New yuan loans hit record high in January

Chinese banks extended CNY3.98tr (USD627bn) in new yuan loans in January, up from CNY1.13tr in December, a record high according to data released by the People's Bank of China. Analysts had predicted new yuan loans would soar to CNY3.69tr in January. The new loans were higher than the CNY3.58tr a year earlier. The central bank has cut reserve requirement ratios for banks and benchmark lending rates, and more easing steps are expected. Authorities have been marginally easing financing curbs for property developers and speeding up mortgage issuance for home buyers. Household loans, mostly mortgages, rose to CNY843bn in January from CNY371.6bn in December, while corporate loans surged to CNY3.36tr from CNY662tr.