China sees surge in bank lending – Elaine Kurtenbach

From AP via BusinessWeek:

China’s outstanding bank loans rose nearly 16 percent in May over a year earlier to 209.4 billion yuan ($26 billion), state media reported Friday.

The figures show efforts to curb an investment binge may not be working, said the Shanghai Securities News, a newspaper run by the government’s Xinhua News Agency.

New loans totaled 2.12 trillion yuan ($264 billion) in just the first five months of the year, closing in on the central bank’s annual target of 2.5 trillion yuan ($312 billion), the paper reported.[Full Text]

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