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China September new loans exceed 600 bln yuan: report

New loans by Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock.  banks likely exceeded 600 billion yuan Yuan (yüän), river, 540 mi (869 km) long, rising in S Guizhou prov. and flowing generally NE to Donting lake, Hunan prov., SE China. Navigation above Changde is limited by rapids to small craft.  (87.8 billion dollars) in September, reports said Wednesday, as lenders continued to pump money into the country's economic recovery effort.

The four major state-run banks -- Industrial and Commercial Bank of China Industrial and Commercial Bank of China (ICBC) (Simplified Chinese: 中国工商银行; Traditional Chinese: , China Construction Bank, Bank of China, and Agricultural Bank of China The Agricultural Bank of China (ABC) (Simplified Chinese: 中国农业银行; Traditional Chinese: 中國農業銀行  -- extended new loans worth around 200 billion yuan as of September 25, the China Business News reported, citing unnamed officials.

The remaining 400 billion yuan in new loans came from smaller banks in China, which have accounted for the bulk of this year's record lending, the report said.

The Chinese economy grew 7.9 percent in the second quarter of 2009 after expanding 6.1 percent in the first three months of the year. Economists said the increased momentum was largely due to the unprecedented lending growth.

Banks in China extended 7.4 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time.

(mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed.

In the USA and Canada, 10^12.
 yuan worth of new loans in the first half of the year, equivalent to about half of the country's gross domestic product for the same period.

New loans totalled 410.4 billion yuan in August, up from 355.9 billion yuan in July.

China's central bank said Tuesday that it would stick to a "moderately loose" monetary policy during the fourth quarter and keep liquidity ample.
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Author:AFP
Publication:AFP Asian Edition
Date:Sep 30, 2009
Words:209
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