Private deposits up 15.9% in April

Private bank deposits in April increased by 15.9% year-on-year, totaling US$1.45 trillion, according to data released by the People's Bank of China. The growth rate of the outstanding deposits was 2.5 percentage points below the rate for the same period in 2003. The central bank said the US$3.9 billion in new deposits was spurred by large issues of state treasury bonds and fund products in April.