China's financial institutions report 7% asset growth

Beijing [China], September 21: Total assets of China's financial institutions rose to CN¥480.64 trillion (about US$68.03 trillion) as of the end of June this year, according to data released by the country's central bank on Friday.
In a statement carried by Xinhua News Agency, the People's Bank of China said the figure represented a year-on-year (YoY) increase of 7 percent.
Of the total, the assets of the banking sector reached ¥433.1 trillion, up 6.6 percent YoY, while the assets of securities institutions dipped 0.1 percent YoY to ¥13.75 trillion.
The insurance sector's assets gained 15.7 percent YoY to ¥33.8 trillion, the data showed.
The liabilities of the financial institutions totalled ¥438.68 trillion, up 6.9 percent YoY, according to the data.
Source: Emirates News Agency