Tortola Capital Reports: China Loans 600 Billion In First Week

PRLog (Press Release) - Jan. 16, 2010 - Analysts at Tortola Capital report that China is moving swiftly to book and establish loans for the new year. Chinese banks made about 600 billion yuan ($88 billion) in new loans in the first week of 2010, the Economic Information Daily reported on Monday. This increase in loans, nearly double the monthly average in the last half of 2009, could prompt the central bank to step up credit controls, it added.

Chinese banks traditionally rush to book loans in January to boost their full-year interest earnings, and part of their haste now probably also stems from fears that officials will soon slam shut the door on lending, explained senior analysts at Tortola Capital.

Despite the early start, Tortola analysts do not expect lending to exceed 2009 numbers. Analysts  expect the country's banks will lend about 7.5 trillion yuan this year, down from a record 9.5 trillion yuan in 2009.

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