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Banks Set Lending Record Even before 2015 Ends
The country's banks extended 11.1 trillion yuan in new loans in the first 11 months of the year, Caixin calculated based on monthly data from the central bank – breaking last year's record for lending in one year even before December's figure is added. The second highest amount for one year was 9.78 trillion yuan in 2014. The borrowing this year was driven by troubled companies that stayed afloat only because banks gave them new loans to pay off old debts and by home mortgages and transport infrastructure, a source close to the People's Bank of China said. Several bankers said they noticed an increase in cases of ... (full story)