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New bank loans keep soaring

NEW bank loans in China will exceed 1 trillion yuan (US$146 billion) and may top 1.2 trillion yuan in June.

June's figure may become the third highest this year after January and March, the China Securities Journal reported today, citing unnamed sources. This would also represent a sharp jump from May's 664.5 billion yuan.

Earlier this week, the China Banking Regulatory Commission demanded banks avoid sudden loan surges at the end of each month and each quarter, a move often used by domestic banks to meet internal targets, and told lenders to make sure the money is channeled to proper sectors, such as small businesses, to help stimulate the economy.

The warning came amid concerns that an increasing amount of the credit is being used to speculate in stock and property markets.

New lending in the first five months hit 5.84 trillion yuan, more than last year's total and topped the government's minimum target of 5 trillion yuan for 2009.


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