Credit conditions may moderate
By Lydia Chen |
November 3, 2011, Thursday
|
Print Edition
Print Edition
CHINA is likely to see its credit conditions ease for the remainder of this year as data showed the country's top four banks have extended 140 billion yuan (US$22 billion) of new loans in October.
More than 60 billion yuan were lent in the month's last week alone.
The banks - the Industrial and Commercial Bank of China, the Agriculture Bank of China, the Bank of China and China Construction Bank - lent about 80 billion yuan in the 10 working days of October after the first week of the month. Their lending surged to more than 10 billion yuan daily from October 21 to 27, China Securities Journal cited industry insiders as saying yesterday.
The first week of October was the National Day holiday.
Banks normally lend about 500 billion yuan monthly in the third quarter. The newspaper did not give a comparative figure for September, but said that September's lending was the lowest in two years.
In the first three quarters of this year, Chinese banks have extended a total of 5.69 trillion yuan against a target of 7.1 trillion yuan for the whole year.
The year's loan target may increase to 7.5 trillion yuan, the report quoted the insiders, because credit conditions are set to moderate in the last three months and the Chinese government is also likely to "fine tune" its monetary tightening policies.
More than 60 billion yuan were lent in the month's last week alone.
The banks - the Industrial and Commercial Bank of China, the Agriculture Bank of China, the Bank of China and China Construction Bank - lent about 80 billion yuan in the 10 working days of October after the first week of the month. Their lending surged to more than 10 billion yuan daily from October 21 to 27, China Securities Journal cited industry insiders as saying yesterday.
The first week of October was the National Day holiday.
Banks normally lend about 500 billion yuan monthly in the third quarter. The newspaper did not give a comparative figure for September, but said that September's lending was the lowest in two years.
In the first three quarters of this year, Chinese banks have extended a total of 5.69 trillion yuan against a target of 7.1 trillion yuan for the whole year.
The year's loan target may increase to 7.5 trillion yuan, the report quoted the insiders, because credit conditions are set to moderate in the last three months and the Chinese government is also likely to "fine tune" its monetary tightening policies.
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