China's bank regulator said on Monday banks need to control the pace of lending and mind credit quality, after loan growth in 2009 blew past government targets. "Banks must lend based on the effective demand from the real economy and control the pace of lending and quality of credit," the China Banking Regulatory Commission said in a statement.

China's government has reportedly targeted 2010 new yuan loans worth 7.5 trillion yuan ($1.1 trillion) after 9.6 trillion of yuan loans in 2009, which was well past the official minimum goal of 5 trillion.

Copyright Reuters, 2010