China’s commercial banks have given out US$182.3 billion of new loans from January 1-24, accounting for as much as 17% of the estimated full-year 2011 quota, Reuters reported, citing state media. An analyst cited in a report by China Business News said banks would likely implement tighter credit control over the next two months. The government is expected to restrict loan targets to between US$1.06 trillion and US$1.13 trillion this year. This comes after China’s banks issued US$1.20 trillion in new loans in 2010, which exceeded the US$1.13 trillion target set by Beijing. Determined to rein in rising consumer inflation, the government declared late last year that it would shift to a tighter monetary policy stance.
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