China's bank lending dips as authorities curb lending

China's banks extended fewer than expected new loans in May as the country kept up its efforts to rein in rising prices.

Chinese banks lent 551.6bn yuan ($85bn; £52bn) in new loans, compared with 739.6bn yuan in April, according to the People's Bank of China.
Authorities have been trying to slow down lending in an attempt to rein in rising property prices and inflation.
China is the world's second largest economy.
"The lending growth last month is slower than market expectations, showing that tightening measures are biting," said E Yongjian of Bank of Communications in Shanghai.