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Update Alerts

12 October 2012

New bank lending fell 11% in September from August, but total social financing (TSF) – the broadest official measure of new credit extended in the economy – jumped to Rmb1.65tn in September, up from Rmb1.24tn in August and a mere Rmb427.9bn in September last year. We think the rising TSF reinforces the chances of a gentle growth rebound in Q4 this year (CC Oct 4 Macro View).

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