NewUp Bank of Liaoning has received approval to set up a branch in Shenyang, North China’s Liaoning province. The city has added a further 54 financial and financial service institutions, including the headquarters of Bank of China Liaoning branch. Shenyang city has gained approval to carry out pilot cross-border RMB trade. The city boasted 1,490 banks and bank outlets by the end of 2016. Deposits in RMB and foreign currencies in all financial institutions totaled 1.44 trillion yuan ($218.3 billion). The figure grew by 2.9 percent compared with the figure at the beginning of 2016. Loans in RMB and foreign currencies from all financial institutions reached 1.28 trillion yuan, up 10.5 percent compared with the beginning of 2016.

A total of 123 stock exchanges had been set up in Shenyang by the end of 2016 and turnover had reached 3.63 trillion yuan, down 34.4 percent compared with last year, among which, the turnover of stocks hit 1.97 trillion yuan, down 50.9 percent compared with last year, and turnover of funds hit 69.04 billion yuan, down 82.3 percent compared with last year.

There were a total of 528 insurance companies and outlets in Shenyang by the end of 2016. Premium income for 2016 reached 30.41 billion yuan, year-on-year growth of 32.1 percent. Domestic property insurance premium income reached 8.05 billion yuan, year-on-year growth of 6.4 percent. Premium income for life insurance reached 22.12 billion yuan, year-on-year growth of 45.8 percent. Compensation and payment expenses totaled 10.15 billion yuan, year-on-year growth of 1.6 percent, among which, the domestic property insurance indemnity expenses hit 4.37 billion yuan, down 4.9 percent, and life insurance compensation and payments hit 5.61 billion yuan, up 8.6 percent.

Source: The 2016 statistical bulletin of the national economic and social development of Shenyang.