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

BEIJING, Nov. 12 (Xinhua) -- China will keep its monetary policy stable throughout the year despite new yuan-denominated lending drops in October, experts said on Monday, as the country's overall social financing level remains stable.

New yuan-denominated lending in October hit a 13-month low of 505.2 billion yuan (80.32 billion U.S. dollars), dropping 81.6 billion yuan from a year earlier, the People's Bank of China (PBOC), the central bank, said Monday.

The week-long National Day holiday at the beginning of October contributed to the lending decline, said Zhong Zhengsheng, an analyst from Everbright Securities.

It also reflected authorities' efforts to control credit, as the growth rate in August was faster than expected.

The social financing scale in October stood at 1.29 trillion yuan, marking a decline of 360 billion yuan from September, according to PBOC.

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