Yuan loans hit record level as growth slows

Borrowing by manufacturing, industrial companies accelerated last year

Chinese financial institutions issued a record high of 16.17 trillion yuan ($2.39 trillion) in local currency-denominated loans last year to halt the slowdown in economic growth, according to data released by the central bank on Tuesday.

It was most notable annual issuance of new yuan loans since those following the 2008 global financial crisis, when 9.59 trillion in new yuan loans was issued in 2009.