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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: China's central bank relaxes loan restrictions AFP - 1 hour 12 minutes ago SHANGHAI (AFP) - - China's central bank will lift limits on commercial bank loans to support stable and fast economic growth amid the global financial crisis, state media reported. Beijing is adjusting its monetary policy along with other measures to minimise the impact of the worldwide slowdown, People's Bank of China (PBoC) spokesman Li Chao told the Xinhua news agency at the weekend. "In order to tackle the impact of the spreading international financial crisis flexibly and effectively, and maintain the stable and rapid growth in China's economy, the central bank is no longer imposing hard restrictions on bank lending," Li said. The PBoC imposed strict loan controls last year and the first half of 2008 to rein in credit growth and prevent the economy from overheating. But it has since eased its limits in order to help growth as China's economic expansion slowed to 9.9 percent in the first three quarters of the year from 11.9 percent in the whole of 2007. The central bank cut key interest rates on Wednesday to spur economic growth, the third such move in six weeks. The reduction, which came hours before similar moves by other central banks including the US Federal Reserve, was aimed at maintaining vitality in the economy, Li said. "In the current global crisis, central banks need coordination in policies," he added. Li also said the reserve requirement ratio, or the amount of money banks need to set aside, was left unchanged because there is ample liquidity in the country's banking system. PBoC deputy governor Su Ning said it would implement a flexible and prudent monetary policy, according to remarks published in Monday's China Securities Journal, an official business newspaper. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Australian house prices slow; retail, job ads fallAP - 37 minutes ago China's central bank relaxes loan restrictionsAFP - 1 hour 12 minutes ago S.Korea won ends up 2.3 pct on package, rate hopeReuters - 1 hour 38 minutes ago Asian shares up, SKorea unveils stimulus packageAFP - 1 hour 46 minutes ago Related Articles: Business India markets cheer rate cut, growth worries remainReuters - 45 minutes ago TOPWRAP 2-More rate cuts ahead; S.Korea plans $11 bln stimulusReuters - 46 minutes ago Pakistani c.bank sells 34.5 bln rupees of T-billsReuters - 52 minutes ago Zurich enters Islamic insurance JV in Abu DhabiReuters - 57 minutes ago DEALTALK-Aussie REITs chase funds; investors want discountsReuters - 58 minutes ago Enlarge Photo China's central bank relaxes loan restrictions Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Hamilton pips Massa to Formula One title in tense Brazil finale Obama and McCain duel in final hours of White House race Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers Australian F1 race posts record financial loss View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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