China's central bank is trying to take the punch bowl away from banks, but it sure has its work cut out judging by the latest surge in bank lending.
Official data released over the weekend showed banks in China lent 1.32 trillion yuan ($217.6 billion) worth of new loans in January, a four-year high and nearly three times the level seen in December.
(Read more: China January lending soars to 4-year high)
Total social financing, a broad measure of liquidity and credit in the economy, was 2.58 trillion yuan last month – double December's level on the surge in bank loans.
Rampant credit growth in China is seen as one of the main risks facing the world's second biggest economy and one the country's central bank has been trying to contain by keeping short-term interest rates high to discourage lending to speculators or borrowers that are high risk.