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New loan shrink to 588 bln yuan in Oct.

11-11-2010 13:55 BJT Special Report:China’s Economic Data for Oct. |

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Chinese banks extended nearly 588 billion yuan in new loans in October, compared with 595 billion yuan in September, the People's bank of China said on Thursday.

Yuan loans outstanding at the end of October were 19 percent higher than a year earlier. Annual growth in China's broad M2 measure of money supply rose to 19.3 percent from 19 percent in September. The median forecast of economists was 450 billion yuan in new loans,an 18.8 percent rise in outstanding loans and a 19 percent increase in M2.

China's banking regulator has implemented measures to curb lending this year, targeting new yuan loans of 7.5 trillion yuan for the full year, down from last year's 9.6 trillion yuan.

Editor:Xiong Qu |Source: CNTV.CN

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