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Bank Lending & Broad Credit (Sep.)

After slowing sharply in Q2, broad credit growth edged up in August and held steady last month. Although a sharp rebound seems unlikely, we do think credit growth could pick up somewhat over the coming quarters, especially if policy support succeeds in driving a cyclical rebound in home sales. At the very least, increased fiscal support should prevent credit growth from slowing again in the near-term. 

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