Beijing’s attempts to slow down the rate of credit growth in China have not had much effect, if first quarter results from Agricultural Bank of China, released on Wednesday, are any guide.
China’s biggest bank by customers, which was listed last year in Hong Kong and Shanghai, increased lending by 5.2 per cent during the first quarter of 2011, according to an HKSE filing.
This happened in the same three months as Beijing was busy raising reserve requirements – the share of their deposits banks must park at the central bank – with three increases in the period and a fourth coming this week, after six hikes during 2010.
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