China's financial assets hit $68t, insurance surge 15.7% YoY

This is equivalent to $4.73t.

The assets of China's financial institutions recorded total assets of $68.03t (CN¥480.64t), reflecting a 7% year-on-year increase (YoY), according to data from the People's Bank of China.

The insurance sector experienced significant growth, with assets rising 15.7% YoY to $4.73t (CN¥33.8t).

The banking sector's assets accounted for the majority, reaching $60.63t (CN¥433.1t), a 6.6% YoY rise compared to the previous year.

Meanwhile, the securities sector saw a slight decline, with assets dipping 0.1% YoY to $1.92t (CN¥13.75t).

Liabilities of financial institutions totalled $61.42t (CN¥438.68t), up 6.9% YoY from the previous year.

($1.00 = CN¥7.02)