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China's bank loan hits 1.07 tln yuan in Feb.

CHINA'S bank credit continued to expand in February, with Renminbi loans rising to 1.07 trillion yuan (US$156.3 billion), up 827.3 billion yuan from the same period last year, the People's Bank of China said today.

It is the second straight month that new yuan-denominated loans exceeded 1 trillion yuan. January saw new loans hit a record 1.62 trillion yuan, double the figure from the same period last year.

Premier Wen Jiabao said on March 5 at the opening of the National People's Congress, the top legislative body, that new yuan-denominated loans this year were expected to reach 5 trillion yuan.

According to the central bank, outstanding Renminbi loans stood at 33.06 trillion yuan by the end of February, up 24.17 percent year-on-year. The growth was 5.44 percentage points higher than the end of 2008, and 2.85 percentage points higher than January.

Through February, the M2 -- a broad measure of money supply, which covers cash in circulation and all deposits -- figure grew by 20.48 percent from a year earlier to 50.71 trillion yuan.

The outstanding amount of M0, or cash in circulation, hit 3.51 trillion yuan, up 8.28 percent from the same period last year.


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