China added RMB501 billion in new local currency loans in October, down from RMB787 billion in September.
The new loan number is lower than market expectations of Bloomberg average estimate of RMB580 billion.
New total social financing in October stood at RMB856 billion, down from RMB1.291 trillion the same period last year, or 34%. The market had expected the number to be at around RMB1.1 trillion.
In October, total outstanding RMB loans reached RMB7.079 trillion, up 14.2% year-on-year. The number is 1.7% and 0.1% lower compared with October last year.
China’s M2 reached RMB10.7 trillion in October, up 14.2% year-on-year.
