Chinese economy accelerates as credit growth rebounds

China's economy accelerated in August, based on data released on Tuesday.

Industrial production rose 10.4 percent from a year earlier, up from 9.7 percent in July and, indeed, the biggest increase in 17 months.

Retail sales rose 13.4 percent, up from 13.2 percent in July.

Fixed-asset investment increased 20.3 percent in the first eight months of the year compared with the previous year, up from the 20.1 percent increase for the first seven months.

With an accelerating economy comes increased credit growth. Chinese banks extended 711.3 billion yuan in new loans in August, more than the 699.9 billion yuan in July.

Total social financing aggregate jumped to 1.57 trillion yuan in August from 808.8 billion yuan the month before.