China loans hit record high in March

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SHANGHAI, Apr 8 (AFP): Chinese banks lent a record amount of money in March as they respond to government calls for growth-boosting measures, state media said today.
New loans from all banks in March totalled an estimated 1.87 trillion yuan (270 billion dollars), the most ever lent in one month, the Shanghai Securities News reported, citing an unnamed official at a financial institution.
The figure is significantly higher than other estimates for March lending, which range from 1.3 trillion yuan to 1.6 trillion yuan.
The newspaper is controlled by the China Securities Regulatory Commission, the securities market watchdog.
New loans reached 1.62 trillion yuan in January and 1.07 trillion yuan in February, as banks heeded Beijing's calls to increase lending to help boost growth amid the global financial crisis.
If confirmed, the lending figure for March would bring the new loans extended in the first quarter to 4.6 trillion yuan, close to the five trillion yuan Beijing has set as the minimum banks must lend for the year.
It has so far announced no upper limit for bank credit this year.