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Foreign and Taiwanese and Hong Kong banks in Shanghai have reported total profits of about US$100 million for 2002, said Shanghai Branch of the People's Bank of China.
As China's financial center, Shanghai have nearly 50 foreign banking institutions with assets totaling US$20 billion, which includes US$9.5 billion in loans.
Twenty-four foreign banks are currently dealing in Chinese currency, mainly providing such services as savings, loans and settlement in the Chinese currency to overseas enterprises. Six others are preparing to offer these services.
As of Nov. 30, 2002, the combined assets of the foreign banks dealing in Chinese currency totaled 36.9 billion yuan (US$4.5 billion), up 3 billion yuan (US$365 million) from last year.
These assets include 29.6 billion yuan in loans (US$3.6 billion).
(Edited from Xinhua News Agency January 4, 2003)
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