New RMB loans reach $73.82bln in July

Growth of loans in small and medium banks and city commercial banks faster than large lenders'.

China's new RMB-denominated loans exceeded RMB 500 billion (73.82) in July, much higher than the RMB 355.9 billion ($52.54 billion) recorded in the same month of last year, the China's Century Weekly reported on Monday, without indicating the sources.

The magazine said, citing an executive from a large-scale bank, that the increase of new RMB loans in small and medium Chinese banks and city commercial banks was rapid than that of the large lenders, according to a China Knowledge report.

Last week, a local media reported that China's Big Four banks, Industrial & Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China, extended RMB 243 billion ($35.86 million) worth of new RMB loans last month.

The Shanghai Securities News last week reported, citing unnamed analysts familiar with the situation as saying, that new RMB loans were around RMB 700 billion ($103.29 billion)  in July, up from the RMB 603.4 billion ($89.08 billion) recorded in June.