Analysis: China's social financing stable despite new yuan lending drops (3)

Yuan-denominated lending accounted for 39.2 percent of total social financing in October, hitting a record low, while corporate bond financing accounted for 23 percent of the monthly total, according to the PBOC.

As of the end of October, the broad measure of money supply (M2), which covers cash in circulation and all deposits, rose 14.1 percent from a year earlier to 93.64 trillion yuan. The growth rate was 0.7 percentage points lower than the figure for September.

The government will continue to implement a proactive fiscal policy and prudent monetary policy, effectively carrying out structural tax reductions and maintaining an appropriate money supply, experts said.

Experts believe the central government will keep its monetary policy stable, as social financing is high enough to support economic expansion and possible inflationary pressure.

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