Source: CCTV.com

05-12-2009 09:04

The People's Bank of China announced that new loans in April reached nearly 600 billion yuan.

The People's Bank of China announced that new loans in April reached nearly 600 billion yuan.

According to the PBOC, Chinese banks issued 592 billion yuan in new loans last month. This is well down from a record high in March, but the earlier lending spree still left total local-currency loans nearly 30 percent higher than a year earlier.

New yuan lending in the whole of 2008 was 4.91 trillion yuan, up more than one-third from 2007.

Yuan lending in the first four months of this year totaled over 5 trillion yuan. This tops the government's stated minimum target of 5 trillion for all of 2009 to support economic growth.