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China bank lending rebounds strongly in May

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Shanghai - China's bank lending rebounded strongly in May following a sharp fall in April, the central bank said on Wednesday, as borrowers continued to take advantage of loosened lending standards put in place by Beijing in hopes of stimulating slowing economic growth.

New loans extended by banks jumped to 985.5 billion yuan ($149.3bn) last month, up from 555.6 billion yuan in April, the People's Bank of China (PBoC) said.

The figure, which stood at 1.37 trillion yuan in March before slumping in April, beat a median forecast of 750 billion yuan in a survey by Bloomberg News.

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