New Loans Hit New High in January
Chinese banks in January extended a total of 2.9 trillion yuan ($460.7 billion) in new loans, up 396.24% from the previous month, hitting a historic high.
Chinese banks’ record lending in January is partly driven by seasonal factors as banks tend to front-load their loans at the start of the year to maximize interest, said E Yongjian, senior analyst at the finance research center of the state-owned Bank of Communications.
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