Chinese banks extended less than 600 billion yuan ($91.31 billion) in new loans in February, the China Securities Journal reported on Friday quoting industry sources.

China, fearing the formation of asset bubbles and runaway inflation, has introduced several monetary tightening measures to rein in lending after a credit binge in 2009.

Chinese banks issued a combined 17.5 trillion yuan ($2.7 trillion) of new local currency loans in 2009 and 2010, almost a quarter of the economy's total output during that time.

In January, Chinese banks loaned just over 1 trillion yuan.

A source told Reuters this week that Liu Mingkang, head of the China Banking Regulatory Commission, said lending by Chinese banks have been excessively fast.