Monday, April 12, 2010
Wires
China-Economy
SHANGHAI (AP) - Chinese banks have issued new local currency loans worth 2.6 trillion yuan (US$380.7 billion) in the first quarter of this year, as regulators sought to wind down massive stimulus spending.
The new loans issued in January-March compared with 4.58 trillion yuan ($670.6 billion) in lending in the first quarter of 2009, as the banks ramped up loans for construction and other projects backed by a 4 trillion yuan ($586 billion) stimulus package.
The People's Bank of China said in a report on its Web site Monday new loans in March fell to 510.7 billion yuan ($74.8 billion) from 700.1 billion yuan ($102.5 billion) in February. February lending was half of January's level.
The central bank has repeatedly warned banks against excess lending. 120944 apr 10GMT
Wires
China-Economy
SHANGHAI (AP) - Chinese banks have issued new local currency loans worth 2.6 trillion yuan (US$380.7 billion) in the first quarter of this year, as regulators sought to wind down massive stimulus spending.
The new loans issued in January-March compared with 4.58 trillion yuan ($670.6 billion) in lending in the first quarter of 2009, as the banks ramped up loans for construction and other projects backed by a 4 trillion yuan ($586 billion) stimulus package.
The People's Bank of China said in a report on its Web site Monday new loans in March fell to 510.7 billion yuan ($74.8 billion) from 700.1 billion yuan ($102.5 billion) in February. February lending was half of January's level.
The central bank has repeatedly warned banks against excess lending. 120944 apr 10GMT