Banks add to metals hoard to meet leasing demand

The value of precious metals held by China's biggest lenders surged 66 percent year-on-year during the first half as banks leased more gold to customers to get around rules that made it harder to lend cash.

Precious metals held by Industrial & Commercial Bank of China Ltd, China Construction Bank Corp, Agricultural Bank of China Ltd and Bank of China Ltd, the country's four biggest lenders, were worth 378 billion yuan ($62 billion) as of June 30, according to their financial reports.

The growth rate outpaced the gain in benchmark bullion prices, which rose 7.5 percent.