China tells banks to curb loans to heated sectors

Newswire

BEIJING, April 30 (Reuters) - China's banking regulator told banks on Friday they should control loans to red-hot sectors such as steel, cement, property and autos. Instead, they should boost their loans to the power, coal, oil, transport and water supply to help ease shortages, the China Banking Regulatory Commission said in a statement. The government is stepping up efforts to rein in over-investment amid fears it is fuelling overheating and inflation. ($1=8.277 Yuan)

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