Mission Accomplished: After Major Push, Chinese Banks Hit Government Lending Goals

Yesterday we talked about the pick-up in lending in the final week of May in the big 4 Chinese banks, which is a usual occurrence in China.  What we heard yesterday was for new loans for the big 4 banks.  Today, we are hearing the numbers for all banks.

Sina is reporting that new loans from all banks could have come in at RMB800 billion for May.  Even better news (so it seems) is that medium- to long-term loans lending has picked up.

So there you have it.  This is probably how things going to look like when government starts to force banks to lend to local governments and state-owned enterprises to throw more money into pointless projects.

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