China says bank lending fell in March

New loans issued by Chinese banks fell to 510.7 billion yuan (74.8 billion dollars) in March, the central bank said Monday, suggesting Beijing's efforts to curb lending could be working.
The figure was lower than the 700.1 billion yuan in new loans extended in February and well below the 1.89 trillion yuan issued in the same month last, when Beijing called on banks to boost lending to stimulate the economy.
New yuan loans handed out in the first quarter reached 2.6 trillion yuan compared with 4.6 trillion yuan in the same period last year, the People's Bank of China said on its website.
Beijing has been clamping down on bank lending amid fears that the excess liquidity is fuelling inflation and a spending spree by speculators that is contributing to property and stock market bubbles.