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Bank loans hit 600 billion yuan in first week of 2010
By Zhao Chunzhe (chinadaily.com.cn)
Updated: 2010-01-11 13:36
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China's bank loans totaled 600 billion yuan ($87.8 billion) during the first week of 2010, the Economic Information Daily reported.
The huge demand for loans is reportedly due to the promising outlook on the economy and the tightening monetary policy which induces the banks to lend big in the beginning of the year.
The credit growth target is limited to 7.5 trillion yuan ($1 trillion) this year. The banks released the loans early in a bid to grab the market.
The central bank might raise the deposit reserve ratio for banks to tighten credit control after the Spring Festival, or the Lunar Chinese New Year holiday, that starts on Feb 14, analysts said.
