Chinese Central Bank To Guide Bank Lending Direction

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13:00 GMT

Jul 2009

Chinese Central Bank To Guide Bank Lending Direction

(RTTNews) - Monday, the People’s Bank of China said it will guide the direction of bank lending to avoid bad debt risk.

In a statement, Assistant Governor of the central bank, Li Dongrong said domestic and international economic and financial conditions are posing new challenges. Li added that the central bank will continue to improve financial support for the economy.

Renminbi loans increased 664.5 billion yuan to 36.21 trillion yuan at the end of May, representing an annual growth of 30.6%. Renminbi and foreign currency loans increased by 771.9 billion yuan in the month.

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