individuals increased by US$14.57 billion in the first 10 months of this year.

By the end of October, the foreign-currency deposits of domestic Chinese financial institutions stood at US$122.68 billion, up 22.8 percent from the comparable period of last year.

In the same period, the foreign-currency deposits of enterprises rose 11.9 percent to read US$44.15 billion, the central bank said.

By the end of last month, banks' foreign-currency loans totaled US$64.39 billion, dropping US$4.47 billion from the beginning of the year.

(Xinhua 11/15/2000)

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