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Chinese banks 'lent $201bn last month'
09 Feb 2010
A survey of analysts by Bloomberg forecast that new lending totalled around $201 billion last month as banks sought to take advantage of a period before expected credit tightening measures are introduced by the government.
Regulators want to stem rapid real estate price rises but new figures suggest they are having limited success so far.
Earlier this week, Poly Real Estate Group revealed that its property sales increased by 142 per cent in January on last year's statistics.
Kevin Lai, an economist at Daiwa Institute of Research in Hong Kong, warned that more must be done to curb lending across the entire economy.
"Inflation fears are beginning to take over from China's growth euphoria as both consumer and producer inflation continue to climb," he stated.
"The central bank must tighten policies more aggressively."
Last week, a source close to the China Banking Regulatory Commission said that banks in the country had been told to ask for larger deposits and increase interest rates for investors seeking to get a third mortgage.
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