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PBOC: Newly Added Loans Drop in May

According to People’s Bank of China’s latest statistics, 551.6 billion yuan of newly added loans were issued in the month of May, which is 100.5 billion less than the same period last year. Market experts believe the drop is due to the Bank’s strict control of credit. The total outstanding loans at the end of May amounted to 50.77 trillion yuan, a 17.1% year-over-year increase, 4.4% lower than the last May’s growth. As inflation remains the top economic headache, the tightened monetary policy is expected to continue.

Source: China News Service, June 13, 2011