China tells banks to step up lending

SHANGHAI: China has told its banks to issue more loans in the final months of 2014 and has relaxed limits on their loan-to-deposit ratios to help hit a record new lending target as the government steps up efforts to lift flagging economic growth.

Two sources with knowledge of the matter said China's central bank would now allow banks to lend an unprecedented 10 trillion yuan (US$1.62 trillion) for all of 2014, up from what Chinese media have said was a previous target of 9.5 trillion yuan.