RTTNews reports that data from the People's Bank of China showed that China's bank lending increased notably in January.

Banks extended a record CNY 3.58 trillion new loans in January. Economists had forecast the lending to rise to CNY 3.5 trillion from December's CNY 1.26 trillion.

The broad money supply M2 climbed 9.4 percent annually.

January's net new credit figures are usually the highest of the year, so this high level does not signify much, Sheana Yue and Mark Williams, economists at Capital Economics, said.