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Chinese residents' bank deposits hit 17.5 trln yuan

(Xinhua)
Updated: 2007-05-12 10:04

China's outstanding resident's bank deposits hit 17.5 trillion yuan (US$2.28 trillion) at the end of March 2007, according to the quarterly monetary policy report of the People'sBank of China.

However, its growth rate is 5.7 percentage points lower than that of a year earlier with the increment down by 83.6 billion yuan accordingly, the central bank report said.

Among the total, resident's current deposits increased by 206.5 billion yuanyear on yearwhile resident's fixed-term deposit declined by 290.1 billion yuan year on year at March end.

The report attributed the declining growth rate to the increasing income of residents, which result in more spending, the report explained.

Meanwhile, booming capital market also provokes depositors to draw their cash from banks, it said.

In the first quarter, 4.78 million stock accounts were opened in China and in April alone, another 4.5 million new accounts were set up.