Lending in renminbi missed analysts’ expectations last month by nearly US$12.3 billion, Bloomberg reported. Banks in China lent US$99.5 billion in September, according to the central bank. A Bloomberg survey of economists had forecasted about US$111.6 billion in local-currency loans. Although the central bank has cut interest rates and reserve requirements, banks have shown increased caution in accruing bad loans. Several state-owned banks have ignored an officially permitted discount on interest rates. The decrease in lending reflects slowing economic growth despite increased outlays for infrastructure projects such as high-speed rail and public transport. “Lending at this rate is not going to drive much of an economic rebound,” said Mark Williams, an economist at Capital Economics, noting a decrease in the value of loans between the second and third quarters.