1. Brief introduction
Consolidated Report by ChinaAbout.net: Based on the released data by the People’s Bank of China (China’s central bank) on July 12, on the first half of 2013, the RMB deposits increased by 9.09 trillion yuan (1.466 trillion US dollar); and as of the end of June the RMB deposits in China reached 100.91 trillion yuan (16.1456 trillion US dollar), the number for the first time exceeded one hundred trillion yuan. In terms of a total population of 1.3 billion, the deposit is 77,623 yuan (12,420 US dollar) per capita.
The current “liquidity crisis” in Chinese banks booms the financial market. Recently, the financial products yields continued to climb, some financial products are expected to offer yields as high as 7%. According to the Bank Rate Network statistics, as of yesterday, among the available financial products, 23 financial products’ expected return is higher than 6%. And these high yielding financial products are not all targeting at high-end customers, eight financial products request a minimum investment of only 100,000 yuan or US$ 16,000, and the investment period is less than three months.
According to Xinhua News Agency, the Jinan Municipal Government briefed reporters on the 15th that the “12.06” forgery financial ticket case involving more than 10 billion yuan (US$ 1.6 million) which happened in 2010. It is learned that on 14 the Jinan Intermediate People’s Court pronounced the verdict of first instance, the defendant Liu Jiyuan was sentenced to life imprisonment.
Recently, with the Bank of Japan decided to keep monetary policy unchanged and the market worried about the U.S. policy of quantitative easing is ready to quit, the international hot money began to withdraw from emerging markets, Asian stocks plunged directly for these days. And the fact that China’s new foreign exchange dropped in May also confirmed this point indirectly.