China’s Loan Binge: Stimulus or Insanity?

From Caijing Mazagine:

China's banks approved a combined 4.58 trillion yuan in new loans during the first quarter – a remarkable cash surge equal to the total amount of for all 2008.

It shocked some to see the credit floodgates open smack in the middle of a global financial crisis. Even more surprising was that, a month into the second quarter, lenders were showing no sign of letup; neither the market nor government policies appeared to be putting on the brakes.

One of the only hints of a possible slowdown came April 15, when China Banking Regulatory Commission (CBRC) Chairman Liu Mingkang called for "moderating" the loan pace.

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