PBOC: Bank deposits fall due to demand for new IPOs

It's saying that bank deposits held by Chinese households fell more than 500 billion yuan in October. The People's Bank of China is citing demand for new IPOs as the main factor for this decrease. Corporate deposits fell almost 200 billion yuan also for much the same reason.

Yuan-denominated lending rose to 26 trillion yuan at the end of October, an increase of 18 percent from a year earlier.

Three and a half trillion yuan in new loans was extended in the first 10 months of the year. That is 10 percent higher than the figure for the whole of last year.

Editor:Xiong Qu