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China's banking asset custody volume exceeds 100 trillion yuan

Xinhua, August 11, 2016 Adjust font size:

The custodial assets held by Chinese banks soared as they sought new growth engines on their journey to becoming more market-driven financial institutions, industry data showed Thursday.

The volume of asset custody held by Chinese banks surpassed 100 trillion yuan (15.15 trillion U.S. dollars) by the end of June, an increase of 53.6 percent year on year, according to the China Banking Association's latest report.

In the past six years, custodial assets grew at an average annual rate of 52.89 percent year on year, according to Huang Runzhong, head of the secretariat of the association.

It has become a key link between currency and the capital market, as well as the real economy, he added.

Banks' asset custody services include capital settlement, asset safekeeping and wealth management. Banks are developing such intermediary businesses to make a profit, rather than relying heavily on net interest margin, which is shrinking as interest rates are increasingly liberalized.

The report showed that by the end of 2015, financial institutions' custodial assets accounted for 62.74 percent of their total deposits. At the end of 2011, this proportion was 17.11 percent. Endi