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China August New Lending Rebounds, Exceeds Forecasts

New lending in China rebounded in August and expansion of the money supply unexpectedly accelerated, reflecting strong demand for credit in the world’s fastest-growing major economy.

Banks extended 545.2 billion yuan ($80 billion) of new local-currency loans last month compared with 532.8 billion yuan in July, the People’s Bank of China said on its website today. That was the first acceleration in four months and compared with the median forecast of 500 billion yuan in a Bloomberg News survey of 26 economists. M2, the broadest measure of money supply, grew 19.2 percent from a year earlier, the first pickup in nine months.