InfoAnda - China bank lending cools in June

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China bank lending cools in June AFP - Sunday, July 11 Send IM Story Print China bank lending cools in June Slideshow: Full Photo Coverage: Business & Economy SHANGHAI (AFP) - – Chinese banks issued 603.4 billion yuan (89.1 billion dollars) in new loans in June, down from May, the central bank said Sunday, as Beijing works to gradually cool the economy. Bank lending in May had reached 639.4 billion yuan, but the government has rolled out a series of measures to restrain the supply of credit for fear of an asset bubble in the booming economy. The figures meant lending for the first half of the year reached 62 percent of the government's annual target, indicating credit growth will likely slow in the coming months, Dow Jones Newswires reported. The lending total for June was generally in line with the 600-billion-yuan forecast of nine economists polled by Dow Jones. M2, the broadest measure of money supply which includes cash and money in savings accounts, rose 18.5 percent at the end of June from a year earlier, which marked a slowdown from the 21 percent increase at the end of May. China has powered out of the global financial crisis on the back of a four trillion-yuan stimulus package and state-sanctioned bank lending that saw loans nearly double to 9.6 trillion yuan in 2009. But worried about a potential rise in bad loans and inflation, the government has clamped down on lending and has set a loan target of 7.5 trillion yuan for this year, a 22 percent drop from last year. Recommend Send IM Story Print Related Articles FACTBOX-Five facts about Japanese PM Naoto Kan Reuters - 25 minutes ago Japan markets may face some pressure after vote Reuters - 54 minutes ago US-BUSINESS Summary Reuters - 1 hour 28 minutes ago Stocks, at crossroads, turn to earnings Reuters - 1 hour 28 minutes ago WRAPUP 4-Japan government mauled in election, policy at risk Reuters - 1 hour 35 minutes ago News Search Top Stories BP works to replace cap over gushing well ECB launches offensive on eurozone economic fears Deadly British fugitive siege under investigation European probe Rosetta flies by asteroid: ESA Spain, Holland see unity as key to World Cup final More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended European probe Rosetta flies by asteroid: ESA Remote Easter Island braces for total solar eclipse Painting of dead Mandela draws outrage in S.Africa Russian spies leave US without a trace On eve of final, S.Africa basks in World Cup success More Most Viewed » Reclusive top mathematician turns down prize, again Germany's 'Octopus oracle' keeps perfect record Aussie men shoot each other in buttocks 'to see if it hurts' Amputee cat gets bionic legs Fans gather for Michael Jackson death anniversary More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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