Lending rises in China

Feb. 9, 2013 at 1:51 PM

BEIJING, Feb. 9 (UPI) -- Lending is on the rise in China as the economy rebounds from a seven-quarter trend of slower growth, the People's Bank of China said.

Lending rose to $170.4 billion in January, a $53.5 billion increase from January 2012, the central bank said.

Lending was the highest since January 2010, when new loans reached $223 billion, China's official Xinhua news agency reported Saturday.

China's gross domestic product rose at an annual rate of 7.9 percent in the fourth quarter. It was the first year-over-year acceleration in nearly two years.

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