China's big four banks lent less in November

The four largest mainland Chinese banks made 23.6% fewer loans in November than in October, South China Morning Post reported, citing a report by 21st Century Business Herald. Industrial and Commercial Bank of China (1398.HKG, 601398.SH), China Construction Bank (0939.HKG, 601939.SH), Bank of China (3988.HKG, 601988.SH) and Agricultural Bank of China (1288.HKG, 601288.SH) made US$26.97 billion (RMB168 billion) of loans in November, down from US$35.32 billion in October. Some commercial banks are restricting credit to certain weaker industries, such as steel trading, 21st Century’s report said, citing an anonymous banker. However, lending from all Chinese banks will still meet the year’s target of US$1.28 trillion. The fall in new loans is due to the nation’s slowing economic growth and banks’ lack of confidence in asset values.