MANILA, Philippines - The China Banking Regulatory Commission (CBRC) has stepped in to slow down lending in China after a record $1.08 trillion loans in the first half of the year.
The CBRC released two new circulars requiring banks to ensure that the loans are channeled into essential projects to spur the economy.
Meanwhile, Citibank China has been granted approval by the CBRC to open a branch in the southwestern municipality of Chongqing.