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China to Control Credit Growth
January 21, 2010
As China signaled a further tightening of controls on lending growth, one of the country's big banks said it was taking steps to rein in loans. Bank Of China Ltd. has ordered its credit officials to halt any new yuan loans due to overly fast lending growth so far in January, a person familiar with the situation said Wednesday.
The headquarters of the state-controlled lender has issued a notice to all of its branches to stop issuing new yuan loans and also curb foreign-currency denominated new loans, said the person, adding that the bank didn't say in the notice when new yuan loans will resume.
Any new loans, if they were to be extended, would have to be approved by the bank's headquarters, the person said.
Original Posting At: WSJ
The headquarters of the state-controlled lender has issued a notice to all of its branches to stop issuing new yuan loans and also curb foreign-currency denominated new loans, said the person, adding that the bank didn't say in the notice when new yuan loans will resume.
Any new loans, if they were to be extended, would have to be approved by the bank's headquarters, the person said.
Original Posting At: WSJ
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