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China Jan new loans surge to record 2.9 trln yuan, blow past forecasts
China’s banks extended a record 2.9 trillion yuan ($458.3 billion) in new yuan loans in January, blowing past expectations and nearly five times the previous month as policymakers aim to sustain solid economic growth while reining in debt risks. Net new loans surpassed the previous record of 2.51 trillion yuan in January 2016, which is likely to support growth not only in China but underpin liquidity globally as major Western central banks begin to withdraw stimulus. Chinese banks tend to front-load loans early in the year to get higher-quality customers and win market share, but the lofty January figure was even ... (full story)