Passenger Vehicle Sales to Grow 10-15%
China's passenger vehicle sales rose 13.1% year on year in the first 8 months of 2013, and are expected to keep a double-digit growth at 10-15% annually in 2013-15, Guotai Junan Securities said in a research report. In August, Sedan, SUV and MPV sales were up 10%, 124% and 43% year on year respectively.
Big 4 Banks See Cash Exodus
Over 202 billion yuan of deposits were withdrawn from China's big 4 stated-owned bank in the first 3 weeks of September, the 21st Century Business Herald reported, citing people familiar with the matter. This means they must attract at least 1 trillion yuan in deposits in the final week to meet the quarter-end liquidity requirements. During the 3 weeks the big 4 banks extended 220 billion yuan of loans, and nationwide new loans in September are expected to total 600 billion yuan, according to the sources.
Banking Assets Rise 15%
China's banking sector had 141.67 trillion yuan in assets and 132.15 trillion yuan in liabilities as at the end of August, up 14.5% and 14.4% respectively from a year earlier, according to the banking regulator.
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