China Bank's Microloans Top 1tn Yuan

The Postal Savings Bank of China, one of the country’s largest state-owned banks, saw the outstanding amount of its microloans to small businesses stand at 1 trillion yuan ($157 billion), the Shanghai Securities News reported.

The lender has handled more than 6 trillion yuan of microloans for about 50 million customers, and each of the loans stood at more than 100,000 yuan on average, said the report.

Read the full report: Shanghai Securities News

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Tags: Loans

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.