China's November new loans see year-on-year fall

New yuan-denominated lending reached 522.9 billion yuan (83 billion U.S. dollars) in November, falling 40 billion yuan year on year, China's central bank announced Tuesday.

The new loan figure fell below market expectations of 550 billion yuan.

However, the figure was up from the 505.2 billion yuan in new yuan loans registered in October, according to the People's Bank of China (PBOC).

The bank said total social financing, a measure of funds raised by entities in the real economy, stood at 1.14 trillion yuan last month, up 183.7 billion yuan from a year earlier.

In the first 11 months of the year, the country's social financing added up to 14.15 trillion yuan, up 2.6 trillion yuan from the same period in 2011, data showed.

New loans denominated in foreign currencies hit 104.8 billion yuan last month, up 99.9 billion yuan year on year, according to the PBOC.

As of the end of November, the broad measure of money supply (M2), which covers cash in circulation and all deposits, jumped 13.9 percent from a year earlier to 94.48 trillion yuan, according to the PBOC. The growth rate was 0.2 percentage points lower than the figure for October.

The narrow measure of money supply (M1), which covers cash in circulation plus current corporate deposits, rose 5.5 percent year on year to 29.69 trillion yuan. The growth rate was 0.6 percentage points lower than the figure for October.

The outstanding amount of cash in circulation (M0) amounted to 5.24 trillion yuan, up 10.7 percent from the same period last year.

In November, the net amount of cash put into circulation stood at 92.4 billion yuan, according to the PBOC statement.

Total yuan-denominated deposits at all financial institutions stood at 92.77 trillion yuan, an increase of 14.3 percent from a year earlier.

Nomura economist Zhang Zhiwei said the PBOC will likely maintain a stable credit scale over the next few months, as the scale is high enough to support an economic rebound.