China's financial institutions report 7 pct growth in total assets

BEIJING, Sept. 20 (Xinhua) -- Total assets of China's financial institutions rose to 480.64 trillion yuan (about 68.03 trillion U.S. dollars) as of the end of June this year, according to data released by the country's central bank on Friday.

The figure represented a year-on-year increase of 7 percent, said the People's Bank of China.

Of the total, the assets of the banking sector reached 433.1 trillion yuan, up 6.6 percent year on year, while the assets of securities institutions dipped 0.1 percent year on year to 13.75 trillion yuan.

The insurance sector's assets gained 15.7 percent year on year to 33.8 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 438.68 trillion yuan, up 6.9 percent year on year, according to the data.