China city commercial banks' assets total $3.8t

BEIJING - China's 133 city commercial banks recorded 26.28 trillion yuan ($3.8 trillion) in total assets by the end of September, according to the China Banking Regulatory Commission (CBRC).

The figure represents an increase of 4.29 percent from the previous quarter.

The banks' outstanding loans totaled 9.83 trillion yuan, while deposits amounted to 16.28 trillion yuan, the CBRC said in an online statement.

China's city commercial banks have developed quickly in recent decades. Their combined assets now account for 12.09 percent of the banking system's total.

The city commercial banks, an important part of China's commercial banking system, were founded in 1995 through shareholding reform of urban credit cooperatives.

In terms of assets, the Bank of Beijing, Bank of Shanghai, and Bank of Jiangsu were among the front runners.

Earlier data showed Chinese banks held 219.61 trillion yuan in onshore assets as of the end of October.