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China New Loans Exceed Estimates as Wen Counters Slowdown

China’s new lending was the highest of any August on record as the government tries to reverse an economic slowdown that threatens to cost jobs and undermine support for the Communist Party.

New local-currency lending was 703.9 billion yuan ($111 billion) last month, the People’s Bank of China said today in Beijing. That was more than the 600 billion yuan median estimate in a Bloomberg News survey of 32 economists and 540 billion yuan in July.