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China's four largest banks issued 270 billion yuan of new loans in
June, with a credit crunch forcing banks to reduce lending, the 21st
Century Business Herald reported Thursday, citing unnamed sources.
Banks slowed their pace of lending in the second half of June after a surge in lending in the first half and as a cash crunch curbed their ability to issue new loans, the report said. In the last week of June for example, the banks reduced lending by about CNY23 billion compared with the week earlier. The cash squeeze sent the benchmark interbank lending rate rising to its highest level in nearly two years in late June. The newspaper previously reported that the big banks issued CNY233 billion of new loans in the first three weeks of May. The amount of loans extended by the big four banks fell in April and May as China moved to stem a surge in credit to lower the risk of debt and financial failure. Loans issued by the four banks--Industrial & Commercial Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd. -- typically account for 30% to 40% of the whole banking system's. |
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 12:08 PM
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