June 27, 2013 / 3:46 AM / 5 years ago

China Construction Bank says has not stopped new lending

TAIPEI, June 27 (Reuters) - China Construction Bank Corp , the country’s No.2 lender, said on Thursday it has not stopped issuing new loans amid a tightening of credit in the country that has sparked reports some banks may be reining in lending.

“Currently, the short-term panic of the credit crunch has eased,” CCB President Zhang Jianguo said at the opening of the bank’s first Taiwan branch in Taipei. “CCB is operating smoothly. We are still capable of giving funds to other banks via interbank (loans),” he added. “We are not stopping giving out any new loans.”

Chinese money market rates continued to moderate for a fifth day on Thursday after the central bank declined to drain cash from the market. Despite the moderation, rates remain elevated and liquidity is tighter than normal, but the panic of a possible credit crunch that gripped the market last week has subsided, traders say..

Reporting by Faith Hung; Editing by Jonathan Standing and Matt Driskill

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