Chinese banks extended 663.2 billion yuan (about 100 billion US dollars) of new loans in October, while broad money supply growth also accelerated, central bank data showed.
New yuan-denominated loans in October increased by 11.9 billion yuan from September, the People’s Bank of China said in an online statement.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, at the end of October rose 8.8 percent from a year earlier, 2.8 percentage points down from the same period last year.
New loans made to non-financial enterprises and government institutions hit 214.2 billion yuan in October, indicating credit demand from the real economy.
Medium to long-term loans, mainly consisting of personal housing mortgages, added 371 billion yuan in October.
By the end of October, outstanding yuan loans grew 13 percent from a year earlier to 118.42 trillion yuan.
The newly added measure of social financing, a broader measure of financing, reached 1.04 trillion yuan in October, an increase of 152.2 billion yuan from the same period a year ago.
The 68th Anniversary of the Founding of the People’s Republic of China.
— The Daily Mail - People's Daily