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SHANGHAI - Chinese banks issued 603.4 billion yuan (89.1 billion US dollars) in new loans in June, down from May, the central bank said Sunday, as Beijing works to gradually works to cool the economy.
Bank lending in May had reached 639.4 billion yuan, but the government has rolled out a series of measures to restrain the supply of credit for fear of an asset bubble in the booming economy.
The figures meant lending for the first half of the year reached 62 percent of the government's annual target, indicating credit growth will likely slow in the coming months, Dow Jones Newswires reported.
The lending total for June was generally in line with the 600-billion-yuan forecast of nine economists polled by Dow Jones.
M2, the broadest measure of money supply which includes cash and money in savings accounts, rose 18.5 percent at the end of June from a year earlier, which marked a slowdown from the 21 percent increase at the end of May.
China has powered out of the global financial crisis on the back of a four-trillion-yuan stimulus package and state-sanctioned bank lending that saw loans nearly double to 9.6 trillion yuan in 2009.
But worried about a potential rise in bad loans and inflation, the government has clamped down on lending and has set a loan target of 7.5 trillion yuan for this year, a 22 percent drop from last year.
- AFP/ir
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