Climb in new yuan loans slows

By Zhang Fengming | March 14, 2009, Saturday |

Print Edition

The growth in new yuan loans in Shanghai slowed in February from January, the central bank said yesterday.

Newly-added yuan lending rose 40.41 billion yuan (US$5.91 billion) in February, up 20.53 billion yuan from a year ago, but down 54.6 billion yuan from January, the Shanghai headquarters of the People's Bank of China said.

Domestic banks lent 47.58 billion yuan more in February, a rise of 29.59 billion yuan from a year ago. But yuan loans at overseas banks tumbled 7.16 billion yuan against a rise of 1.9 billion yuan a year ago.

The new loans went to manufacturing, utilities and construction in February.

Loans to individuals fell 340 million yuan in February, falling by a further 130 million yuan from a year ago.

Deposits increased in Shanghai last month. Yuan deposits grew 87.83 billion yuan in Shanghai in February, up 44.22 billion yuan from the level in January.

New household savings rose 24.82 billion yuan in Shanghai in February, a drop of 45.82 billion yuan from January. Households saved more in bank accounts in January due to year-end bonuses and the shut-down of the stock market during the Spring Festival holiday.

Finance

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Climb in new yuan loans slows

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