China Oct.new yuan loans at 505 billion yuan

China released new yuan loan figures for the month of October, showing lenders taking on fewer local currency loans than expected. According to the People's Bank of China.

Domestic banks extended 505.2 billion yuan of new local currency loans last month, missing market expectations of 600 billion yuan. With that, China's new yuan lending reached 7.23 trillion yuan in the first ten months of the year.

Also in October, China's M2, the broadest measure of money supply, increased 14.1 percent year on year. The moderating credit data follows last week's flurry of factory output, investment and trade data. All together, they signal the world's second-largest economy is striding further along the road of recovery.