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China’s banks overshot new loan target

Source:   Time:

The People's Bank of China has released the figures that show new yuan denominated loans, overshot the 7.5 trillion yuan target.

The figures from China's central bank show new yuan-denominated lending reached 7.95 trillion yuan last year. That's 1.65 trillion yuan less than 2009's 9.6 trillion yuan. But it's more than the government's full-year target of 7.5 trillion yuan.

Meantime, China's foreign exchange reserves reached 2.85 trillion U.S. dollars by the end of last year, up 18.7 percent from a year earlier.

China's broad money supply, or M2, which covers cash in circulation and all deposits increased 19.7 percent year on year, reaching 72.5 trillion yuan. The growth rate was 8 percentage points slower from a year ago, but still exceeded the government target of 17 percent.

The central bank has been working to tighten bank lending, to curb liquidity and restrain asset bubbles. It increased the one-year lending and deposit interest rates twice, and the bank reserve requirement ratio six times in 2010.

Experts are saying the increase in new local-currency loans will increase the nation's inflationary pressure. Therefore, various measures and currency supply should work together, to curb inflation and keep the economic stable.

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