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China's Bank Lending Rises In June

China's bank lending increased in June as lower borrowing costs helped to lift demand for credit, data from the People's Bank of China showed Friday.

Banks extended CNY 1.81 trillion loans in June. Economists had forecast bank lending to climb to CNY 1.8 trillion from CNY 1.48 trillion in May.

The broad money supply M2 grew 11.1 percent annually, the same rate as seen in May and in line with economists' expectations.

Total social financing, a broad measure of credit and liquidity in the economy, increased to CNY 3.43 trillion in June from CNY 3.2 trillion in May. Outstanding credit climbed 12.8 percent from last year.

Broad credit growth hit a two-year high in June and the recent uptick in interest rates is unlikely to prevent a further acceleration in the coming months, Julian Evans-Pritchard, an economist at Capital Economics, said.

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