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Chongqing's Outstanding Loans in Home and Foreign Currencies Hits RMB 600 Billion for the First Time with the Growth Ranking the 3rd in China

I. The deposits increased quickly and the increase of enterprise deposits made a sharp bounce

At the end of October 2008, the balance of deposits dominated in home and foreign currencies in Chongqing’s financial institutions reached RMB 773.02 billion, a y-o-y increase of 21.34% which was the highest in 2008 and 2.45% higher than the same period one year earlier. The balance was RMB 111.22 billion higher than the year beginning, and the increase was RMB 28.18 billion higher than the same period one year earlier. The balance of Renminbi deposits was RMB 764.43 billion, increased by 21.36% on a year on year basis or RMB 111.26 billion over the year beginning. The increase was RMB 28.6 billion higher than the same period one year earlier.

Savings deposit increased rapidly. At the end of October, the balance of Renminbi savings deposit reached RMB 379.8 billion, increased by RMB 56.98 billion over the year beginning which was 3.3% and 16.8% respectively higher than the end of the previous month and the same period one year earlier. The fixed savings deposit increased by RMB 3.94 billion in October, which was RMB 5.47 billion higher than the same period one year earlier, while the current savings deposit decreased by RMB 30 million over the previous month. The funds continued to flow back to the bank due to rapid fall in the domestic capital market. Due to the great gap between the interest rates of fixed and current deposits and the enhanced awareness of personal wealth management, the trend of fixed savings deposit became more prominent.

The increase of enterprise deposits had a sharp bounce. At the end of October, the balance of Renminbi deposits of enterprises reached RMB 220.41 billion, an increase of RMB 20.64 billion over the previous month and RMB 3.51 billion over the year beginning and a y-o-y increase of 17.29%. This changed the slow increase of enterprise deposits in August and September.

II. Significant Increase of Notes Financing Promotes Rapid Increase of Loans

At the end of October, the outstanding loans dominated in home and foreign currencies in Chongqing's financial institutions reached RMB 607.48 billion, which was the first time to exceed RMB 600 billion, increased by 18.65% on a year on year basis or RMB 87.78 billion over the year beginning. The increase was respectively 1.81% and 0.55% higher than the end of the previous month and the end of June, and the month-on-month increase was the highest this year. The outstanding Renminbi loans was RMB 600.81 billion, increased by 18.82% on a year on year basis or RMB 87.64 billion over the year beginning. At the end of October, the increase of Chongqing’s loans over the year beginning ranked the 3rd in China on a comparable basis.

Notes financing increased remarkably. At the end of October, the balance of notes financing reached RMB 37.23 billion, a y-o-y increase of 28.68% and an increase of RMB 6.3 billion over the year beginning. The new notes financing was RMB 6.91 billion in October, accounting for 73.8% of the newly granted loans of the month.

Short-term loans decreased and mid-term and long-term loans increased steadily. At the end of October, the outstanding short-term loans dominated in home and foreign currencies reached RMB 166.78 billion, an increase of RMB 6.33 billion over the year beginning. The outstanding mid-term and long-term loans dominated in home and foreign currencies reached RMB 399.8 billion, increased by 26.79% on a year on year basis, by RMB 75.34 billion over the year beginning and by RMB 4.85 billion over the previous month. At the end of October, Chongqing's personal mid-term and long-term consumption loans dominated in Renminbi reached RMB 93.32 billion, a slowing-down y-o-y increase of 28.77%.

For the sectors of the loans, the loans granted to key sectors and infrastructure sectors maintained a rapid growth. At the end of October, RMB 326.64 billion was outstanding among the loans dominated in home and foreign currencies and granted to infrastructure sectors (transport, storage and postal service, electricity, gas and water production and supply, water conservancy, environment and public facilities management), real estate and manufacturing sectors, accounting for 55.6% of the total outstanding loans. From January to October, the loans newly granted to the above industries reached RMB 47.96 billion, accounting for 56.3% of the loans newly granted in Chongqing. The loans granted to manufacturing and financial industries increased rapidly, with the increases of RMB 16.29 billion and RMB 12.48 billion respectively over the year beginning.

   

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