Bank of China sees slowdown in loan growth in May

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 denominated in Renminbi, the Chinese currency, reached 1.4624 trillion yuan (178.3 billion US dollars) by the end of May, a reduction of 50.3 billion yuan in increased credit loans year-on-year.

Meanwhile, its outstanding deposits in Renminbi increased by 187.2 billion yuan (22.8 billion US dollars) from at the end of last year, and by 31.5 billion yuan (3.8 billion US dollars) year-on-year.

Source: Xinhua