New loans by Chinese banks surge to record 2.9t yuan in Jan

Beijing

CHINA'S banks extended a record 2.9 trillion yuan (S$612.42 billion) in new yuan loans in January, nearly five times the previous month's figure as policymakers aim to sustain solid economic growth while reining in debt risks.

While Chinese banks tend to front-load loans early in the year to get higher-quality customers and win market share, the figure was even higher than the most bullish forecast by economists in a Reuters poll.