The China Banking Regulatory Commission (CBRC) denied state media reports that the government may extend US$1.17 trillion of new loans this year, the South China Morning Post reported. China Securities Journal and Shanghai Securities News had reported that CBRC Vice Chairman Cai Esheng made the comments at a forum on Saturday. The CBRC has reportedly asked officials not to comment on macroeconomic policy because the regulator has no control over lending policy. China’s official loan target for 2009 is US$732.3 billion, but that number is expecte to be exceeded. The value of new loans in the first quarter reached US$670.9 billion.