Loans balance goes up 9pc in Shanghai

BEIJING (XINHUA) – The balance of local and foreign loans in Shanghai stood at CNY7.98 trillion (about USD1.14 trillion) at the end of 2019, up nine per cent year on year, official data showed.

But the growth rate was 2.9 percentage points lower than the national loan growth in the previous year, according to the Shanghai Head Office of the People’s Bank of China.

The balance of RMB loans was CNY7.38 trillion at the end of 2019, up 9.3 percent year on year, but the growth rate was 1.1 percentage points lower than the same period in the previous year.

New RMB loans stood at CNY529.8 billion in 2019, 100.5 billion less from the previous year.

At the end of the 2019, the balance of foreign currency loans was USD86.3 billion, up 3.8 percent year on year.

New foreign currency loans stood at USD3.1 billion in 2019.

File photo shows a resident showing China’s RMB and US dollar banknotes in Qionghai, south China’s Hainan Province. PHOTO: XINHUA