Commercial banks warned of loan risks

People's Bank of China vice governor Wu Xiaoling warned commercial banks against expanding loans at the first Asia-Pacific Economic and Financial Forum in Beijing on Saturday, Shanghai Securities News reported (in Chinese). Wu added that complying with the central bank's guidance in curbing loan growth was part of commercial lenders' "social responsibility." New loans have reached US$409.6 billion in the first eight months this year, nearing last year's total of US$423 billion.