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China bank lending plummets in February despite loosening

New loans extended by banks slid to 726.6 billion yuan in February 2016, the People's Bank of China said, a massive drop from January's record 2.51 trillion yuan lending surgeChina’s bank loans plunged in February from January, the central bank said, despite government efforts to encourage lending to keep the world’s second-largest economy from slowing. New loans extended by banks slid to 726.6 billion yuan ($112 billion), the People’s Bank of China said late Friday, a massive drop from January’s record 2.51 trillion yuan lending surge. The figure was far below the 1.2 trillion yuan median forecast for new loans in a Bloomberg News survey and analysts.

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