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New yuan lending drops in Feb, but remains over 1t yuan

By Xin Zhiming (chinadaily.com.cn)
Updated: 2009-03-12 10:57

Chinese banks issued a total of 1.07 trillion yuan ($157 billion) in new loans in February, down from 1.6 trillion yuan from January, said a statement by the central bank today.

Related readings:  New lending may exceed 5 trillion yuan in 2009  Lending soars in new year  Banks to increase lending, but keep eye on risks  Lending rate reduction likely to boost property

New yuan loans totaled 2.67 trillion yuan in the first two months, more than half of the government target of 5 trillion yuan for the whole of this year. Premier Wen Jiabao said in his government work report at the opening of the 11th National People's Congress session last week that the country's new yuan lending should exceed 5 trillion yuan this year.

Analysts said China's new yuan loans would remain at high levels in the coming months as the country pulls out all stops to boost the economy.