China's bank lending halved in February from January, the government said Monday, amid worries over a near-default on a financial product structured by the risky trust sector.
to go with: China-economy-banking-credit,FOCUS by Bill SAVADOVE This picture taken on January 25, 2014 shows a man (R) walking past a ATM machine with his baggage at the entrance of a bank in Beijing. A shockwave is looming in China's multi-trillion dollar "shadow banking" system, with an unprecedented default only days away on a $500 million investment product sold to hundreds of people. AFP PHOTO / WANG ZHAO
Domestic banks extended 644.5 billion yuan ($105.0 billion) in new loans last month, up 24.5 billion yuan from the same month last year, the central bank said in a statement.