Banks expand as assets and liabilities grow

China’s banking sector continued to expand in February, with assets and liabilities growing, new official data shows.

The country’s banking institutions held 266 trillion yuan (US$39.6 trillion) in onshore assets by end-February, up 7.1 percent year on year, according to the China Banking and Insurance Regulatory Commission.

The growth was faster than the 6.9 percent increase in January.

Banking institutions’ onshore liabilities rose 6.7 percent to 244 trillion yuan, according to the regulator.

The combined onshore assets of commercial banks came in at 217.9 trillion yuan, up 8.1 percent.

Liabilities increased 7.7 percent to 200.6 trillion yuan, the commission data showed.

City-based commercial banks recorded 35 trillion yuan in total onshore assets by the end of February, up 9.9 percent year on year.

Rural financial institutions saw their assets expand 7.1 percent to 36 trillion yuan.