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BOC's yuan savings deposits tops US$120.48b
(Xinhua)
Updated: 2004-02-20 11:35

China's oldest bank Bank of China (BOC) said on February 19 its outstanding Renminbi savings deposits had passed a new milestone -- 1 trillion yuan (US$120.48 billion).

By the end of January, the figure rose to a record 1.05 trillion yuan (US$126.5 billion), a spokesman for the bank said.

He said the bank's retail business had been developing at a fast pace partly thanks to the use of a more computerized network and development of new products such as telephone services and e-banking.

The BOC had, in nearly two decades, developed from a bank specializing in doing foreign exchange business and serving foreign trade to a commercial bank featuring balanced development of savings deposits in both Chinese and foreign currencies, the spokesman added.

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