PBoC pushing banks to lend more, sources say

China’s central bank has increased the country’s annual new loan target to RMB10 trillion (US$1.62 trillion), up RMB500 billion from previous local media estimates for the figure, Reuters reported, citing two unnamed sources. Banks have disbursed RMB8.23 trillion of loans between January and October, so they would have to quicken their pace before year’s end if the People’s Bank of China has indeed raised the target. The amount of new loans issued by Chinese banks fell by more than a third in October.