New Loans in China Fall Sharply in February

The Chinese government's efforts to rein in lending seems to be effective as the country's banks extended 700.1 billion yuan (S$143 billion) in new loans in February, down sharply from January, reports an AFP article published by the Straits Times.


Citing a statement issued by the People's Bank of China, the report also says that the loans given was 371.4 billion yuan less than total loans granted in the same month in 2009.


The report reveals that Premier Wen Jiabao has announced that China will cut its bank lending target in 2010 to 7.5 trillion yuan, after new loans extended by China's banks nearly doubled in 2009 from the previous year to 9.6 trillion yuan.



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