Chinese banks may have extended about 600 billion yuan in new loans in February, missing a widely expected target of 800 billion in the month, according to media reports.

Ending 26 Feb., China's four biggest state-owned banks, contributors of 35-40 percent of total loans, as history shows, had extended 176.3 billion yuan, compared with a consensus estimate of 300 billion, the 21st Economic Herald reported, quoting unnamed sources with the banks.

China's central bank has targeted this year's total lending at 8 trillion yuan, and according to a supposed lending pace of 30pct, 30pct, 20pct and 20pct in the four quarter in a year, new loans in the first quarter were expected to hit 2.4 trillion, China Securities Journal reported, quoting analysts.

With new loans in the first two months stood at just around 1.4 trillion yuan, this year's Q1 lending target may well miss expectations, unless there is a lending spike in March, the report said.

The tight monetary settings, including restrictions on loan-to-deposit ratio and the adequacy capital ratio, have crimped bank lending so far this year, a banking source was quoted as saying.

Deposits in China's commercial banks fell sharply to 738.1 billion yuan in January from the previous months, and the biggest four banks added only 70 billion in the first 20 days in Feb.