Banking

China's top banks step up lending in April

(Agencies)
Updated: 2011-05-05 10:00

China's top four State-owned banks lent 260.6 billion yuan ($40.1 billion) in new yuan loans in April, slightly higher than the 242 billion yuan issued in March, said a Reuters report.

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Industrial and Commercial Bank of China Ltd lent 80.3 billion yuan in April, while China Construction Bank Corp lent 71.5 billion yuan. Agricultural Bank of China Ltd issued 55.2 billion yuan in loans, and Bank of China Ltd extended 53.6 billion yuan, the report said, citing local financial news provider Caixin.

The amount of loans issued by the big four banks is often a proxy for total bank lending in China. The People's Bank of China is scheduled to publish overall bank lending for April between May 10 and 15.

The government hopes to limit over-exuberant lending as it could fuel inflation, which is running at a 32-month high.