China’s Banks Extend Record Loans as Companies Borrow More
- PBOC, banking regulators asked lenders to ‘front-load’ credit
- Lending to households was subdued amid job outlook uncertainty
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Chinese banks extended a record amount of new loans in January after authorities prodded them to lend more to businesses, though consumer borrowing remained subdued.
Financial institutions offered 4.9 trillion yuan ($719 billion) of new loans last month, higher than the 4.2 trillion yuan estimated by economists, and compared with a record 3.98 trillion yuan a year ago.