China's financial institutions see rising assets

BEIJING -- Assets of financial institutions in China rose to 340.43 trillion yuan ($49.77 trillion) at the end of the second quarter, up 10 percent year on year, the central bank said on Monday.

The banking sector's assets totaled 309.41 trillion yuan at the end of June, up 9.7 percent from a year earlier, and assets of securities institutions soared 14.8 percent to 9.04 trillion yuan, the People's Bank of China said in an online statement.

Meanwhile, insurance sector assets hit 21.98 trillion yuan, up 12.7 percent from one year earlier.

Financial institution liabilities stood at 310.01 trillion yuan, up 9.9 percent year on year. Of the total, banking institution liabilities accounted for 283.93 trillion yuan, up 9.5 percent year on year.

Liabilities of securities institutions were 6.66 trillion yuan, up 17.8 percent year on year. Liabilities of insurance institutions were 19.41 trillion yuan, up 12.8 percent year on year.