CHINA> National
Bank loan plummets to $86.6b in April
(Xinhua)
Updated: 2009-05-11 20:23

BEIJING -- China's bank credits fell considerably in April after staying above 1 trillion yuan for three straight months, with yuan-denominated new loans standing at 591.8 billion yuan (US$86.65 billion), the People's Bank of China said here Monday.

Related readings:
Bank loan plummets to $86.6b in April China's new loan growth may decline in April
Bank loan plummets to $86.6b in April Banks hit by bad loan provisions
Bank loan plummets to $86.6b in April Credit policy unchanged despite 1Q loan surge
Bank loan plummets to $86.6b in April Bank of China, Construction Bank tighten loan rules
Bank loan plummets to $86.6b in April China's bank loan hits $156.3b in Feb.
It brings outstanding loans in financial institutions up 29.72 percent to 35.55 trillion yuan by the end of April.

The country has pumped 4.58 trillion yuan (US$670 billion) of new loans into the economy in the first quarter to stimulate growth.

The figure is already nearing 5 trillion yuan of new loans targeted for the whole year. In March alone, new loans increased by a record 1.89 trillion yuan.

The reminbi deposit increased by 1.03 trillion yuan in April, making the outstanding deposit 53.29 trillion yuan, up 26.21 percent.

In the first-quarter monetary policy report released earlier this month, the central bank said it would continue to instruct financial institutions to extend new loans, despite the earlier surge.