BEIJING, Sept. 15, 2022 (Xinhua) — Official data released by the People’s Bank of China (the central bank) on Wednesday showed that Chinese financial institutions witnessed an expansion in their balance sheets by the end of the second quarter of this year.
The data showed that the country’s financial institutions saw their combined assets increase 9.7 percent year on year to 407.42 trillion yuan (about 58.95 trillion U.S. dollars) by the end of the second quarter, while their combined liabilities rose 9.9 percent from a year earlier to 371.04. trillion yuan.
Banking institutions, which occupy the lion’s share in the financial industry, recorded a 9.4 percent increase in total assets, while companies operating in the securities industry saw their combined assets rise by 16.3 percent year on year.
Central bank data showed that the country’s insurance companies registered combined assets of 26.64 trillion yuan, up 11 percent year on year.
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