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Chinese Banks Take Steps to Rein In Credit

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"Several Chinese banks have ordered some branches to suspend new lending for the rest of this month, people familiar with the situation said on Tuesday, as concerns rippled around markets in the region that China may take more aggressive action to rein in bank credit that is fuelling the country's rapid growth," the Wall Street Journal reported. "The moves by some banks to temporarily choke off credit come amid reports of a fresh deluge of new lending in the first several weeks of this year after a year of blow-out lending in 2009."