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Lending slows

CHINA'S new yuan credit grew slower than expected in October amid tighter credit terms, the central bank said today.

Banks in China extended 253 billion yuan (US$37 billion) of new yuan loans last month, compared with 516.7 billion yuan in September, the People's Bank of China said on its Website today.

M2, the broadest measure of money supply, picked up to a record 29.4 percent from a year ago, fairly within expectation. M2, which includes deposits and cash, rose 29.31 percent in September.

China shifted to a moderately relaxed monetary policy this year. The tide of new credit has pumped China's economic growth against the backdrop of global slowdown but also triggers fears of assets price bubbles as some credit has sneaked into the stock and real estate markets.

"A shift of monetary policy is looming ahead to avoid overstimulating," said Liao Qun, Citic Ka Wah Bank's chief economist.


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