According to the People’s Bank of China, Shanghai witnessed a notable surge in loans, reaching 11.4 trillion yuan ($1.61 trillion) by the end of February, marking a seven percent increase compared to the previous year. This growth outpaced the rise in deposits, as reported by Xinhua.
The balance of yuan-denominated loans specifically saw an 8.2 percent year-on-year increase, reaching 10.83 trillion yuan. However, foreign currency loans experienced a decline of 13.9 percent year-on-year, amounting to $81.1 billion.
Meanwhile, the total balance of deposits in Shanghai reached 20.46 trillion yuan by the end of February, reflecting a 6.5 percent increase year-on-year.
