China's four biggest State-owned commercial banks issued credit totaling 240 billion yuan in the first ten days of January, National Business Daily reported Friday, citing interbank data.

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The four big banks—Bank of China, Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China (ICBC)—issued credit of 160 billion yuan in December 2010, accounting for one third of the nation's whole new loan volume that month.

This credit blowout was anticipated, the report said. The central bank's effort to fulfill its credit target for last year placed a curb on December's credit demand, which was met this month when the central bank didn't unveil its loan target for this year.