Several state-run Chinese banks have ordered some branches to suspend new lending for the rest of this month, suggesting a coordinated effort by Beijing to manage state banks’ torrid lending in the year’s first few weeks.
China Citic Bank also suspended new lending in Shanghai last week because its local operations have already used up their monthly quota for new loans in the city. The Citic Bank official added that both the bank’s own headquarters and the People’s Bank of China, the country’s central bank, "have told us to control the pace of lending this year."
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