BEIJING — Chinese banking institutions held 275.8 trillion yuan (about $40.61 trillion) in onshore assets by the end of the first quarter, official data showed on May 10.

The volume expanded 7.74 percent year-on-year, according to the China Banking and Insurance Regulatory Commission.

Their onshore liabilities rose 7.37 percent to 253.4 trillion yuan, said the regulator.

The combined onshore assets of commercial banks came in at 227.4 trillion yuan, up 8.69 percent, while their liabilities increased 8.35 percent to 209.8 trillion yuan.

City-based commercial banks recorded 35.2 trillion yuan in total onshore assets by the end of March, up 11.5 percent year-on-year. Rural financial institutions saw their assets expand 7.33 percent to 36.1 trillion yuan.