NEW lending by Chinese banks fell well below forecasts in January after the government toughened restrictions on credit and succeeded in slowing the pace of money growth in the face of high inflation.
Economists had expected 1.2 trillion yuan in new lending, and Xinhua News Agency had reported that exact figure just minutes before the data release, but the People s Bank of China said the real number was 1.04 trillion yuan.
New yuan loans are at the lower end of the market s expected range, indicating that the regulators tightening measures have yielded some effect, analyst at Guotai Junan Securities in Shanghai Wang Hu siad.
But the figure is still very strong and reflects a robust demand for loans in the first month of this year, he said.
(SD-Agencies)
