New yuan loans continue to drop in May: Report

New yuan loans extended by Chinese lenders last month may have continued to drop from the previous month as economic activity falters and credit demand remains weak.

The four biggest State-owned banks extended 208 billion yuan ($33.6 million) in loans last month, in contrast to 245.5 billion yuan in April, the 21st Century Business Herald reported on Wednesday, citing anonymous sources.

It said Industrial and Commercial Bank of China and China Construction Bank maintained a stable lending pace by extending more than 70 billion yuan each, while lending by Agricultural Bank of China stood at 52 billion yuan.