BOC sees slowdown in loan growth in May

Byzjx

Updated Mon, 28 Jun 2004 00:00:00 GMT

The Bank of China, the country's second biggest commercial bank, said Sunday its credit supply slowed down in May in response to the government's effort to tighten money supply to selected sectors.

The bank said its loans to five overheated sectors dropped by 46 percent in May, but did not specify the sectors and related figures. It is generally believed steel, cement and electrolytic aluminum are among the overheated sectors.

The bank's total outstanding loans reached over 1.4 trillion yuan, or more than 178 billion US dollars.

This represents a reduction of better than 50 billion yuan in increased credit loans for May year-on-year.