Renminbi deposits, loans slow down at foreign banks

SHANGHAI: The growth of foreign banks' renminbi deposits and loans slowed in 2008 in contrast to the sharp increases at domestic banks, according to data from the People's Bank of China.

As of December, the outstanding renminbi and foreign currency loans of all financial institutions totaled 32.01 trillion yuan, up 17.95 percent from the year before, while total deposits in all currencies climbed 19.3 percent to reach 47.84 trillion yuan.

Renminbi deposits at foreign banks rose by only 30.18 billion yuan in 2008 compared to an increase of 55 billion yuan in 2007. In the fourth quarter of 2008, renminbi deposits at foreign banks fell by 2.27 billion yuan.