China's new loans sharply down in Oct.

10:48, November 11, 2009      

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China's new yuan-denominated loans in October were down 51 percent from September, the People's Bank of China, the central bank, announced Wednesday.

Growth of the new yuan loans slowed to 253 billion yuan (37.06 billion U.S. dollars) from September's 516.7 billion yuan (75.68 billion U.S. dollars), according to the central bank.

Yuan loans outstanding at the end of October were 34.19 percent higher than a year earlier, almost the same as September's reading of 34.2 percent.

The broad M2 measure of money supply, which covers cash in circulation and all deposits, was up 29.42 percent in October from a year earlier to 58.62 trillion yuan, the central bank said.

Annual growth of the narrow M1 measure of money supply, which covers cash in circulation plus current corporate deposits, accelerated to 32.03 percent from 29.3 percent in September.

Yuan lending in the first 10 months totaled 8.92 trillion yuan, far exceeding the government's target of 5 trillion yuan for this entire year.

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