(Yicai Global) April 22 -- The value of new yuan loans issued in the first quarter rose by CNY7.1 trillion (USD1 trillion), with the majority going toward manufacturing, infrastructure construction and the wholesale and retail sectors, according to an official at the China Banking and Insurance Regulatory Commission.

The value of new loans issued in the period was up CNY1.3 trillion from a year earlier, Vice Chairman Huang Hong said at a press briefing today.

Of the total issued, CNY1.5 trillion went toward infrastructure, CNY1.1 trillion was lent to manufacturers and around CNY900 billion was borrowed by wholesalers and retailers, he added.

Editor: James Boynton