Overview of offshore banking units (January 2002)
Central Bank of China
PRESS RELEASE Release Date: March 11, 2002
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Overview of offshore banking units (January 2002)
At the end of January, 2002, there were 68 offshore banking units(OBUs)in
operation. Of these, 38 belonged to domestic banks and 30 belonged to foreign
banks. The combined assets of all OBUs amounted to US$51.234 billion at the end
of January, 2002; increased by US$3.022 billion or 6.27%compared with the same
month of the previous year. Domestic bank OBUs accounted for US$37.004 billion
or 72%of these combined assets, and foreign bank OBUs accounted for US$14.230
billion or 28%of the total.
Based on the balance sheet analysis, the OBU's main sources of funds were due to
related offices and deposits by financial institutions that accounted for 71%of
total liabilities. Of these, due to related offices accounted for 56%of total
liabilities, deposits by financial institutions situated locally for 9%, those
by financial institutions located overseas for 2%and inter-OBU deposits for 4%.
The other sources of funds included deposits by non-financial institutions
accounting for 25%of total liabilities and other liabilities plus the equity of
head office for 4%. In terms of the areas of origin, the main source of funds
was Asia that accounted for 78%, followed by America with 16%, Europe with 4%and
other areas with 2%.
The main uses of funds were due from related offices and deposits with financial
institutions that accounted for 58%of total assets, of which 26%was due from
related offices, 25%was deposited overseas, 3%with other domestic financial
institutions and 4%with domestic OBUs. The other uses of funds included loans
accounting for 30%of total assets, security investments for 8%and other assets
for 4%. Asia was the main destination of funds accounting for 63%, followed by
America with 25%, Europe with 10%and other areas with 2%.
The loans outstanding of all OBUs at the end of January, 2002, amounted to
US$15.451 billion, of which 81%was extended to oversea debtors, and 19%to local
debtors. Of this amount, long-term loans extended to oversea debtors accounted
for US$8.690 billion, followed by short-term loans extended to oversea debtors
with US$3.839 billion and loans extended to local debtors with US$2.922 billion.
The export banking business volume of all OBUs in January was US$2.689 billion.
Of this amount, export collection plus export remittance accounted for US$1.835
billion and export negotiation for US$0.854 billion.
The foreign exchange trading turnover of all OBUs in January was US$2.390
billion. Of this amount, spot transactions accounted for US$1.649 billion,
followed by foreign exchange swaps with US$0.610 billion and outright forwards
with US$0.131 billion.
The total trading turnover of the other new products of all OBUs in January was
US$2.435 billion. Of this amount, options accounted for US$2.173 billion,
followed by foreign currency interest rate swaps with US$0.110 billion, foreign
currency forward rate agreements with US$0.080 billion, financial futures with
US$0.042 billion, and margin account tradings with US$0.030 billion.