BEIJING, Nov 12 (Reuters) - China’s M2 measure of money supply grew 14.1 percent in October from a year earlier, below market expectations for a 14.5 percent rise, central bank data showed on Monday.
China’s outstanding yuan loans in October rose by 15.9 percent from a year earlier, the central bank said in a statement on its website, www.pbc.gov.cn, below the 16.1 percent consensus forecast in a benchmark Reuters poll.
Earlier on Monday the People’s Bank of China published data showing Chinese banks extended 505.2 billion yuan ($81.5 billion) of new local currency loans in October. Market expectations were for 600 billion yuan.
It also revealed that China’s total social financing aggregate, a broad measure of liquidity, stood at 1.29 trillion yuan in October, down from 1.65 trillion yuan in September.
China’s central bank has said it would prioritise supporting the economy above other needs, affirming expectations that the recovery in the Chinese growth engine has been feeble at best.
It has cut interest rates twice this year and also lowered banks’ required reserves ratio three times since November. (Reporting By Beijing Economics Team; Editing by Nick Edwards)