China October bank lending halves on weak demand

China's bank lending nearly halved in October compared with the month before, the central bank said Thursday, reflecting lack of demand despite an interest rate cut aimed at boosting the flagging economy, the world's second-largest. Chinese banks extended 513.6 billion yuan ($80.7 billion) in new loans in October, the People’s Bank of China said in a statement, down from 1.05 trillion yuan in September. The sharp decline came despite the central bank cutting interest rates last month, the