27 February 2020

Banks cut loans to overproducing sectors, CNBC says

Many Chinese banks have cut lending to overproducing industries by as much as 20 percent, news website reported Thursday, citing unnamed banking sources. Meanwhile, the China Banking and Regulatory Commission has told banks to submit data on loans owed by various industries, including loans related to financial derivatives and debt financing. The regulator is targeting loans to several industries including steel, cement, aluminum smelting, flat-glass manufacturing and shipbuilding, the report said.

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