Shanghai’s loans surge 7% in by end-Feb

Shanghai’s loans surged seven per cent year-on-year to 11.4 trillion yuan ($1.61 trillion) by end of February, outpacing deposit growth, according to the People’s Bank of China, as reported by Xinhua.

The balance of yuan-denominated loans rose 8.2 per cent year-on-year to 10.83 trillion yuan, while foreign currency loans experienced a decline of 13.9 per cent year-on-year, reaching $81.1 billion.

The total balance of deposits in Shanghai climbed to 20.46 trillion yuan by the end of February, reflecting a 6.5 per cent increase year-on-year.

(1 United States dollar = 7.24 Chinese yuan)