China's credit growth slows in October

China's outstanding aggregate social financing — the total amount of financing to the real economy — stood at 341.42 trillion yuan ($47.05 trillion) as of the end of last month, up 10.3 percent year-on-year, the People's Bank of China, the country's central bank, said on Thursday.

The growth rate edged down from 10.6 percent a month earlier, PBOC data showed.

The country's new yuan-denominated loans totaled 615.2 billion yuan in October, down 211 billion yuan year-on-year due to a high comparison base, with a decline in loans to households but a rise in corporate sector borrowing, the central bank said.

Meanwhile, the increment in aggregate social financing came in at 907.9 billion yuan in October, down 709.7 billion yuan compared with the same period last year.

China's broad money supply, or M2, stood at 261.29 trillion yuan as of the end of October, up by 11.8 percent from a year ago. The growth rate was down by 0.3 percentage points from a month earlier but up by 3.1 percentage points from a year ago, the PBOC said.