New Lending for 2011 Reportedly Set at 7 Tln Yuan

(Beijing) -- The ceiling for new bank loans in 2011 has been set at around 7 trillion yuan, according to sources close the central bank.

In a November 23 meeting called by deputy governor Hu Xiaolian, executives of major commercial banks discussed credit targets for the upcoming year.

The market had expected the ceiling to be lower than 6 trillion yuan because in the years preceding 2008, total new lending was around 5 trillion yuan.