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China bank lending down 43 percent in 1st quarter PDF Print E-mail
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Monday, 12 April 2010 12:20

Fell SHANGHAI (AFP) - lending by Chinese banks to 43 percent in the first quarter of last year, as the winds dropped and the government stimulus is trying to calm the credit boom, while maintaining the recovery on track, central bank data showed on Monday.


The People's Bank of China banks provided 2.6 trillion yuan (380.7 billion U.S. dollars) in the first quarter of March, on its Web site. That compared with 4.6 trillion yuan (670.6 billion U.S. dollars) in loans in the first quarter of 2009 also strengthened the banks of loans approved for construction and other projects as part of the 4 trillion yuan (586 billion dollars) from the incentives.



The data indicated the central bank's efforts to prevent the escape of lending and restore fiscal discipline in the banking industry state-owned Chinese may be the ultimate action, thereby reducing the need to raise interest rates to curb inflation.

Consumer prices rose by 2.7 percent in February over the last year, up from an increase in January by 1.5 percent, near the ceiling the government's official inflation of 3% this year.

Over the weekend, the Chinese Government published its first trade deficit in nearly six years in March, and a sharp rise in imports outstripped export growth. Officials said that this trend is likely to be short, but signaled a return to more balanced trade after years of huge surpluses.

Economic growth and other data for the first quarter due to be released Thursday.
 

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