China"s banking regulator tightened the noose once again onbank loans, telling commercial lenders to restrict new creditthey provide to the financing vehicles of local governments.
Beijing is trying to control explosive bank lending growththat has set off concerns about asset price bubbles and thecreation of a fresh crop of bad debt.
The following shows key developments this year:
Feb 24 - China Banking Regulatory Commission orderscommercial banks to restrict new lending they provide to localgovernments" financing arms to ward off risk of default.[ID:nTOE61M098]
Feb 22 - Chinese banks warned not to lend too aggressivelyand to verify that their loans are being used for the intendedpurpose. [ID:nTOE61L01L]
Feb 12 - China central bank surprises markets by raisingbank reserve requirements 50 basis points, effective Feb 25,its second increase this year. Few traders had expected themove so soon after a low inflation reading for January.[ID:nTOE61B068]
Feb 11 - China consumer inflation unexpectedly slows inJanuary, but brisk lending and a rise in factory-gate prices tokeep policymakers alert. Central bank says it will guidemonetary measures away from anti-crisis footing but maintainappropriately loose policy. [ID:nTOE61A00V]
Feb 3 - A major Chinese bank, Bank of China, raisesmortgage rates in one of the first signs of how governmentcredit clampdown could tame turbo-charged growth.[ID:TOE61205G]
Feb 2 - Reserve Bank of Australia surprises markets byskipping a rate rise, noting tighter policy in China amongother factors in its statement. Before the meeting, a rate risehad been almost fully priced into markets. [ID:nSGE61003K]
Feb 1 - China orders banks to ensure excessive credit hasnot illegally entered the stock or property markets in latestbid to bring pace of lending under control.[ID:nTOE61003S]
Feb 1 - Shanghai stock market closes at lowest in more thanthree years on fears of more tightening measures.[ID:nTOE610091]
JANUARY
Jan 30 - PBOC Deputy Governor Zhu Min tells Reuters thecentral bank is ready to take further steps to ensure rapidloan growth does not destablise the economy. [ID:nLDE60T0BZ]
Jan 29 - PBOC says it will ensure money and credit growthremain ample in 2010 even though inflation is likely to rise.
Jan 27 - China"s biggest bank ICBC says it has stoppedrolling over some loans to slow credit growth as Chairman ofChina Banking Regulatory Commission instructs banks to ensureeven pace of lending over the course of 2010. [ID:nSGE60Q05X]
Jan 26 - IMF sees no serious risk of a market bubble inChina, a senior official tells a news conference. [ID:nWEN8975]
Jan 21 - China reports that GDP in Q4 2009 rose 10.7percent over the same year-earlier quarter. [ID:nTOE60K011]
Jan 21- China"s central bank guides up its bill yields forthe second time this year, highlighting its determination tofight inflationary pressures after strong Q4 GDP.[ID:nTOE60K011]
Jan 20 - Chinese banking authorities order some major banksto curb lending for the rest of January, intensifying effortsto prevent loan growth from overheating the economy.[ID:nTOE60J010] Jan 20 - China tells Bank of China, Industrial CommercialBank of China, CITIC Bank and China Everbright Bank to increasereserve requirements by 0.5 percentage point. [ID:nTOE60J0A1]
Jan 19 - China will maintain "reasonable growth" in creditand money supply and stick with proactive policies to boostdemand but will also curb speculative property investment andtake steps to deal with inflationary expectations, Premier WenJiabao says. [ID:nTOE60I0A7]
Jan 18 - PBOC allows one-year bill yields to rise more thanexpected, signaling it aims to shift fund drains to longer-termtenors to rein in lending and fight inflation. [ID:nTOE60I03B]
Jan 17 - China"s banking regulator urges banks to becautious on lending this year, ensuring credit is used in thereal economy and not for speculation. It also calls on banks tomonitor the property sector and make "greater efforts" tocontrol loan risks.
Jan 13 - China renews vow to curb runaway property pricerises by increasing the supply of affordable housing andcracking down on speculation. [ID:nTOE60C032]
Jan 12 - China announces a 50-basis-point increase inbanks" required reserves, its strongest step yet towardstightening monetary policy that rocks global financial marketbecause it came earlier than expected. [ID:nTOE60B095] Jan 12 - PBOC raises yield on 20 billion yuan ($2.9 billion)of 1-year bills, having held it steady for previous 20auctions; also drains record 200 billion yuan from thefinancial system via 28-day bond repurchase agreements.[ID:nTOE60B020]
Jan 7 - Central bank surprises by raising auction yield ofits three-month bills for the first time since mid-August.[ID:nTOE60604H
For more stories on China"s economy, click[CN-MCE-RTRS-LEN]
For comments by Chinese policymakers, see[CN-PLCY-RTRS-LEN]
(Compiled by Asia Treasury Desk; +65 6870 3840]
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