Overseas banks conduct more RMB business

Overseas banks performed impressively in China last year, especially in Shanghai, the country's economic hub.

Sources with the Shanghai headquarters of the People's Bank of China said on Thursday that RMB-denominated deposits at overseas banks had soared rapidly in the city.

Sources with the Shanghai headquarters of the People's Bank of China said on Thursday that RMB-denominated deposits at overseas banks had soared rapidly in the city. The banks also claimed a larger share of the local RMB-denominated credit market.

Data shows overseas banks drew nearly 55.1 billion yuan in deposits in 2007, an increment of over 27.3 billion yuan and nearly 100 percent over the previous year.