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Assets of financial institutions rise 10%

Assets of financial institutions in China rose to 340.43 trillion yuan ($49.77 trillion) at the end of the second quarter, up 10 percent on a yearly basis, the People's Bank of China, the central bank, said. The banking sector's assets totaled 309.41 trillion yuan at the end of June, up 9.7 percent from a year earlier, and assets of securities institutions soared 14.8 percent to 9.04 trillion yuan, the PBOC said in an online statement. Meanwhile, insurance sector assets hit 21.98 trillion yuan, up 12.7 percent from a year earlier. Liabilities of financial institutions stood at 310.01 trillion yuan, up 9.9 percent on a yearly basis. Liabilities of banking institutions accounted for 283.93 trillion yuan, up 9.5 percent on a yearly basis.

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