New yuan-denominated loans dip in April

Policymakers seen tolerating slower credit growth even as economy slows

New lending by domestic banks contracted in April, the central bank said on Monday, as the government tolerated weaker credit expansion despite the potential impact on economic growth.

New yuan-denominated loans reached 774.7 billion yuan ($124.95 billion) last month, down 17.6 billion yuan year-on-year, the People's Bank of China said in a statement. The figure was also a dramatic decrease from 1.05 trillion yuan in March.