Bank lending surges in January

China’s new local-currency loans reached US$217.6 billion (RM217.6 billion) last month, the highest in about four years, Reuters reported, citing a statement by the People’s Bank of China on Saturday. The January loans of Chinese banks beat a US$180 billion forecast and were nearly three times December’s level. It is usual for loans to spike in January when banks try to lend as much as they can to grab market share, but last month’s surge was unusually strong. Saturday’s figures may assuage those who worry about China’s hazy economic outlook following recent data that showed conflicting trends.