Overseas banks' earnings rise

SHANGHAI: Overseas banks in China's financial hub posted a combined 171 percent jump in pre-tax profit for their renminbi business in the first half of this year, the local banking watchdog said.

Following the full opening of the country's financial sector late last year, overseas banks in Shanghai achieved a rapid growth in deposits, lending and their ability to counter risks, said the Shanghai office of the China Banking Regulatory Commission (CBRC).

In a statement, the local regulator said overseas banks in Shanghai generated a total of 1.484 billion yuan in pre-tax profit for their renminbi business between January and June. That accounts for about 72 percent of their pre-tax profit contributed by foreign-currencies business, up 21.54 percentage points over the beginning of the year.