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Chinese banks are expected to approve 700 billion yuan in new loans in July. The official Shanghai Securities News reported the forecast, after sources said the country's four biggest state-owned banks lent a combined 243 billion yuan last month. That accounted for around 30 to 40 percent of the total lending volume in the month.
China has set this year's lending target at 7.5 trillion yuan. The first half of this year saw banks achieve over 60 percent of the quota. The paper cited industry insiders, saying banks are likely to adjust their lending pace in the second half. They may extend more loans in the third quarter. But the total lending quota won't change.
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