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Xinhua: Key National Banks Suffered Savings Account Money Reduction of One Trillion

Xinhua recently reported that the four largest state-owned banks had a decline of RMB one trillion (around US$163 billion) in customers’ savings accounts in the first three weeks of July alone. The speed at which these four banks approved loans also slowed significantly. These four largest banks are the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, and China Construction Bank. Their savings account losses are (in RMB) 346 billion, 234 billion, 180 billion, and 250 billion, respectively. Experts expressed the belief that, due to the fact that customers are not putting their money into these banks, the pressure is high on the interest rate side. It will be more expensive to obtain loans. 
Source: Xinhua, July 25, 2013