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China's September lending surprise masks a much deeper slump in credit demand

China's new bank loans climbed to ¥1.08 trillion in September, beating market expectations of ¥975 billion. At first glance, that seems like a welcome improvement especially after the rather dismal lending figures we've seen over the past few months. That being said, lending is still down roughly 16% compared to September last year. And adding to that, the year-on-date snapshot isn't pretty…

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