GS Report: Lending in China Surged by $150 Billion in First Two Weeks of 2011

China’s Wen Pledges to Counter ‘Abnormal’ Loan Growth (Update1)

Jan. 18 (Bloomberg) -- Chinese Premier Wen Jiabao pledged to counter “abnormal” credit growth after speculation that lending may have surged by as much as 1 trillion yuan ($150 billion) in the first two weeks of this year.

The nation also faces increasing challenges in allocating its foreign exchange reserves, Yi said. Those holdings have swelled to a world-record $2.85 trillion.

China will gradually move toward making the yuan convertible on the capital account over 2011 to 2015, so long as the risks are controllable, he added.