Chinese Central Bank Tells Big Banks To Increase Lending Quota For August – Sources

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SHANGHAI / BEIJING, August 31. (Reuters) – Several large Chinese banks boosted lending by the end of August and cut back on real estate loans after the central bank advised them to increase loan quotas by a month, two sources told Reuters on Tuesday. …

The People’s Bank of China (PBOC) forecast comes after China’s new lending in July grew at its slowest pace since October last year and the country’s economy is facing growing pressure.

NBK Governor Yi Gang said at a meeting with banks last week that this would increase the liquidity of the real economy and enhance the stability of credit growth.

“We have increased our lending in the last few days, a small part of which are unpaid real estate loans,” said one of the people. “Lending (in August) is still weak.”

Another person said they also accelerated the payment of previously approved loans to developers and home buyers.

Reporting from Shanghai and Beijing Newsroom; Edited by Jacqueline Wong

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