18 January 2019

Feb new bank loans on track for 800 bln yuan, paper says

China’s big four state-owned banks granted up to 250 billion yuan (US$40.82 billion) in combined new loans during the first 23 days of February, the 21st Century Business Herald reported Wednesday, citing an unnamed source. The country’s commercial banks granted a combined 1.32 trillion yuan in January and records suggest the February total could hit 800 billion yuan, with deposits rising by about 1 trillion yuan. One point to note is that some business owners now redirect bank loans to online finance accounts rather than keep the money in their deposit accounts as in the past, the report said. The big four are Industrial & Commercial Bank of China Ltd. (01398.HK, 601398.CN), Agricultural Bank of China Ltd. (01288.HK, 601288.CN), Bank of China Ltd. (03988.HK, 601988.CN) and China Construction Bank Corp. (00939.HK, 601939.CN).

– Contact HKEJ [email protected]



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