China's big four state banks, which account for 40 to 45 percent of total lending, had granted less than 200 billion yuan ($31.75 billion) as of the end of last week, the sources said.

Although banks are rushing to lend in the last few days of the month, total bank loans in February may fall below 738.1 billion in January, the sources said.

A slowdown in fixed-asset investments and a depressed housing market reduced demand for bank loans, one source said.

The big four state-run banks are Industrial and Commercial Bank of China Ltd , China Construction Bank Corp , Bank of China Ltd and Agricultural Bank of China Lt .

Local media reported earlier this month that the big four extended about 70 billion yuan in new loans from Feb 1-19, implying a sharp fall in bank credit, the single most important financing source for the world's second-largest economy.