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China bank lending tumbles September after gov't boost

BEIJING -- Chinese bank lending tumbled in September, official figures showed Friday, following a surge in the previous month on government efforts to bolster the slumping economy.

Chinese banks granted 623.2 billion yuan (US$99.5 billion) in new loans in September, down from 703.9 billion yuan in August, the People's Bank of China said.

The September figure came in lower than market expectations of 665 billion yuan, according to a median forecast of 15 economists surveyed by Dow Jones Newswires.

However, September's number is still much higher than the 540.1 billion yuan lent out in July.

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