Chinese banks issued less than RMB 600 billion ($91.31 billion) in new loans in February, the
China Securities Journal reported on Friday quoting industry sources. In February new loans extended by four major Chinese banks, namely Industrial and Commercial Bank of
China Limited, Agricultural Bank of
China, Bank of
China, and
China Construction Bank amounted to RMB 55 billion ($8.4 billion), RMB 70 billion ($10.7 billion), RMB 47 billion ($7.2 billion) and RMB 45 billion ($6.9 billion), together totaling RMB 220 billion ($33.5 billion).
In January, Chinese banks loaned just over RMB 1 trillion. With this figures dropping in February to less than RMB 600 billion, the Chinese government policy of raising the deposit reserve ratio has clearly had an impact.