PBOC told banks to moderate pace of lending in January

The People's Bank of China (PBOC) told some commercial banks in January to moderate their pace of lending, four sources with direct knowledge of the matter said on Friday, according to Reuters. 

Loan growth is usually strong in the first month of the year as banks tend to front-load loans to win market share. 

Key quotes

"The loan injection was too much and (we) need to tap on the brakes," said one of the sources.