China's central bank tells major banks to increase loan quota for August - sources

SHANGHAI/BEIJING : Some major Chinese banks stepped up lending toward the end of August and reduced a backlog in property loans after being advised by the central bank to increase loan quotas for the month, two sources told Reuters on Tuesday.

The guidance from the People's Bank of China comes after China's new loans in July grew at the slowest pace since last October, and as the country's economy faces increasing pressure. PBOC Governor Yi Gang told a meeting with banks last week that it would boost liquidity to the real economy and enhance the stability of credit growth.

"We've ramped up lending over the past few days, a small part of which is property loans in the backlog," said one of the people."The lending is still weak." The other person said they have also accelerated payment of loans approved earlier to property developers and home buyers.

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China Evergrande says it will not hold news briefing after H1 earningsHONG KONG : China Evergrande Group, the country's debt-laden No. 2 property developer, said on Monday it will not hold a news conference after it reports its first-half earnings on Tuesday. The company did not provide a reason for the rare move.Evergrande said last week it expected its six-month ne
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »