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China state banks' deposits plunge in early Dec - report
December 16, 2011 / 3:05 AM / 6 years ago

China state banks' deposits plunge in early Dec - report

BEIJING, Dec 16 (Reuters) - Deposits fell sharply at China’s big four state banks early this month, partly due to an outflow of hot money from China, local media reported on Friday, citing unidentified sources.

The big four banks, which account for half of total bank deposits in China, reported a 400 billion yuan ($62.76 billion) fall in deposits in the first 10 days of December, the 21st Century Business Herald reported.

The fall was biggest for the Bank of China Ltd , which recorded a 200 billion yuan decline, the paper reported.

Bank of China was not immediately available for comment.

The other three big state banks are Industrial and Commercial Bank of China Ltd , Agricultural Bank of China Ltd and China Construction Bank Corp .

The decline in deposits would cause additional liquidity stress for the lenders, limiting their capacity to lend, the paper said.

Total bank deposits rose by 324.7 billion yuan in November, after a fall of 201 billion yuan in October. ($1 = 6.3735 Chinese yuan) (Reporting by Zhou Xin and Don Durfee; Editng by Chris Lewis)

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