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Bank loan plummets to $86.6b in April

(Xinhua)
Updated: 2009-05-11 20:23

BEIJING -- China's bank credits fell considerably in April after staying above 1 trillion yuan for three straight months, with yuan-denominated new loans standing at 591.8 billion yuan (US$86.65 billion), the People's Bank of China said here Monday.

Related readings:  China's new loan growth may decline in April  Banks hit by bad loan provisions  Credit policy unchanged despite 1Q loan surge  Bank of China, Construction Bank tighten loan rules  China's bank loan hits $156.3b in Feb.

It brings outstanding loans in financial institutions up 29.72 percent to 35.55 trillion yuan by the end of April.

The country has pumped 4.58 trillion yuan (US$670 billion) of new loans into the economy in the first quarter to stimulate growth.

The figure is already nearing 5 trillion yuan of new loans targeted for the whole year. In March alone, new loans increased by a record 1.89 trillion yuan.

The reminbi deposit increased by 1.03 trillion yuan in April, making the outstanding deposit 53.29 trillion yuan, up 26.21 percent.

In the first-quarter monetary policy report released earlier this month, the central bank said it would continue to instruct financial institutions to extend new loans, despite the earlier surge.